Mr. Richard Grayston reports

GLENMARK CLOSES FIRST TRANCHE OF FINANCING

Glenmark Capital Corp. has closed the first tranche of its previously announced private placement for gross proceeds of $1.1-million. In connection with closing, Glenmark has issued 2.75 million flow-through common shares at a price of 40 cents per share, and paid a finder's fee of $88,000. All shares issued in the private placement are subject to a four-month-and-a-day hold period.

As previously disclosed, Glenmark will use the funds raised to advance its mineral property interests by conducting recommended work programs.