Mr. Douglas Reeson reports

EARLY WARNING-GOSSAN CEO SHAREHOLDINGS EXCEED 14% OF SHARES OUTSTANDING

Gossan Resources Ltd. has been advised by its chief executive officer, Douglas Reeson, that he purchased a material number of shares on Feb. 10 and now holds 4,667,000 common shares or 14.1 per cent of the shares issued and outstanding. Mr. Reeson purchased these shares for investment purposes and has no present intention to acquire ownership of, or control over, additional securities of Gossan, but may choose to acquire additional securities of the company in the future for investment purposes. Mr. Reeson also holds 580,000 options to acquire an additional 580,000 common shares of Gossan.

This news release is being issued pursuant to National Instrument 62-103 (the early warning system and related takeover bid and insider reporting issues) of the Canadian Securities Administrators. A copy of the report filed by Mr. Reeson in connection with the shares purchased is available on the company's SEDAR profile.