Mr. Jean Yves Therien reports

ESGOLD CORP. ANNOUNCES PROPOSED SHARE CONSOLIDATION

Esgold Corp.'s board of directors has approved a consolidation of the common shares in the capital of the company at a ratio of one postconsolidation shares to 10 preconsolidation common shares. The share consolidation remains subject to the approval of the Canadian Securities Exchange (the CSE). The company will issue a news release upon receiving CSE approval, announcing the effective date of the share consolidation. The consolidated shares will subsequently begin trading on a consolidated basis under the existing company name and trading symbol.

As a result of the consolidation, each 10 existing shares outstanding will automatically combine into one consolidated share without any action on the part of the holders, and the number of outstanding common shares will be reduced from approximately 315,159,762 common shares to approximately 31,515,976 common shares. The consolidation will also apply to common shares issuable upon the exercise of the company's outstanding stock options and warrants. No fractional shares will be issued as a result of the consolidation. In the event a shareholder would otherwise be entitled to receive a fractional share from the consolidation, the number of consolidated shares to be received by such shareholder shall be rounded down to the next highest whole number of consolidated shares.

Mr. Therien, chief executive officer of Esgold, stated, "The board of directors considered this consolidation carefully and decided that this is a critical move that should be done at this time as it provides the company with the solid capital structure that will be required to take Montauban into production."

About Esgold Corp.

Esgold is a Canadian environmentally aware resource exploration and processing company. Management has demonstrated expertise in advancing gold exploration projects into acquisition targets, most notably in the province of Quebec. Esgold's principal restoration and recovery project is the Montauban property situated in Quebec, just 80 kilometres west of Quebec City.

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