Mr. J. Frank Callaghan reports

GOLDEN CARIBOO CLOSES PRIVATE PLACEMENT

Golden Cariboo Resources Ltd. has closed the third and final tranche of its private placement for $702,500 from the issue of 14.05 million units at five cents per unit. Each unit consists of one common share of the company and one share purchase warrant.

Each warrant is exercisable for a period of five years from the closing date at exercise prices as follows: 7.5 cents in year 1, 10 cents in year 2, 15 cents in year 3, 20 cents in year 4 or 25 cents in year 5. The third-tranche closing brings the private placement numbers to total gross proceeds of $1,651,000 and total shares issued of 33.02 million.

The proceeds of the offering will be used for property exploration and for general working capital. All securities to be issued are subject to a statutory four-month-and-one-day hold period. Finders' fees totalled $81,200 and 1,624,000 finder warrants for all three tranches.

About Golden Cariboo Resources Ltd.

Golden Cariboo Resources is rediscovering the Cariboo gold rush by proceeding with highly targeted drilling and trenching programs on its Quesnelle Gold Quartz mine property, which is bordered by Osisko Development, partly intertwined with it at the northern end of the Cariboo gold project, and located along a favourable corridor adjacent to the Spanish and Eureka thrust faults over a 94,899-hectare (234,501-acre) area. Historically, over 101 placer gold creeks on the 90-kilometre (56-mile) trend, from the Cariboo Hudson mine north to the Quesnelle Gold Quartz mine property, have recorded production with successful placer mining continuing to this day.

Golden Cariboo's Quesnelle Gold Quartz mine property is four kilometres (2.5 miles) northeast of and road accessible from Hixon in central British Columbia. The property includes the Quesnelle Quartz gold-silver deposit, which was discovered in 1865 and developed over a footprint of about 150 metres by 150 metres (less than six acres) at the Main zone straddling Hixon Creek. Over all, the geological setting of the gold mineralization at the company's Quesnelle Gold Quartz mine property shows strong similarities with the Spanish Mountain gold deposit, situated 120 kilometres (75 miles) toward the southeast along the same geological trend. As a sediment-hosted vein (SHV) deposit, the Spanish Mountain deposit is considered to belong to the epizonal orogenic subclass of gold deposits, which includes some of the world's largest deposits such as Muruntau (Uzbekistan) and Bendigo (Australia).

We seek Safe Harbor.