Mr. J. Frank Callaghan reports

GOLDEN CARIBOO WILL BE CLOSING PRIVATE PLACEMENT OVERSUBSCRIBED

Golden Cariboo Resources Ltd. will be closing the previously announced non-brokered private placement, which is oversubscribed for gross proceeds of $871,000.

Each unit will consist of one common share in the capital of the company and one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one additional common share at a price of 12 cents in year 1, 17 cents in year 2, 22 cents in year 3, 27 cents in year 4 or 30 cents in year 5.

All securities from the private placement will be subject to a four-month hold period from closing. In connection with the private placement, certain eligible persons will be paid commissions in accordance with the policies of the Canadian Securities Exchange. Details of such fees will be disclosed in a subsequent news release. The proceeds from this private placement will be used for general working capital and continued property exploration.

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.

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