Mr. Mario Pezzente reports

GERMANIUM MINING CORP. CLOSES NON-BROKERED PRIVATE PLACEMENT AND DEBT SETTLEMENT

Further to the news release dated July 11, Germanium Mining Corp. has closed a non-brokered private placement consisting of 1.75 million units at a price of 10 cents per unit for gross proceeds of $175,000. Each unit consists of one common share and one transferable common share purchase warrant. Each warrant entitles the holder to purchase one additional share of the company at a price of 12 cents per share for a period of 24 months from the date of issuance. The company simultaneously closed a debt settlement, whereby the company settled $424,753, in aggregate, in accounts payable through the issuance of 4,247,533 common shares at 10 cents per share.

The company relied on the exception set out in Section 4.6(2)(b) of Canadian Securities Exchange Policy 4 (Corporate Governance, Security Holder Approvals and Miscellaneous Provisions) with respect to the requirement to obtain shareholder approval of such transaction whereby the company is issuing more than 100 per cent of its issued share capital on a fully diluted basis (relating to the private placement warrants). The company applied and was granted by the CSE the exception from shareholder approval based on the following: The company is in financial hardship and has reached an agreement to complete the offering; no related persons as defined in Policy 1 were allowed to participate in the transactions; and independent directors constituting a majority of the board's independent directors in a vote in which only independent directors participate have determined that the offering is in the best interests of the listed issuer and is reasonable in the circumstances and that it is not feasible to obtain securityholder approval or complete a rights offering to existing securityholders on the same terms, and the offering has been approved by the majority of the independent directors of the company.

The net proceeds from the placement will be allocated toward exploration activities and for general corporate purposes including arm's-length payables. All securities issued pursuant to the private placement and the shares-for-debt settlement will be subject to a statutory hold period of four months and one day as required under applicable securities legislation.

We seek Safe Harbor.