Mr. Hendrik van Alphen reports

GELUM ARRANGES DEBT SETTLEMENT

Gelum Resources Ltd. has arranged to settle up to $800,897.87 in outstanding debt through the issuance of up to 16,017,957 common shares at a deemed price of five cents per share. Debt settlements include certain insiders of the company. All shares issued will have a four-month-plus-one-day hold period.

All share issuances to insiders of the company constitute related party transactions under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company is relying on the exemptions from the formal valuation and minority approval requirements under MI 61-101, pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the transaction, insofar as it involves interested parties, is not more than the 25 per cent of the company's market capitalization.

About Gelum Resources Ltd.

Gelum Resources is a company led by seasoned management and advisers in the mining and financial sectors.

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