Mr. Ghislain Morin reports

GOLDFLARE ANNOUNCES NEW RESULTS ON GOLDFIELDS

Goldflare Exploration Inc. has released new gold results on the Goldfields property. The Goldfields property is adjacent to the Iamgold Fayolle open-pit mining operation.

Seven drill holes for a total of 640 metres have been completed to date. The best result obtained is 1.24 grams per tonne (g/t) gold (Au) over a length of eight metres in borehole AIG-23-21. A value of 5.27 grams per tonne over one metre, included in an interval of 0.65 gram per tonne over 13.7 metres, was obtained in drilling hole AIG-23-19.

The four holes, drilled from the same base with an orientation varying between south/southeast and east/southeast, all intersected the mineralized structure less than five metres from the surface of the bedrock. The mineralization, dipping northwest between 65 degrees and 75 degrees, is correlated over a northeast strike length of 30 metres and is open laterally. The drilled lengths of mineralization are close to the interpreted true thickness, which vary between 10 metres and 14 metres.

The mineralization is hosted in altered lamprophyre and syenite intrusions in faulted contact between deformed ultramafic rocks and basalts. Mineralization takes the form of free gold trapped in a network of joints and quartz veinlets. The amount of sulphides (pyrite, chalcopyrite) are minor and magnetite can be observed.

Geological modelling based on 86 historical drill holes indicates a general orientation of the mineralized structure trending to the northeast. The current drilling should first make it possible to define the mineralized contour close to surface, down to a depth of 100 metres, and then continue drilling down dip below the current coverage, which rarely exceeds 200 metres depth.

Ghislain Morin, president and chief executive officer, mentions: "Perhaps for the first time in the history of the Goldfields project, drilling results could be repeated along clearly interpreted and modelled mineralization. I remind you that Goldfields is 100 per cent covered by overburden. The progress made to date will allow us to confirm mineralized lenses near the surface and possibly to extend mineralization at depth, like what it has been the case for other known deposits along the Porcupine-Destor fault. The company is also evaluating the best exploration approaches to test, towards the west, the presence of mineralized structures in a corridor of more than three km."

Quality assurance/quality control (QA/QC)

The drilling positions were recorded by Garmin GPS with an accuracy within three metres. An EZ-TRAC instrument from Reflex was used to establish the borehole layout. The examination, description and sampling are carried out on the property. The samples were delivered to Laboratoire Expert Inc. in Rouyn-Noranda.

The mineralized zone is analyzed by metallic sieving, pulverized and sieved to 100 mesh (149 micrometres). Fractions less than and greater than 100 mesh are analyzed separately by fire assay with a gravimetric finish. The final result is a weighted average of the two fractions. Mineralization walls are analyzed using a single 30-gram sample, cut from a 250-gram pulverized sample. The analyzed values are obtained by an aqua regia dissolution procedure and determination by atomic absorption spectrometry (AAS) for results less than three g/t. Results greater than three g/t are reanalyzed and determined gravimetrically.

Samples of blanks, certified standards, preparation duplicates and sample duplicates are inserted into the sampling.

The technical information contained in this press release has been reviewed by Martin Demers, PGeo (OGQ No. 770), consultant for Goldflare Exploration and qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.