Mr. Michel Desjardins reports

GOLDFLARE ANNOUNCES SHARES ISSUED IN SETTLEMENT OF DEBT

Goldflare Exploration Inc.'s board of directors has approved the issuance of 547,410 common shares at a deemed price of six cents per share to settle $32,844.52 in outstanding accounts payable. This transaction complies with the requirements of TSX Venture Exchange Policy 4.3 and does not result in the creation of a control person.

These transactions are subject to the final approval of the TSX Venture Exchange.