Mr. James Macintosh reports

GRAYCLIFF EXPLORATION ANNOUNCES PRIVATE PLACEMENT

Graycliff Exploration Ltd. intends to complete a non-brokered private placement of up to five million units at 12 cents per unit, for gross proceeds of up to $600,000. Each unit will be composed of one common share of the company and one-half of one common share purchase warrant, each warrant to be exercisable at 18 cents per share for one year from issuance.

The company intends to use the net proceeds from the offering for general working capital and interpretation work on its recently acquired Shakespeare gold project geological data. The company may pay finders' fees of 10 per cent in cash.

About Graycliff Exploration Ltd.

Graycliff Exploration is a mineral exploration company focused on its 1,468 hectares of prospective ground, located roughly 80 kilometres west of Sudbury on the prolific Canadian Shield. The company's Shakespeare project consists of one Crown patented lease, two Crown leases and 40 claims on a property associated with the historic Shakespeare gold mine. Graycliff to date has drilled over 12,500 metres at Shakespeare, with visible gold identified in a significant number of holes.

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