Mr. Simon Dyakowski reports

GSP RESOURCE CORP. ANNOUNCES PRIVATE PLACEMENT FINANCING

GSP Resource Corp. intends to complete a non-brokered private placement of up to four million units at a price of 10 cents per unit for gross proceeds of up to $400,000. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share of the company at a price of 15 cents per share for a period of two years following the date of issuance.

Certain insiders of the company may acquire units in the private placement. Any participation by insiders in the private placement will constitute a related-party transaction as defined under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company expects such participation will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the units subscribed for by the insiders, nor the consideration for the units paid by such insiders is expected to exceed 25 per cent of the company's market capitalization.

In connection with the private placement, the company may pay finders' fees in cash or securities, or a combination of both, as permitted by the policies of the TSX Venture Exchange and applicable securities laws. All securities issued pursuant to the private placement will be subject to a four-month hold period. The private placement is subject to approval by the exchange.

The company intends to use the net proceeds of the private placement toward exploration and development work on the Alwin mine copper-silver-gold project and the Mer claims, and for corporate expenses and general working capital purposes.

About GSP Resource Corp.

GSP Resource is a mineral exploration and development company focused on projects located in southwestern British Columbia. The company owns a 100-per-cent interest and title to the Alwin mine and Mer properties in the Kamloops mining division, as well as a 100-per-cent interest and title to the Olivine Mountain property in the Similkameen mining division, of which it has granted an option to earn a 60-per-cent interest to a third party.

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