Mr. Douglas Mason reports

MAGNUM GOLDCORP ANNOUNCES SHARES FOR DEBT SETTLEMENT

Magnum Goldcorp Inc. has entered into debt settlement agreements to settle obligations owed to certain non-arm's-length and arm's-length creditors, in the aggregate amount of $118,301.49 through the issuance of an aggregate of 2,366,030 common shares of the company at a deemed value of five cents per share. The issuance of the shares are subject to the approval of the TSX Venture Exchange. The shares issued pursuant to the settlement will be subject to a statutory four-month hold period.