Mr. Stephen Stewart reports

MISTANGO EXPANDS GOLDIE PROJECT WITH 8,000 HECTARE ACQUISITION ALONG SHEBANDOWAN

Mistango River Resources Inc. has agreed to purchase a 100-per-cent interest in 350 claim units over 7,447 hectares (Goldie expansion) that extend the Goldie project over a total of 89 square kilometres along the Shebandwan greenstone trend.

The Goldie expansion is contiguous to Mistango's existing Goldie project and Delta Resources Ltd.'s Delta 1 project, and straddles the Trans-Canada Highway.

"The recent success within the Shebandowan has resulted in a rush to acquire good properties along with the trend. As such, Mistango is pleased to acquire such a large and prospective land package with the Goldie expansion. Our understanding of geology within this emerging district is growing, and we look forward to our follow-up drilling and exploration program on Goldie, which is permitted and now funded with the closing of our recent financing," said Stephen Stewart, Mistango chair.

About the Goldie project

The structure of interest on the Goldie project is a shallow-dipping, flat-laying zone close to the surface and drilled over a broad strike length with a mineralized corridor open in multiple directions. Goldie is within the Shebandowan greenstone belt, which also hosts Goldshore Resources Inc.'s low-grade, high-tonnage Moss Lake gold deposit, 50 kilometres to the west. Goldie is also adjacent to Delta Resources' Delta 1 gold property.

The Goldie claims are located on the southern contact of the Timiskaming-type Shebandowan assemblage with the metavolcanics (felsic to ultrabasic) of the older Greenwater assemblage. The local geology consists of intercalated marine sediments (greywackes, arenites and shales) cut by trachyte to trachyandesite low-level dikes or sills. Previous exploration programs have referred to the trachytes as syenites. Gold mineralization is usually found in the volcanics associated with silicification, quartz veins or stringers, and cubic pyrites. Associate alteration minerals are chlorite and ankerite, as indicated by previous work.

Regional geophysics (GDS1037-REV) shows a series of parallel to subparallel magnetic lows. All the better values on the Goldie property, as well as on the Delta property to the south of the Goldie property, show the better gold values to be in the troughs of the magnetic lows. It is possible these lows indicate detachment structures, either faults (subduction) or folds (accretion) associated with the rotating contact between the Shebandowan assemblage to the north and the Greenwater assemblage to the south. The magnetics and the second vertical derivative show the same arcuate patterns, corresponding to the local topography.

Terms of the acquisition

Mistango will issue three million shares, 1.5 million warrants exercisable at 10 cents for period of two years and $50,000 cash upon closing of the acquisition to arm's-length parties. The Goldie expansion is royalty free, except for two claims which have a 1-per-cent NSR (net smelter return) with a right to buy back three-fourths thereof. The Goldie expansion acquisition is conditional upon on Canadian Securities Exchange approval.

Qualified person statement

The technical information in this news release has been reviewed and approved by Jared Beebe, PGeo, Geo, a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. In addition, the vendor analyzed the mineralized intervals reported in this news release. Although all the certificates are available for the reported intersections, Mistango is only considering these results to indicate the presence of significant mineralization and will implement a comprehensive quality assurance/quality control program in its sampling programs.

About Mistango River Resources Inc.

Mistango is a Canadian-based exploration and development company focused on its Kirkland Lake West and Omega projects in the Kirkland Lake district of Ontario's Abitibi greenstone belt.

Agnico Eagle Mines Ltd. holds an option to acquire up to a 75-per-cent interest in Mistango's Kirkland West and Omega projects in exchange for spending $60-million on the projects.

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