Mr. Robert Archer reports

NEWRANGE GOLD CLOSES BRIDGE FINANCING

Newrange Gold Corp. has closed the bridge financing associated with the proposed reverse takeover (RTO) with Australian Securities Exchange-listed Mithril Resources Ltd.

The company issued 4,905,112 units at a price of nine cents per unit for gross proceeds of $441,460. Each unit consists of one common share in the capital of the company and one share purchase warrant, with each warrant being convertible into an additional share at an exercise price of 12 cents for a period of 36 months from the date of issuance.

Cash finders' fees in the amount of $12,383 were paid on the financing and the company issued 137,589 share purchase finders' units. Each finder's unit entitles the holder thereof to purchase one share at a price of nine cents and one non-transferable warrant at an exercise price of 12 cents for a three-year period. The names of the finders receiving fees are IBK Capital Corp., Research Capital Corp., Arlington Group Asset Management and Sector Investment Managers Ltd.

The net proceeds raised from the bridge financing will be used to pay for the expenses related to the RTO and for working capital purposes. Pursuant to the RTO, the securities issued under the bridge financing will be subject to the proposed second consolidation of 1:2.

All securities being issued are subject to a four-month hold period from the date of issuance and subject to final TSX Venture Exchange approval.

Insiders subscribed for an aggregate of 600,000 units for a total of $54,000. As insiders of Newrange participated in the financing, it is deemed to be a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. Newrange is relying on the exemptions from the formal valuation and minority approval requirements contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, on the basis that the fair market value of the transaction does not exceed 25 per cent of Newrange's market capitalization. The company will be filing a material change report in respect of the related party transaction on SEDAR.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Newrange should be considered highly speculative.

About Newrange Gold Corp.

Newrange is currently focused on district-scale exploration for precious metals in the prolific Red Lake district of Northwestern Ontario. The past-producing high-grade Argosy gold mine is open to depth, while the adjacent North Birch project offers additional blue-sky potential.

We seek Safe Harbor.