Mr. Michel Desjardins reports

GOLDFLARE ANNOUNCES THE CLOSING OF ITS COMMON SHARE PRIVATE PLACEMENT

Goldflare Exploration Inc. has closed a private placement of $265,000 offered to eligible investors at a price of 4.5 cents per unit (one unit consists of one common share and one warrant allowing the holder to acquire one common share at a price of seven cents per share for a period of 12 months following the closing of the placement). The offering totals 5,888,889 common shares.

No insider participated to this placement, and no intermediary fees were engaged.

The offering is subject to final approval from the TSX Venture Exchange.

The securities to be issued will be subject to a minimum holding period of four months plus one day.

The placement proceeds will be used for working capital requirements.