Ms. MaryAnn Mihychuk reports

GOSSAN RESOURCES ANNOUNCES OFFERING OF UNITS FOR GROSS PROCEEDS OF $500,000

Gossan Resources Ltd. has arranged a non-brokered private placement for gross proceeds of up to $500,000. The offering will consist of the sale of units of the company at a price of 3.5 cents per unit. Each unit consists of one common share of the company and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of five cents for a period of three years from the date of issuance. The company intends to use the gross proceeds for working capital and general corporate purposes and to finance expenses required to maintain its existing mineral claims.

The offering is subject to customary closing conditions, including, but not limited to, receipt of approval of the TSX Venture Exchange. The closing of the offering may occur in one or more tranches and is not subject to receipt of a minimum amount of gross proceeds. The securities issued pursuant to the offering will be subject to a four-month-and-one-day hold period in accordance with applicable Canadian securities laws and TSX Venture Exchange policies.

Certain insiders of the company may participate in the offering. Any participation by insiders in the offering will constitute a related party transaction as defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company intends to rely on exemptions from the formal valuation and minority approval requirements of sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of such insider participation, based on a determination that the fair market value of the participation in the offering by insiders will not exceed 25 per cent of the market capitalization of the company, as determined in accordance with MI 61-101.

About Gossan Resources Ltd.

Gossan Resources holds mineral exploration and development properties located in Manitoba, Northwestern Ontario and Newfoundland. The company's focus is the advancement of its mineral exploration and development properties. The company's secondary focus is the sale, joint venture or co-development of its broadly diversified portfolio of multielement properties. These properties are prospective for hosting gold and base metals, as well as specialty green-battery metals, vanadium, titanium, tantalum, lithium and chromium. Gossan also has a deposit of high-purity, magnesium-rich dolomite, and holds advance and production royalty interests in a high-purity silica sand deposit.

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