Mr. Robert Archer reports

NEWRANGE ISSUES SHARES FOR DEBT

Newrange Gold Corp., in order to conserve capital, has agreed with certain creditors to accept shares in the company in settlement of their debt. The aggregate number of shares to be issued, subject to TSX Venture Exchange approval, is 18,186,584 at a price of 1.5 cents per share, for settlement of $272,798.76.

The issuance of 4,166,667 common shares to directors and officers of the company constitutes a "related party transaction" as this term is defined in Multilateral Instrument 61-101 -- Protection of Minority Securityholders in Special Transactions (MI 61-101). The directors and officers of the company, acting in good faith, determined that the fair market value of the common shares being issued pursuant to the shares-for-debt transaction and the consideration being paid are reasonable. The company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value of the common shares nor the debt exceeds 25 per cent of the company's market capitalization.

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.