/NOT FOR DISTRIBUTION TO A US NEWSWIRE SERVICE OR FOR DISSEMINATION IN

THE UNITED STATES/

Trading Symbol (TSXV): GPJ.H

VANCOUVER, March 22 /CNW/ - Further to the Company's news releases of February 19 and 26, 2007, the Company advises that it anticipates that the C$326.25 million financing will close on March 28, 2007. The proceeds of the financing will be placed into escrow at closing and will be released to the Company upon completion of its purchase of the Amapari Mine in Brazil. The closing of the acquisition of the Amapari Mine is expected to take place on March 30, 2007 and the Company's shares will trade immediately thereafter under the name "Peak Gold Ltd". Consideration for acquisition of the Amapari Mine will consist of 155,000,000 shares of the Company. Under its agreement with Goldcorp US$200 million of the proceeds of the financing will be used for the acquisition of the Peak Mine, subject to receipt of approval by the Australian Foreign Investment Review Board. An application has been made and approval is expected to be received within 45 days. If the Peak Mine acquisition does not close, the funds will be used to fund other potential acquisitions, to further develop the Amapari Mine, and for general corporate purposes. The foregoing transactions remain subject to TSX Venture Exchange approval.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

The TSX Venture Exchange has not reviewed, and does not accept

responsibility for the adequacy or accuracy of the content of this news release.