Goldflare Announces Closing of Two Private Placements

Goldflare Exploration Inc. closed two private placements for a total of $182,000. The first investment, in the amount of $70,000, concerns common shares at $0.015 per unit. It authorized the issuance of 4,666,668 ordinary shares. Three initiates participated and no honorarium costs were incurred.

The second investment, for $112,000, relates to flow-through shares at $0.02 per unit. This transaction resulted in the issuance of 5,600,000 flow-through shares, with fees of $2,820. Two insiders took part in this placement.

All securities issued are subject to a hold period of four months and one day, subject to approval by the TSX Venture Exchange. The funds will be used to finance exploration costs in Canada and the Company's working capital needs.