Open Gold To Acquire Independence Mine

VANCOUVER, BC - Open Gold Corp. has entered into a binding letter of intent with General Metals Corporation to acquire a 100% interest in mining claims and surface lands located in the Battle Mountain District, Lander County, State of Nevada, collectively known as the Independence Mine. The property is made up of 14 claims covering approximately 238 acres and private fee land covering a further 470 acres. Key considerations for the acquisition of the Independence property by Open Gold are as follows: 331,600 ounces gold equivalent in the Measured and Indicated categories 848,600 ounces gold equivalent in the Inferred category potential for establishing extension to Newmont Gold's adjacent Phoenix Project mine  strategically located adjacent to power, water and infrastructure and is surrounded on three sides by Newmont' Phoenix mining complex 198,800 oz AuEq measured resource based on 8,328,000 tons at 0.024 oz AuEq/ton; 132,800 oz AuEq indicated resource based on 7,728,000 tons at 0.017 oz AuEq/ton; 52,400 oz AuEq inferred resource based on 4,592,000 tons at 0.011oz AuEq/ton; and 796,200 oz AuEq inferred based on 4,182,000 tons at 0.190 oz Au/ton. Effective date of estimates is May 31, 2011. "The acquisition of the Independence Mine will represent the completion of the business plan we outlined in May of 2012." said Bryson Goodwin, President and CEO of Open Gold. "The acquisition of the Independence Mine and property will reposition Open Gold from a grass roots explorer to a possible near term producer. Additional exploration drilling will target establishing an extension to Newmont's producing Phoenix mine."