Option Phase Entered On The Appaloosa Property

VANCOUVER - Gunpoint Exploration Ltd. has received written notice from Newcrest Resources Inc. to commence the Option Phase pursuant to the terms of the option and earn-in agreement between the Company and Newcrest. Pursuant to the terms of the Agreement, Newcrest is required to make a US$750,000 cash payment to Gunpoint within 10 business days of the exercise of the option to commence the Option Phase; and fund a minimum of US$2,000,000 of exploration expenditures on Gunpoint's Appaloosa property in Nevada, USA within the 18 month period commencing on the date of the Agreement.