Central Sun and B2Gold Corp. Complete Business Combination

* Press Release
* Source: B2Gold Corp. and Central Sun Mining Inc.
* On Thursday March 26, 2009, 8:24 am EDT

Companies:
o B2gold corp
o Central sun mining inc com npv
o Bank of america corp

VANCOUVER, BRITISH COLUMBIA and TORONTO, ONTARIO--(MARKET WIRE)--Mar 26, 2009 -- B2Gold Corp. (Toronto:BTO.TO - News) ("B2Gold" or the "Company") and Central Sun Mining Inc. (Toronto:CSM.TO - News) (AMEX:SMC - News)(NYSE Amex: SMC.A) ("Central Sun") are pleased to announce that they have completed their previously announced business combination (the "Transaction"). The Transaction was completed by way of a plan of arrangement that was approved by the shareholders of Central Sun on March 20, 2009 and received court approval on March 25, 2009.
Related Quotes
Symbol Price Change
BTO.TO 0.72 +0.02
Chart for B2GOLD CORP
CSM.TO 0.00 0.00
Chart for CENTRAL SUN MINING INC COM NPV
SMC 9.44 0.00
Chart for BANK OF AMERICA CORP
{"s" : "bto.to,csm.to,smc","k" : "c10,l10,p20,t10","o" : "","j" : ""}

Pursuant to the plan of arrangement, Central Sun amalgamated with a wholly-owned subsidiary of B2Gold and all of the issued and outstanding common shares of Central Sun were transferred to B2Gold in consideration for the issuance by B2Gold of 1.28 common shares of B2Gold for each Central Sun share. All of the outstanding stock options of Central Sun were replaced by options to purchase common shares of B2Gold. All outstanding warrants and agent's options to acquire common shares of Central Sun will, pursuant to their terms, be exercisable for common shares of B2Gold.

Pursuant to the plan of arrangement, B2Gold has issued an aggregate of 80,638,705 common shares of B2Gold to the former shareholders of Central Sun and authorized the issuance of an additional 26,050,471 common shares upon the exercise of the stock options, warrants and agent's options held by the former security holders of Central Sun. As at March 26, 2009, following completion of the Transaction, there are approximately 243,422,023 issued and outstanding common shares of B2Gold.

The TSX will disseminate a notice announcing the delisting of the Central Sun shares when the TSX deems appropriate. Upon notification of the closing of the Transaction, the NYSE Amex will suspend trading of Central Sun's common shares and the NYSE Amex will file a Form 25.

Former President and CEO of Central Sun, Peter Tagliamonte, and former director of Central Sun Bruce Humphrey were appointed to the board of directors of B2Gold effective at the closing of the Transaction, with the existing six directors of B2Gold continuing as directors.

Peter Tagliamonte P.Eng

Mr. Tagliamonte was formerly the President and CEO of Central Sun Mining and previously, Vice President Operations and Chief Operating Officer of Desert Sun Mining Corp. He was responsible for developing the Jacobina Mine in Brazil into a 4,200-tonne-per-day mining operation. Peter has more than 20 years of progressive managerial experience in the mining industry. A professional mining engineer, Mr. Tagliamonte also holds an MBA from the Richard Ivey School of Business at the University of Western Ontario. He was recognized for his work in 2005 by receiving the Mining Journal's "Mine Manager of the Year" award.

Bruce Humphrey P.Eng

Mr. Humphrey has more than 30 years experience in the mining industry with such major companies as Inco, Cominco and Noranda. Most recently, as President and CEO of Desert Sun, he was responsible for the successful development of the Jacobina Mine in Brazil. From 1998-2004, Mr. Humphrey was COO of Goldcorp during the re-development of its high-grade Red Lake mine.

The new B2Gold Corp. has immediate annual gold production of 45,000 ounces from the Limon Mine in Nicaragua. Production is expected to increase to an annual rate of 130,000 ounces in the fourth quarter of 2009 with the completion of the Orosi Mill project, also in Nicaragua. The new B2Gold has significant reserves and resources with a strong portfolio of mining, development and exploration assets in Colombia, Nicaragua and Northeastern Russia.

Pursuant to Rule 12(g)(3) under the United States Securities Exchange Act of 1934, as amended (the "Exchange Act"), B2Gold has succeeded to the Section 12 registration, and Section 13(a) reporting obligations under the Exchange Act, of Central Sun. However, B2Gold intends to file a Form 15F, as soon as practicable, with the United States Securities and Exchange Commission ("SEC") to voluntarily terminate the registration of the B2Gold common shares under Section 12(g) as well as B2Gold's reporting obligations under Section 13(a) of the Exchange Act. Pursuant to Rule 12(h)-(6) under the Exchange Act, the SEC permits a foreign private issuer to terminate the registration of a class of securities under Section 12(g) of the Exchange Act if it meets certain requirements. Upon the filing of the Form 15F, the Company's reporting obligations under the Exchange Act will be suspended immediately and will terminate no more than 90 days after the filing, barring any objections from the SEC. Under SEC rules, a foreign private issuer such as B2Gold may deregister a class of its securities under the Exchange Act, and terminate the associated reporting obligations, if, among other conditions, the average daily trading volume of the Company's Common Shares in the United States is less than 5% of the Company's worldwide average daily trading volume for a 12 month period ending within 60 days of filing the Form 15-F.

ON BEHALF OF B2GOLD CORP.

Clive T. Johnson, President and Chief Executive Officer

On BEHALF OF CENTRAL SUN MINING INC.

Peter Tagliamonte, President and Chief Executive Officer

This communication does not constitute an offer to purchase or exchange or the solicitation of an offer to sell or exchange any securities of Central Sun or an offer to sell or exchange or the solicitation of an offer to buy or exchange any securities of B2Gold, nor shall there be any sale or exchange of securities in any jurisdiction (including the United States) in which such offer, solicitation or sale or exchange would be unlawful prior to the registration or qualification under the laws of such jurisdiction. The distribution of this communication may, in some countries, be restricted by law or regulation. Accordingly, persons who come into possession of this document should inform themselves of and observe these restrictions. The solicitation of offers to buy B2Gold shares in the United States will only be made pursuant to a prospectus and related offer materials that B2Gold expects to send to holders of Central Sun securities, subject to the requirements of applicable law. The B2Gold shares may not be sold, nor may offers to buy be accepted, in the United States prior to the time the registration statement (if any is filed) becomes effective or an exemption from such requirements is available. No offering of securities shall be made in the United States except (i) by means of a prospectus meeting the requirements of Section 10 of the United States Securities Act of 1933, as amended, which would contain detailed information regarding B2Gold and its management, as well as its financial statements, or (ii) pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended.

Cautionary Note Regarding Forward-Looking Information This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the future financial or operating performance of B2Gold and Central Sun and its projects, statements regarding exploration prospects, statements regarding synergies and financial impact of the proposed B2Gold Transaction, the terms and conditions of the B2Gold Transaction, the benefits of the proposed B2Gold Transaction, the identification of mineral reserves and resources, costs of and capital for exploration and development projects, exploration and development expenditures, timing of future exploration and development activities, expected production, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation expenses, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".

Forward-looking information is based on various assumptions and on the best estimates of Central Sun or B2Gold, as the case may be, as of the date hereof, and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company (and the company resulting from the successful completion of the proposed B2Gold Transaction) to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; delay or failure to receive board or regulatory approvals; timing and availability of external financing on acceptable terms; the business of B2Gold and Central Sun not being integrated successfully or such integration proving more difficult, time consuming or costly than expected; not realizing on the potential benefits of the proposed B2Gold Transaction; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of mineral prices; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and, delays in obtaining governmental approvals or required financing or in the completion of activities, and as well as those risks identified under "Risk Factors" disclosure sections in the documents filed under the profile of SEDAR by Central Sun and/or B2Gold from time to time. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.



The Toronto Stock Exchange neither approves nor disapproves the information contained in this News Release.
Contact:

Contacts:
B2Gold Corp.
Ian MacLean
Vice President, Investor Relations
(604) 681-8371
�
B2Gold Corp.
Kerry Suffolk
Manager, Investor Relations
(604) 681-8371
Website: http://www.b2gold.com
�

CENTRAL SUN MINING INC
(Toronto: CSM.TO)
Last Trade: 0.71
Trade Time: Mar 31
Change: 0.00 (0.00%)
Prev Close: 0.71
Open: 0.70
Bid: 0.71
Ask: 0.81
1y Target Est: N/A
Day's Range: 0.70 - 0.78
52wk Range: 0.08 - 2.50
Volume: 26,000

CENTRAL SUN MINING INC
(Toronto: CSM.TO)
Last Trade: 0.70
Trade Time: Mar 6
Change: Down 0.02 (2.78%)
Prev Close: 0.72
Open: 0.70
Bid: 0.70
Ask: 0.73
1y Target Est: N/A
Day's Range: 0.70 - 0.72
52wk Range: 0.08 - 2.50
Volume: 70,786
Avg Vol (3m): 287,936
Market Cap: N/A
P/E (ttm): N/A
EPS (ttm): N/A
Div & Yield: N/A (N/A)
Quotes delayed, except where indicated otherwise. For consolidated real-time quotes (incl. pre/post market data), sign up for a free trial of Real-time Quotes.
CENTRAL SUN MINING INC (CSM.TO)

Central Sun Mining (CSM)
◊
$
0.445
Change:
- (-%)
Volume:
197,295
16:00:00 EST
Jan-14-09

CENTRAL SUN MINING INC
(Toronto: CSM.TO)
Last Trade: 0.13
Trade Time: Dec 10
Change: 0.00 (0.00%)
Prev Close: 0.13
Open: 0.14
Bid: 0.12
Ask: 0.14
1y Target Est: N/A
Day's Range: 0.13 - 0.14
52wk Range: 0.08 - 2.50
Volume: 169,102
Avg Vol (3m): 158,731
Market Cap: N/A
P/E (ttm): N/A
EPS (ttm): N/A
Div & Yield: N/A (N/A

hey you sun shinner's hang in there Peter T could have done a rain dance and used that as the closure excuse to buy some time instead he and his guys are buying your shares hold on tight JUNTA II....

CENTRAL SUN MINING INC (Toronto: CSM.TO)
Last Trade: 0.22
Trade Time: Oct 17
Change: Down 0.13 (37.14%)
Prev Close: 0.35
Open: 0.325
Bid: 0.22
Ask: 0.22
1y Target Est: N/A
Day's Range: 0.19 - 0.32
52wk Range: 0.19 - 2.50
Volume: 507,359
http://finance.yahoo.com/q?s=CSM.TO
God Bless

[Suppressed Sound Link]




This is only my opinion-please DD before you buy or sell
Jimstr

This is only my opinion-please DD before you buy or sell
Jimstr

Glencairn Gold Corporation has changed its name to
Central Sun Mining Inc. -

http://www.centralsun.ca/

God Bless

GLENCAIRN GOLD CORP
Glencairn Gold Announces Name Change, Share Consolidation and Exercise of Previously Issued Subscription Receipts
11/29/2007
TORONTO, ONTARIO, Nov 29, 2007 (MARKET WIRE via COMTEX News Network) --

Glencairn Gold Corporation (the "Company")(TSX: GGG)(TSX: GGG.WT)(AMEX: GLE) announces that it has changed its name to Central Sun Mining Inc. and implemented a share consolidation on a one-for-seven basis effective November 29, 2007. The name change and share consolidation were approved by shareholders at the Company's special meeting of shareholders held on November 29, 2007. Shareholders also approved the issuance of an aggregate of 19,095,714 post-consolidation common shares and 9,547,857 post-consolidation common share purchase warrants upon the deemed exercise of subscription receipts issued on October 22, 2007. The Company's new Stock Option Plan and amended Share Bonus Plan were also approved by shareholders.

"This represents the completion of three significant features of the Company's restructuring plan announced on October 2, 2007," said Peter Tagliamonte, President & Chief Executive Officer. "We now look forward to implementing the remainder of our new strategic plan by completing the conversion of the Orosi Mine (formerly Libertad) from heap leaching to conventional milling and carrying out our exploration program along the Nicaraguan Gold Belt."

Effective at the opening on Wednesday, December 5, 2007, the Company's common shares and common share purchase warrants currently listed on the Toronto Stock Exchange under the symbols "GGG" and "GGG.WT", respectively, will commence trading under the new name Central Sun Mining Inc., the new symbols "CSM" and "CSM.WT", respectively, and on a one-for-seven consolidated basis. Also effective at the opening on Wednesday, December 5, 2007, the Company's common shares currently listed on the American Stock Exchange under the symbol "GLE" will commence trading under the new name Central Sun Mining Inc., the new symbol "SMC" and on a one-for-seven consolidated basis.

As a result of the consolidation, the Company has approximately 59,284,528 common shares outstanding and approximately 90,450,000 common shares on a fully-diluted basis. Outstanding common share purchase warrants and stock options have been adjusted to reflect the consolidation.

Letters of Transmittal will be mailed to registered holders of common shares on November 30, 2007 requesting them to forward the certificates representing their common shares of Glencairn Gold Corporation to Equity Transfer & Trust Company in Toronto, Ontario in exchange for certificates representing the number of common shares of Central Sun Mining Inc. to which they are entitled.

As a result of the consolidation, commencing on December 5, 2007, the terms of the currently outstanding $1.25 common share purchase warrants listed on the Toronto Stock Exchange have been adjusted pursuant to the warrant indenture governing these warrants such that seven previously outstanding warrants will entitle the holder to purchase one common share at a price of $8.75 until November 26, 2008.

About Central Sun Mining

The Company is a gold producer with mining and exploration activities focused in Nicaragua. The Company operates the Limon Mine in Nicaragua and plans to convert the Orosi Mine in Nicaragua to conventional milling and expand annual gold output. It also holds an option to acquire a 100% interest in the Mestiza gold property which is located 70 kilometres from the Limon Mine. The Company focuses on efficient and productive mining practices to establish a firm base of quality operations. Central Sun Mining is committed to growth by optimizing current operations and expanding mineral reserves at existing mines.

Cautionary Note Regarding Forward-Looking Statements: This press release contains "forward-looking statements", within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the completion of the Company's new strategic plan, the future financial or operating performance of the Company, its subsidiaries and its projects, the future price of gold, estimated recoveries under the milling plan, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital for the mill project, operating and exploration expenditures, costs and timing of the development of new deposits, costs and timing of future exploration, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation expenses, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; actual results of reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability, insurrection or war; delays in obtaining governmental approvals or required financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled "General Development of the Business - Risks of the Business" in the Company's annual information form for the year ended December 31, 2006 on file with the securities regulatory authorities in Canada and the Company's Form 40-F on file with the Securities and Exchange Commission in Washington, D.C. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities.

Contacts: CENTRAL SUN MINING INC. Peter W. Tagliamonte President & CEO (416) 860-0919 Email: ir@centralsun.ca

SOURCE: Glencairn Gold Corporation

mailto:ir@centralsun.ca

Glencairn Gold Corp. (GLE) $ 0.18
0.00 (0.00%) Volume: 0
4:00 PM EST Dec 4, 2007

Any idea on bottom?

Now that this has happened. We over at Yahoo do not have a board to chat from. I'm hoping things get better with the split. If CMGI can do it, so can we. We're starting a new trend!

STRONG BUY

Gold over time, never goes down!

GLE symbol changed to SMC and 1 for 7 R/S

Doing DD here is there an upside to this stock soon, amazing how low it is

GLE News

TORONTO, ONTARIO--(MARKET WIRE)--Sep 13, 2007 -- Glencairn Gold Corporation (Toronto:GGG.TO - News)(Toronto:GGG-WT.TO - News)(AMEX:GLE - News) reports that the environmental protection measures implemented since July at the Bellavista Mine in the Miramar area of Costa Rica have successfully reduced cyanide concentrations. The Company moved proactively to suspend mining operations on July 25th and then implemented environmental protection measures to ensure cyanide used in the heap leach processing on the site was rinsed from the site's leach pads and the cyanide destroyed.

Sampling of solution discharge from the leach pad as well as solid sampling of the leach pad has confirmed that cyanide concentrations are now at acceptable levels that pose no threat to the environment. The Company's analysis of cyanide levels from water and solid samples have been confirmed by independent laboratories.

Glencairn's environmental protection measures included detailed monitoring of the solution discharge from the pad and solid samples taken from trenches and boreholes in the leach pad itself. To ensure that the site is secure and environmental protection maintained, all cyanide or other potential contaminants common to the mining operations have been removed from the site. Rinsing of the leach pad, monitoring and sampling of solution discharge as well as solid sampling are continuing until a final technical status report is complete.

Rainfall in the Miramar area of Costa Rica has continued to be abnormally heavy and has caused surface erosion in some areas of the mine site. The mine has implemented remedial actions such as placing protective tarping to reduce rain induced erosion and is reinforcing and filling eroded areas.

The deep seated ground creep is continuing in certain areas of the mine site. In some areas of the site, there has been no movement recorded. The mine pit area and the areas where the major mining equipment, including the mill and crushing plant, are located have not been affected by the ground movement. The deep seated creep is occurring in the area between the processing plant and the leach pads and following deep bedrock troughs at the contact between the andesite basement and the paleosoil layer.

"Our operations team at the Bellavista Mine has done an excellent job in implementing our environmental protection measures to deal with this issue", said Peter Tagliamonte, President and Chief Executive Officer of Glencairn Gold Corporation. "With the successful reduction of cyanide levels, concern that ground creep movement could compromise the liner, subliner and drain system is no longer critical and any potential impacts on the environment have been significantly reduced."

Glencairn has maintained an open information exchange and positive relationship with government authorities and the local community in Costa Rica with respect to monitoring, reporting and future planning.

Glencairn is continuing to work with its team of geotechnical experts to ensure that the technical understanding and interpretation is handled in a proper and effective manner. Geotechnical drilling is continuing in order to gain additional data and understanding as recommended by the consulting experts. If a cost-efficient permanent solution is not found to the ground movement problem or required permitting for remediation is not obtained, it is possible that the Bellavista Mine may remain on hold indefinitely.

About Glencairn Gold Corporation

Glencairn is a gold producer with mining and exploration activities focused in Central America. The Company operates the Limon Mine in Nicaragua, owns the Bellavista Mine in Costa Rica and plans to convert a third mine, the Libertad Mine in Nicaragua, to conventional milling and expand annual gold output. It holds a 60% interest in the Cerro Quema advanced gold project in Panama and a 100% interest in the Mestiza gold property 70 kilometres from the Limon Mine. The Company focuses on efficient and productive mining practices to establish a firm base of quality operations. Glencairn is committed to growth by optimizing current operations and expanding mineral reserves at existing mines.

Has this stock bottomed? Looks like they may have their soft ground problems under control and the interest rate cuts are fuel for inflation and gold, no? What else should we be looking at here?

This is going to hurt:

Glencairn Suspends Mining Operations at Its Bellavista Mine
Wednesday July 25, 5:54 pm ET


TORONTO, ONTARIO--(MARKET WIRE)--Jul 25, 2007 -- Glencairn Gold Corporation (Toronto:GGG.TO - News)(Toronto:GGG-WT.TO - News)(AMEX:GLE - News) announces that mining operations at the Bellavista Mine in Costa Rica will be suspended immediately due to concerns over recent ground movements. Glencairn is taking this precautionary measure until a full technical analysis has been completed and required remedial action has been implemented.
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After initial review by a number of Costa Rican and international consultants, the Company believes that this movement is in part caused by water saturation due to abnormally high rain fall during the past several years. In some areas of the leach pad and waste pile, local ground movements have been identified in the range of one centimeter per day. Extensive ground monitoring has been undertaken and a number of remedial measures are underway to reduce ground movement including de-watering wells, surface water control, and redistribution of the weight load. Based on earth movement patterns in Costa Rica, the geological structure at the site, and the opinions of its experts, the Company does not believe that there is a risk of sudden earth movement at this time. However, continued small movements could compromise the sub-liner, liner and drain system. As a further precautionary measure, all cyanide application has been immediately suspended.

The Company expects advanced stage studies and analysis to be completed within the next few weeks. An update on the results of these studies and remedial measures being taken, along with the expected impact on the operation for the remainder of 2007, will be provided as soon as it is available.

"Glencairn has assembled a first class team of national and international experts including the original design engineering firm at Bellavista, and has installed extensive monitoring and modeling stations" said Peter Tagliamonte, President and Chief Executive Officer. "We are committed to resolve the ground movement issue in a proper, safe and effective manner and have a permanent solution in place as soon as possible".

Conference Call

A conference call and webcast will be held Thursday, July 26 at 10 a.m. To participate in the conference call, dial 416-340-8010 or, toll free in North America, 1-866-540-8136. You may also listen to the webcast at www.glencairngold.com. An archive of the conference call and webcast will be available on the Company's website.

About Glencairn Gold Corporation

Glencairn is a gold producer with mining and exploration activities focused in Central America. The Company operates the Bellavista Mine in Costa Rica and the Limon Mine in Nicaragua and plans to convert a third mine, the Libertad Mine in Nicaragua, to conventional milling and expand annual gold output. It holds a 60% interest in the Cerro Quema advanced gold project in Panama and a 100% interest in the Mestiza gold property 70 kilometres from the Limon Mine. The Company focuses on efficient and productive mining practices to establish a firm base of quality operations. Glencairn is committed to growth by optimizing current operations and expanding mineral reserves at existing mines.

Cautionary Note Regarding Forward-Looking Statements: This press release contains "forward-looking statements", within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the future financial or operating performance of the Company, its subsidiaries and its projects, the future price of gold, expectation that a solution to the ground movement at Bellavista will be found, estimated recoveries under the milling plan, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital for the mill project, operating and exploration expenditures, costs and timing of the development of new deposits, costs and timing of future exploration, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation expenses, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; actual results of reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability, insurrection or war; delays in obtaining governmental approvals or required financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled "General Development of the Business - Risks of the Business" in the Company's annual information form for the year ended December 31, 2006 on file with the securities regulatory authorities in Canada and the Company's Form 40-F on file with the Securities and Exchange Commission in Washington, D.C. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities.



Contact:
Contacts:
Glencairn Gold Corporation
Peter Tagliamonte
President/CEO
(416) 860-0919
Email: pwt@glencairngold.com

Glencairn Gold Corporation
Kerry Knoll
Chairman
(416) 860-0919
Email: kknoll@glencairngold.com

Glencairn Gold Corporation
Lorna MacGillivray
Corporate Secretary and General Counsel
(416) 860-0919
(416) 367-0182 (FAX)
Email: lmacgillivray@glencairngold.com
Website: http://www.glencairngold.com

Renmark Financial Communications Inc.
Tina Cameron
(514) 939-3989
Email: tcameron@renmarkfinancial.ca



--------------------------------------------------------------------------------
Source: Glencairn Gold Corporation

timhyma, welcome back home -
hope all is good for you -

I haven't heard much about GLE -
I did noticed another post on
Yahoo for info -
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_G/threadview?m=tm&bn=28127&tid=....

anybody else get a call from them???
spent a hour on the phone with Jason nice fellow
seems to know alot about GLE....he should they ARE a client.
he did mention more tours ahead a few are posted on the www.glencairngold.com ....not really a numbers person,
the ones he mention were right on!....... his contact information for those interested is....
Jason Roy Account Manager / Directeur de comptesRenmark Financial Communication2080 Rene-Lévesque W.Tel :(514) 939-3989 Ext. 3307Fax :(514) 939-3717jroy@renmarkfinancial.comwww.renmarkfinancial.com

Glencairn Reports First Quarter 2007 Financial Results -
http://biz.yahoo.com/iw/070510/0251079.html

http://www.glencairngold.com/s/Home.asp

http://www.glencairngold.com/s/NewsReleases.asp

http://events.onlinebroadcasting.com/glencairn/051707/index.php

http://www.glencairngold.com/s/MediaAndAnalysts.asp?ReportID=180969&_Type=Media-Analysts&_Ti...

Bob- I'm back in the states, and looking at GLE again. Can you get me up to speed on what they have been doing the last few months?

To 'timhyma' on 'Glencairn Gold Corporation - GLE' -

thanks, well its my pleasure -
I have been a shareholder more than 10 years -
and I am happy to be here -

I see your -
Location: Afghanistan ?
what are you doing down there?

Brgds
Bob

http://www.investorshub.com/boards/board.asp?board_id=6155

you are doing a good job here. Thanks for keeping the board updated. I still own a few shares <g>.

Glencairn Gold Corporation is a gold producer with three mines
in Central America.

Our Bellavista Mine in Costa Rica entered full production
in Q1/06, almost doubling the Company's gold output
to slightly more than 90,000 ounces.

Our Limon Mine in Nicaragua has been in continuous
production since 1941.

In addition, we recently announced the acquisition of
the La Libertad gold mine in Nicaragua,
which produced 34,000 ounces of gold in 2005,
and a 60% interest in Cerro Quema,
an advanced gold exploration project in Panama.


Tue Feb 27, 2007: News Releases: Glencairn Intercepts High-Grade Gold Values at Lib... (more...)

http://www.glencairngold.com/s/Home.asp

http://www.investorshub.com/boards/board.asp?board_id=5399

http://www.investorshub.com/boards/board.asp?board_id=6155

golden08, that's right very important to get -
the word out -
for each post GLE goes to the Hot Active Boards status -
were many more gets the info -

http://www.investorshub.com/boards/board.asp?board_id=6155

you have right GO -
Its only a matter of time -
We will be rewarded for being long ->
Just keep putting the word out - >>>
Keep Up the good work -
don't forget you are allowed to -> ->
post it twice -> ->

http://www.investorshub.com/boards/board.asp?board_id=5399

Its only a matter of time. We will be rewarded for being long. Just keep putting the word out.

To 'golden08' on 'Glencairn Gold Corporation - GLE' -

that's a good bottom line -

with a book value of .39 its such a no brainer. I cant scream buy loud enough -

http://www.investorshub.com/boards/board.asp?board_id=5399

http://www.investorshub.com/boards/board.asp?board_id=6155

Bob with a book value of .39 its such a no brainer. I cant scream buy loud enough.

Glencairn Gold Announces $2.5 Million 2007 Exploration Program in Nicaragua
Monday January 29, 8:01 am ET


TORONTO, ONTARIO--(MARKET WIRE)--Jan 29, 2007 -- Glencairn Gold Corp. (Toronto Future:GGG.TO - News)(Toronto Future:GGG-WT.TO - News)(AMEX:GLE - News) announced today that it has initiated a CDN$2.5 million exploration program at its Nicaraguan gold properties. The program will focus on the Limon Mine and the Mestiza Project as well as the Libertad Mine, where there has been no exploration since 1998.
ADVERTISEMENT


"We are pleased to be starting the exploration program for all three properties," said Peter Tagliamonte, Glencairn President and CEO. "This will be our first real test of the geological potential of the Libertad area. At Limon, we will be exploring an area that has already yielded high-grade intercepts."

The program at Limon builds on a consultant's recent evaluation of the structural setting of the Victoria area west of current Talavera workings. The study confirmed that gold mineralization continues through this structurally complex area and is open to the west. It also provides some key geological guides for targeting follow-up exploration holes.

As previously reported, drilling in the Victoria area in 2004 intersected 16.5 grams gold per tonne (g/t) over 36 metres of core length in Hole 3235 and 7.7 g/t gold over 15.8 metres in Hole 3211 (See Glencairn news releases of August 13 and September 24, 2004). Surrounding drill holes show these to be localized zones in an area of structural complexity.

"The Victoria area, with its high-grade gold intercepts, confirms that the western continuation of the Talavera Mine trend is an excellent exploration target. This is obviously very exciting for us," said Michael Gareau, Glencairn's Vice President, Exploration. In the first quarter of 2007, Glencairn will begin to drill the projection of the prospective Talavera Mine trend to the west of the Victoria area.

This year's exploration budget also includes evaluation of other targets in the Limon district, as well as underground drilling at Talavera for local extensions of known mineralization in the producing mine area. Drilling at Talavera is expected to start in February. Glencairn is also developing the Santa Pancha vein located less than six kilometres from the Limon Mill. Santa Pancha is scheduled to reach commercial production in early 2007 and along with Talavera will be the significant sources of mill feed going forward.

The 2007 exploration budget also includes a drill program on the recently acquired Mestiza Project, an advanced gold project 70 kilometres by road from the Limon Mill. The first drilling objective is to confirm the inferred mineral resource of 689,700 tonnes grading 10.3 g/t gold containing 228,000 gold ounces (See Glencairn news release of September 7, 2006) and to convert it to an indicated mineral resource that can be used for an economic evaluation. The objective of the Mestiza Project is to provide an additional source of high-grade feed for the Limon Mill.

At Libertad, Mr. Gareau said the main elements of the program are to obtain additional information that will maximize conversion of the reported mineral resources to mineral reserves and, secondly, to increase the resource inventory by exploring known mineralized trends and gold prospects. "We are very positive about the exploration potential of Libertad. This will be the first new exploration activity at Libertad since the late 1990s and it will be very interesting to expand our geological understanding of this area," commented Mr. Gareau.

With two drills active on the property, the Libertad program includes:

- Core drilling that is confirming the geological model built on reverse circulation drill data undertaken by previous owners

- In-fill drilling for mine planning purposes

- Metallurgical sampling for tests to assess processing alternatives

- Geological mapping to aid step-out exploration drilling

In terms of operations at Libertad, the Company continues to study various options to improve the economics of the mine (see press release dated November 14, 2006).

Mr. Gareau, P.Geo. and Vice President of Exploration for Glencairn, is the Qualified Person within the meaning of National Instrument 43-101. He has reviewed and approved the contents of this press release. With reference to the above-noted 2004 drill results from the Victoria area, the Company's on-site lab was used for sample preparation and assaying. External check assays were routinely performed by ACME Analytical Laboratories of Vancouver, B.C.

About Glencairn Gold Corporation

Glencairn is a growing gold producer focusing its mining and exploration activities in Central America. The Company operates the Bellavista Mine in Costa Rica and the Limon and Libertad Mines in Nicaragua. It holds a 60% interest in the Cerro Quema advanced gold project in Panama and a 100% interest in the Mestiza gold property 70 kilometres from the Limon Mine. The Company focuses on efficient and productive mining practices to establish a firm base of quality operations. Glencairn is committed to growth by optimizing current operations and expanding reserves at existing mines.

Cautionary Note Regarding Forward-Looking Statements: This press release contains "forward-looking statements", within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the future financial or operating performance of the Company, its subsidiaries and its projects, the future price of gold, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital, operating and exploration expenditures, costs and timing of the development of new deposits, costs and timing of future exploration, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation expenses, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; actual results of reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability, insurrection or war; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled "General Development of the Business - Risks of the Business" in the Company's Form 40-F on file with the Securities and Exchange Commission in Washington, D.C. and the Company's annual information form for the year ended December 31, 2005 on file with the securities regulatory authorities in Canada. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.



Contact:
Contacts:
Glencairn Gold Corporation
Peter Tagliamonte
President & CEO
(416) 860-0919
Email: pwt@glencairngold.com

Glencairn Gold Corporation
Olav Svela
Vice President, Investor Relations
(416) 860-0919
Email: osvela@glencairngold.com

Glencairn Gold Corporation
Kerry Knoll
Chairman
(416) 860-0919
Email: kknoll@glencairngold.com

Renmark Financial Communications Inc.
Christina Lalli
(514) 939-3989
Email: clalli@renmarkfinancial.com



--------------------------------------------------------------------------------
Source: Glencairn Gold Corporation

Courtesy of www.LeMetropoleCafe.com ....

Quote...

TO: Account Executives

FROM: NRR
DATE: January 22, 2007

Below is a press release we are putting out this morning.
This is the follow up to our recent research piece on the IMF
upcoming decision to publish central bank gold loan information.
The IMF has made the decision and will begin implementing this
procedure of new disclosure over the coming year.

Blanchard lauds IMF Central Bank gold lending accounting
change as industry landmark


Precious metals economic research entity has championed
this issue as key to adding even more transparency, price
growth to gold market

NEW ORLEANS (January 22, 2007) - After months of inquiries
and a hotly debated, in-depth position paper by its economic
research unit, Blanchard and Company has learned that the
International Monetary Fund has adopted a landmark accounting
change to the way Central Banks account for their gold loans,
giving this sector of the commodities market more transparency
than it has ever had, the precious metals market leader
announced today.

"This is a huge step forward for the precious metals market and
a major victory for the gold market investor," said
Blanchard Chairman and CEO Donald W. Doyle, Jr.
"Not since the Washington Agreement on gold in 1999 and
the legalization of gold ownership for Chinese citizens
in 2004 has there been such an important event in
the advancement of the gold market."

Blanchard and Company has long stated that the IMF’s
accounting guidelines have allowed Central Banks and
bullion banks to inaccurately account for their gold loans,
and the newly adopted accounting change means that
Central Banks will no longer include the amount of gold
they have loaned and sold into the market as part of
their reserve total assets, Doyle said.

"Transparency has always been a central issue in the gold
market for investors and analysts alike, but this decision
by the IMF will greatly redress that issue as these
accounting changes are implemented," Doyle said.
"It also only adds more credence to our analysis that
the precious metals markets are now poised to make
long-term, steady price growth."

On December 14, 2006, Blanchard published
"Gold Market Lending" on its website at http://www.blanchardgold.com/beru>,, and the industry buzzed
for days.
The paper, written by Blanchard’s Director of Economic
Research, Neal Ryan, provides exhaustive research analysis
of how Central Bank transactions could affect the gold market
if loan information was made in an accurate and timely fashion.
While some misconstrued the information as research on
market manipulation, the paper is instead specific to one
issue -
IMF gold accounting procedures for Central Banks as being
the most important component of gold market transparency.

"This is a wonderful development for the gold market because
of the additional transparency that is created by the changes
in IMF accounting regulations," Ryan said.
"This is an issue that changes the entire landscape of the
gold market for the betterment of all participants involved,
because there is now data available that had never
previously been published.
A transparent market is a healthy market, and
the gold market just got a lot healthier."

Ryan says it will take the IMF some time to institute
the new accounting procedures, but the outlook for
the gold market is a rosy one moving forward.

Blanchard and Company, Inc. is the largest and most
respected retailer of American rare coins and precious
metals in the United States, serving more than 350,000
people with expert consultation and assistance in the
acquisition of American numismatic rarities and gold, silver
and platinum bullion.
The Blanchard Economic Research Unit is a key source of
precious metals market analysis and continues to be an
important resource for financial and consumer media
throughout the United States.
Blanchard and its predecessor companies have called the
New Orleans area home for more than 30 years.
For more information about the company, visit
BlanchardGold.com
or call the company toll free at 1-800-880-4653.

-END-

Without a doubt, should the central banks reveal the amount
of gold they have loaned out, this will rock the gold
market like nothing else in its history.
IMO the price could double in a very short period of time,
as market participants begin to understand THE GOLD IS GONE.
Now, we wait and see if this comes to pass.
What I don’t get is why the process should take any time at all.
Why should it take more than a week for central banks to
report on WHAT IS? There is nothing to research here??

For more on the subject of central bank lending and
the Blanchard Economic Research’s efforts:

http://www.blanchardonline.com/beru/lending_research_report_index.php


***
This is extremely large on its impact on GOLD ....
would love to be an auditor on Gold reserves ....
do some physical counts at fort knox etc....
think we all would be in for a shock -

Still what will happen to all leased out GOLD? -
Is that gone to gang members? -
Will any of it comeback? -
Is it still included in the accounts? -
My understanding more Gold than what its owned
has been leased out? -
still on the books to be written off as
bad loans? -
Dn not trust anything the 666 -
gets the long fingers on!?!

http://globalfire.tv/nj/07en/globalism/us_insolvent.htm

http://globalfire.tv/nj/06en/globalism/gold_conspiracy.htm

history repeat itself

It was reported last week that a second U.S. aircraft carrier,
the USS John C. Stennis, will arrive in the Middle East
in about one month, the first time since the U.S.-led Iraq war
in 2003 that the United States will have two carrier battle
groups in the region.
Gold to 10K/oz? -

http://www.informationliberation.com/
more info - click on Geopolitics

Gold Res. in the safest safety hard rock assets -
goes much higher in real value -
to be sep. from the paper fiatz$ -
falling off the cliff -
Cont. part. by Iveson & Sinclair

http://www.jsmineset.com/

http://www.investorshub.com/boards/board.asp?board_id=6155

http://www.investorshub.com/boards/board.asp?board_id=5399

To 'golden08' on 'Glencairn Gold Corporation - GLE' -
thanks golden - found this little article on
another forum - what do you think? -

Central banks will no longer include the amount of Gold -
they have loaned and sold into the market as part -
of (their) Peoples 888 reserve total assets"
(the banksters 666 talk about their Gold) -
they have to long fingers to understand -
that its the Citizens Gold of that country -
(its not fed's 666 fiatz) -

the corruption stops? ... can you imagine going
to the bank with all the cars you have sold
and every other asset yo ever sold in your life,
all the house etc and still include them in
the assest list...
(on the princip of 666 only) -

or being able to count Gold in your possesion -
that you borrowed -
(the 666 doing anything to destroy the Gold for
the 888 people -
the Citizens of the country has saved the Gold
for many generations but the 666 -
wipe it out in last 10 years -
robbed all Gold from all 888 Citizens?) -

The IMF has come through large for Citizens
of the world - * UNITE BUY GOLD * -

(some 888 must been added to the board recently?
it may waked up a bit?)

This is extremely large on its impact on GOLD ....
would love to be an auditor on Gold reserves ....
do some physical counts at fort knox etc....
think we all would be in for a shock -

http://globalfire.tv/nj/07en/globalism/us_insolvent.htm

http://globalfire.tv/nj/06en/globalism/gold_conspiracy.htm

history repeat itself

It was reported last week that a second U.S. aircraft carrier,
the USS John C. Stennis, will arrive in the Middle East
in about one month, the first time since the U.S.-led Iraq war
in 2003 that the United States will have two carrier battle
groups in the region.
Gold to 10K/oz? -

http://www.informationliberation.com/
more info - click on Geopolitics

Gold Res. in the safest safety hard rock assets -
goes much higher in real value -
to be sep. from the paper fiatz$ -
falling off the cliff -
Cont. part. by Iveson & Sinclair

http://www.jsmineset.com/

http://www.investorshub.com/boards/board.asp?board_id=6155

http://www.investorshub.com/boards/board.asp?board_id=5399

Bob I tell everyone i can about this one. Longterm is right though. Its hard to sell longterm stocks sometimes. With the ortega thing alot of people got scared and ran away. What to do....Well just as NXG had is having its day in the sun...So shall GLE. Its a solid and safe play in a market full of crooks

To 'golden08' on 'Glencairn Gold Corporation - GLE' -

golden, this baby need a lot care and attention -
its stuck with good miners -
hardrock nuts? with tunnel-visions? -
but who knows zero or very little about PR ? issues -



the GLE - stock price has been on a slide to long -
its no need for it -

still the knows about the mining buz -
and should call in more promo -
its a matter to get it to the LT Goldbug -
investors attention? -
any suggestions are welcome -
its what GLE needs most of all -
right now -
Tia.

Thanks sir. Will watch both

To 'golden08' on 'Glencairn Gold Corporation - GLE'

golden08, Glencairn is listed as GGG:TSX
and has sep. forum for GGG -
You are welcome to copy and paste your
info to both boards -
Tia.
http://www.investorshub.com/boards/board.asp?board_id=5399

FYI.
To 'ezxccsc' on 'GLENCAIRN GOLD CORP' -
Thanks for the info -

RE: anyone know why the GLE yahoo board is not there anymore?

ezxccsc,
Glencairn's investor relator or management should be
informed and corecct the communications GLE problems -
please, info us if you have or get more info -
TIA.
below is a profile link -
http://www.investorshub.com/boards/quotes.asp?ticker=ggg&qm_page=25495&qm_symbol=t.GGG

FOR FURTHER INFORMATION PLEASE CONTACT:

Glencairn Gold Corporation
Peter Tagliamonte
President &CEO
(416) 860-0919
(416) 367-0182 (FAX)
Email: pwt@glencairngold.com



Glencairn Gold Corporation
Kerry Knoll
Chairman
(416) 860-0919
(416) 367-0182 (FAX)
Email: kknoll@glencairngold.com



Glencairn Gold Corporation
Olav Svela
Vice President, Investor Relations
(416) 860-0919
(416) 367-0182 (FAX)
Email: osvela@glencairngold.com



Renmark Financial Communications Inc.
Christina Lalli

(514) 939-3989

Email: clalli@renmarkfinancial.com



Ps.
RE: Renmark's -
its looks to me - that many companies
I am a shareholder in and when
Renmark appeared with them -
has had a lot mystic problems -
and been underperforming ???
Imo!

Gold bugs stirring.....Coming out of hibernation.

Few new updates on the web site. A few new price upgrades. From .85 to 1.10. Wont be long. P.S Brent cook doesnt see the ortega thing being a problem like they got in bolivia and venezuala. Once everyone realizes this we will move up to a more deseving price. With a book value of .39 you cant buy a miner that has more value. Im already loaded up and ready to run. Now we need to see gold hit that big 1000. And ill be in the easy chair.

Yes. 50$. I see we are on the same page. Last year was copper this year will be silver. I can smell it in the air.

2000 dollar gold sounds good to me but lets not forget 50 dollar silver. LOL RC

I wont give up on gold till it crosses 2000 bucks. Im in for the duration.

don't give up, us lurkers drop by from time to time. Just look at yahoo board, most of us will take the peace of ihub. Regards, RC

Once everyone gets wind of this gem there will be postings. Just takes time when you work in the undervalue arena.

Well I like the stock, think it has a great future...not much interest in the MB....too bad.

Best to all.

Its so lonely waiting for everyone to arrive to the party. Kinda like the maytag man...LOL

Nice move. With positive news. Everyone allaboard...

I think its time to step back in.

Media has not picked up the AMEX GLE Glencairn with as much vigor as the Canadian. GLE seems to be under the radar screen for now.

GGG is no longer "hiding in the reeds", it is in the spotlight and looking good.

Appantly Q2 results in August is the best guess for when we will have a better idea whetehr this stock is a winnner or a dog.

I am in for the long haul for sure though.

Good gold stocks don't come arond that often.

Glencairn Gold Completes Mine Acquisition From Yamana Gold
(1 of 2)



2006/07/06 17:51:17
TORONTO, ONTARIO, Jul 06, 2006 (MARKET WIRE via COMTEX) --

Glencairn Gold Corporation
("Glencairn") (TSX: GGG)(AMEX: GLE) and Yamana Gold Inc. ("Yamana") (TSX: YRI)(AMEX: AUY)(AIM: YAU) are pleased to announce that they have completed the previously announced acquisition of the La Libertad gold mine in Nicaragua and a 60% interest in the Cerro Quema advanced gold project in Panama by Glencairn from Yamana.

Total consideration for the acquisition was 32 million Glencairn common shares.
"The acquisition of La Libertad and the interest in Cerro Quema achieves two key elements for Glencairn. It offers us an increase in gold production from La Libertad and a new-project pipeline. That pipeline consists not only of the advanced gold project at Cerro Quema, but also the surrounding highly prospective ground at La Libertad. We intend to devote considerable funds to exploration at the three existing mine sites," said Glencairn Chairman Kerry Knoll.
Company President and CEO Peter Tagliamonte said: "Our immediate focus is to assume operations at La Libertad to make the improvements necessary for this mine to realize its full potential, and to capitalize on the synergies inherent in having three operating mines within a five-hour drive of one another."
Glencairn's previously announced private placement of 30 million subscription receipts for gross proceeds of $18 million (see press releases dated June 22 and May 30) is scheduled to close later today. The financing was led by Orion Securities Inc. and included Canaccord Capital Corporation, Dundee Securities Corporation and Blackmont Capital Inc. Upon completion of the financing, the subscription receipts will be automatically exercised into 30 million common shares and 15 million common share purchase warrants. Each whole warrant will be exercisable to acquire one common share at an exercise price of $0.80 until the earlier of (i) two years following closing, and (ii) at the option of Glencairn, the date that is 30 days following provision of notice to warrantholders from the Company that the closing price of its common shares on the Toronto Stock Exchange has been at least $1.20 for 30 consecutive trading days (such notice not to be provided prior to the date which is four months and a day following closing).
Yamana will subscribe for 4.2 million subscription receipts for $2.5 million under the financing. Upon completion of the financing, Yamana will beneficially own 42,022,500 common shares of Glencairn, representing 17.9% of the issued and outstanding shares of Glencairn, and warrants to acquire an additional 2,100,000 common shares. Yamana does not have any present intention to acquire ownership of, or control over, additional securities of Glencairn.
Please note: There is a map available on CCNMatthews' website at the following link:
http://www.ccnmatthews.com/docs/ggg0706.pdf
The acquisition of La Libertad and Cerro Quema brings a significant improvement in Glencairn's reserve and resource base. For details of the reserves and resources at La Libertad and Cerro Quema, see the press release of Glencairn and Yamana dated May 30, 2006. To view the release, visit www.glencairngold.com.
Glencairn plans to make significant investment at the La Libertad mining operation to ensure the operation achieves its potential. Yamana had begun a program of additional metallurgical test work and upgrading of the crushing and screening circuit and the implementation of permanent heap leach pads. Glencairn will complete this program to allow the operation to maximize recoveries. The maintenance department and parts inventories will be expanded to optimize equipment availability and efficiency. Glencairn also plans to implement a major pre-stripping program to allow steady-state production rates and optimum stripping ratios. These actions in conjunction with new management are expected to result in significantly better performance. Glencairn is in the process of preparing a technical report in accordance with National Instrument 43-101 including an updated estimate of the mineral resources for the property.
At Cerro Quema, Glencairn plans to initiate discussions with the 40% owner of the property with the goal of advancing the project towards production as soon as possible. At the same time, the Company plans to update the feasibility study completed by a previous owner in 2002 to reflect current costs of goods and services.
Glencairn estimates it will cost approximately US$10 million to complete these improvements and it also plans to commit US$3 million to exploration at the three existing mine sites over the next 12 months.
About Glencairn
Glencairn is a junior gold producer that, prior to the Yamana acquisitions, had two mines in Central America, the Limon Mine in Nicaragua and the Bellavista Mine in Costa Rica. Gold production is anticipated to surpass 100,000 ounces this year with the additional output from La Libertad.
About Yamana
Yamana is an intermediate Canadian gold producer with significant gold production, gold and copper-gold development stage properties, exploration properties, and land positions in Brazil and Central America. Company management plans to continue to build on this base through the advancement of its exploration properties and by targeting other gold consolidation opportunities in Brazil and elsewhere in Latin America.
Cautionary Statements
This news release contains "forward-looking statements", within the meaning of the United States Private Securities Litigation Reform Act of 1995 and similar Canadian legislation, concerning the business, operations and financial performance and condition of each of Yamana and Glencairn. Forward-looking statements include, but are not limited to, statements with respect to estimated production, synergies and financial impact of the proposed transaction; the benefits of the proposed transaction and the development potential of Yamana's and Glencairn's properties; the future price of gold and copper; the estimation of mineral reserves and resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; capital expenditures; success of exploration activities; permitting time lines and permitting, mining or processing issues; currency exchange rate fluctuations; government regulation of mining operations; environmental risks; unanticipated reclamation expenses; title disputes or claims; and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Yamana and Glencairn to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to: unexpected events during construction, expansion and start-up; variations in ore grade, tonnes mined, crushed or milled; variations in relative amounts of refractory, non-refractory and transition ores; delay or failure to receive board or government approvals; timing and availability of external financing on acceptable terms; the operations of Yamana to be acquired by Glencairn not being integrated successfully or such integration proving more difficult, time consuming or costly than expected; not realizing on the anticipated benefits from the transaction or not realizing on such anticipated benefits within the expected time frame; risks related to international operations; actual results of current exploration activities; actual results of current reclamation activities; conclusions of economic valuations; changes in project parameters as plans continue to be refined; future prices of gold and copper; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in the completion of development or construction activities, as well as those factors discussed in or referred to in the current annual Management's Discussion and Analysis and current Annual Information Form of each of Yamana and Glencairn filed with the securities regulatory authorities in Canada and available at www.sedar.com, and the Form 40-F of each filed with the United States Securities and Exchange Commission. Although management of each of Yamana and Glencairn has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Neither Yamana nor Glencairn undertakes to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.


Contacts: Glencairn Gold Corporation Kerry J. Knoll Chairman +1 (416) 860-0919
Yamana Gold Inc. Peter Marrone President and Chief Executive Officer +1 (416) 815-0220
Yamana Gold Inc. Leslie Powers Director, Investor and Public Relations +1 (416) 815-0220
Glencairn Gold Corporation Olav Svela VP, Investor Relations +1 (416) 860-0919

http://www.amex.com/?href=/newsDetails/CmnNewsDet.jsp?id=XpressFeed_NewsDetails_1152222677269.html

SOURCE: Glencairn Gold Corporation and Yamana Gold Inc.