Ballyliffin Capital Corp.: Qualifying Transaction Announcement

Mr. Devinder Randhawa, President of Ballyliffin Capital Corp. (TSX
VENTURE:BLL.H) (the "Corporation" or "Ballyliffin") announces that Ballyliffin
has entered into a non-binding letter of intent with Grupo Dias Participacoes
LTDA ("GD"), of Sao Paulo, Brazil in connection with a proposed qualifying
transaction whereby Ballyliffin will, subject to a number of conditions, acquire
a fifty-one percent (51%) interest in all of the mining and operational assets
of GD known as the Grupo Dias Gold Projects. The transaction will constitute
Ballyliffin's qualifying transaction ("QT") under the policies of the TSX
Venture Exchange (the "Exchange"). 


Ballyliffin has agreed to work towards the completion of a definitive agreement
with GD and further details will be announced shortly. Trading in the common
shares of Ballyliffin will remain halted pending the release of further
disclosure regarding this QT and the satisfaction of the initial filing
requirements of the Exchange and a preliminary review by the Exchange. 


CAUTIONARY STATEMENT

Completion of the above transaction is subject to a number of conditions,
including but not limited to, Exchange acceptance and if applicable pursuant to
Exchange requirements, majority of the minority shareholder approval. Where
applicable, the transaction cannot close until the required shareholder approval
is obtained. There can be no assurance that the transaction will be completed as
proposed or at all.


Investors are cautioned that, except as disclosed in the management information
circular or filing statement to be prepared in connection with the transaction
any information released or received with respect to the transaction may not be
accurate or complete and should not be relied upon. Trading in the securities of
a capital pool company should be considered highly speculative.


Certain information in this press release may constitute forward-looking
information. This information is based on current expectations that are subject
to significant risks and uncertainties that are difficult to predict. Actual
results might differ materially from results suggested in any forward-looking
statements. The Corporation assumes no obligation to update the forward-looking
statements, or to update the reasons why actual results could differ from those
reflected in the forward looking-statements unless and until required by
securities laws applicable to the Corporation. Additional information
identifying risks and uncertainties is contained in the Corporation's filings
with the Canadian securities regulators, which filings are available at
www.sedar.com.