GOLDNEV RESOURCES INC. ANNOUNCES FARM-IN AGREEMENT IN PASQUIA HILLS OIL SHALE PERMIT

CALGARY, Nov. 3 /CNW/ -- 
CALGARY, Nov. 3 /CNW/ - Goldnev Resources Inc. ("Goldnev" or the "Corporation") (TSX Venture
 Exchange - "GNZ"), is pleased to announce that it has entered an agreement with Oilshale
 International Corp., a private Alberta company ("OSIC") to invest
 through a farm-in agreement, a total of $750,000 for a 16.67% working
 interest in oil shale permit PS00243 (the "southern permit"). Upon
 completion of the funding requirements of the farm-in agreement,
 Goldnev will own a total of a 67.5% working interest in the southern
 oil shale permit which encompasses an area totaling 68,910 acres
 located in Pasquia Hills region of east central Saskatchewan.


Under the terms of the farm-in agreement, Goldnev has the right to earn
 a total of a 16.67% working interest in the Pasquia Hills southern oil
 shale permit by investing a total of $750,000. All funding will be
 applied directly towards the continued development of the southern
 permit and of a Shale to Liquids Plant as follows:


    --  A total of $600,000 for engagement of Hatch Ltd. to prepare and
        complete a pre- feasibility study which is expected to be
        completed in February 2011on the development of a Shale to
        Liquids Plant on the oil shale resources located on the
        southern permit;
    --  A total of $50,000 for the preparation and completion of an
        independent NI 51-101 engineering evaluation report on the oil
        shale resources located on the southern permit based upon the
        findings from the pre-feasibility study;
    --  A total of $100,000 for miscellaneous expenses relating to
        operating and supporting expenses for both the pre-feasibility
        study and NI 51-101 engineering evaluation report costs
        relating to the development of the southern permit.



Goldnev's oil shale properties comprise of two contiguous oil shale
 permits totaling 155,443 acres of oil shale rights divided into the
 northern permit ("PS00242") and the southern permit ("PS00243") and
 located in the Pasquia Hills oil shale region in east central
 Saskatchewan. Goldnev owns a 100% working interest in the northern
 permit which requires further exploration and has previously earned a
 non-dilutive 33.33% working interest in the southern permit ("PS00243")
 by investing $1,500,000 on a core hole drilling exploration and
 development program that focused primarily on the southern portion of
 its oil shale permits that resulted in its previously announced
 contingent resources report of gross estimates of 1.878 billion barrels
 of oil distillate. The Corporation has engaged Hatch Ltd. to prepare a
 pre-feasibility study for the development of a Shale to Liquids Plant
 and to confirm the commerciality and / or the conditions required for
 commerciality of these identified oil shale resources located on its
 southern permit.


Neither the TSX Venture Exchange, nor its Regulation Service Provider
 (as the term is defined in the policies of the TSX Venture Exchange)
 accepts responsibility for the adequacy or accuracy of this release.


About Goldnev


Goldnev Resources Inc. is a public energy company focused on
 conventional and unconventional oil and gas production with assets in
 northeastern British Columbia, southwestern Alberta and an oil shale
 development project in east central Saskatchewan. Goldnev shares trade
 on the TSX Venture Exchange under the symbol "GNZ."


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pon Goldnev, please visit our website at a href="http://www.goldnevresources.com"www.goldnevresources.com/a, or email at a href="mailto:[e-mail]"[e-mail]/a or contact:/p pMr. Marc Damebr/ President and Chief Executive Officerbr/ Goldnev Resources Inc.br/ Telephone: [phone]br/ Facsimile: [phone]br/ E-mail: a href="mailto:[e-mail]"[e-mail]/abr/ Suite 485, 708 - 11th Avenue S.W.br/ Calgary, Alberta,br/ T2R 0E4/p

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