Gleichen Completes $50 Million Equity Financing and Commences Trading on the Toronto Stock Exchange

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED
STATES


Gleichen Resources Ltd. (the "Company") (TSX:GRL) has completed its previously
announced Cdn$50 million bought deal equity financing. An underwriting
syndicate, led by Macquarie Capital Markets Canada Ltd. and co-led by BMO
Nesbitt Burns Inc. and GMP Securities L.P. and including Dundee Securities
Corporation and Jones Gable & Company Limited, has purchased 50 million common
shares of the Company at a price of Cdn$1.00 per share for gross proceeds of
Cdn$50,000,000.


The Company has granted to the Underwriters an over-allotment option to purchase
up to an additional 7,500,000 common shares at the offering price, exercisable
in whole or in part, at any time on or prior to the date that is 30 days
following the date hereof. If this option is exercised in full, an additional
Cdn$7,500,000 will be raised pursuant to the offering and the aggregate gross
proceeds of the offering will be Cdn$57,500,000.


The Company plans to use the net proceeds from the offering to fund its
previously announced acquisition from Desarrollos Mineros San Luis, S.A. de C.V.
("DMSL"), a wholly-owned subsidiary of Goldcorp Inc., of all of the shares in
the capital of Minera Media Luna, S.A. de C.V. ("MML") held by DMSL,
representing 21.2% of the issued and outstanding shares of MML. The Company,
through its direct and indirect subsidiaries, currently holds the other 78.8% of
the issued and outstanding shares of MML. MML holds a 100% interest in the
Morelos gold project in Mexico (the "Morelos Project"). 


The Company is also pleased to announce that the common shares under the
offering, together with the Company's previous issued and outstanding common
shares and common share purchase warrants, commenced trading on the Toronto
Stock Exchange at the open of trading today, and have been delisted from the TSX
Venture Exchange.


This news release does not constitute an offer to sell or a solicitation of an
offer to buy any of the securities in the United States. The securities have not
been and will not be registered under the United States Securities Act of 1933,
as amended (the "U.S. Securities Act") or any state securities laws and may not
be offered or sold within the United States or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.


Gleichen Resources Ltd., is a well funded, growth oriented Canadian mining
company engaged in the exploration and development of precious metal resources
with a focus on gold. It owns 78.8% of the Morelos Project, an advanced stage
gold exploration property, located 180km southwest of Mexico City. The Company's
Board of Directors has approved a change of the Company's name to Torex Gold
Resources Inc., pending approval at its next annual and special meeting of
shareholders.


This press release contains "forward-looking information" within the meaning of
applicable Canadian securities legislation and United Stated federal securities
laws. Forward-looking information includes, but is not limited to, information
with respect to the Company's proposed acquisition of the remaining 21.2%
indirect interest in the Morelos Project, intended use of proceeds of the net
proceeds from the equity financing transaction, future exploration and
development plans, the adequacy of the Company's financial resources, business
plans and strategy and other events or conditions that may occur in the future.
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 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 information, including risks
associated with the exploration, development and mining industry such as
economic factors as they effect exploration, future commodity prices, obtaining
financing, market conditions, changes in interest rates, actual results of
current exploration activities, government regulation, political or economic
developments, environmental risks, insurance risks, capital expenditures,
operating or technical difficulties in connection with development activities,
personnel relations, the speculative nature of gold exploration and development,
including the risks of diminishing quantities of grades of resources and
reserves; contests over title to properties, and changes in project parameters
as plans continue to be refined. 

Forward-looking information is based on the reasonable assumptions, estimates,
analysis and opinions of management made in light of its experience and its
perception of trends, current conditions and expected developments, as well as
other factors that management believes to be relevant and reasonable in the
circumstances at the date that such statements are made, but which may prove to
be incorrect. Assumptions have been made regarding, among other things: the
Company's ability to successfully complete the acquisition of the remaining
21.2% indirect interest in the Morelos Project, carry on its exploration and
development activities, the timely receipt of any required approvals, the price
of gold, the ability of the Company to obtain qualified personnel, equipment and
services in a timely and cost-efficient manner, the ability of the Company to
operate in a safe, efficient and effective manner, the ability of the Company to
obtain financing on acceptable terms, the accuracy of the Company's resources
estimates and geological, operational and price assumptions on which these are
based and the regulatory framework regarding environmental matters. Readers are
cautioned that the foregoing list is not exhaustive of all factors and
assumptions which may have been used. 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
information. 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.