Result of AGM

    Gold Frost Limited ("Gold Frost" or the '"Company")              

                                Results of AGM                                 

Gold Frost Limited (AIM:GLF) announces that at the Annual General Meeting of
the Company which was held today, all resolutions put to the meeting were duly
passed except for resolution number 5, which was cancelled as a result of
Albert Israeli replacing Gil Hochboim as finance director, which was announced
on 18 October 2006.

At the AGM Mrs Ayelet Adut Eliav and Yair Shatz were elected to the board as
non executive directors and as external directors under Israeli Companies Law.

Mrs Eliav, age 37, has extensive experience in finance and business
development. Since 2006, she has been the vice CEO of A.E.L. Ltd. Between 2002
and 2005 Mrs. Adut Eliav was the CFO of Globus International Packing and
Shipping Ltd. and from 1999 to 2002 she was the CFO of Opticana Group. Between
1993 and 1998 Mrs. Adut Eliav was a senior tax inspector at the Income Tax
Division of the Ministry of Finance. Mrs Adut Eliav received her BA degree in
business administration and accounting from the Tel Aviv College of Management
and a LLB degree from The Herzliya Interdisciplinary Centre for the Study of
Business, Law and Technology. Mrs. Adut Eliav is a certified public accountant.

Mr Shatz, age 51, has extensive experience in finance and accounting. Since
2005, Mr. Shatz has been the CFO of Aviv Shigur. Between 2001 and 2004 Mr Shatz
was the CFO of Global Metals Group and between 1995 and 2000 he was the CFO of
Carmit Industries Ltd. Mr Shatz received his BA degree in Accounting and
Economics from the Hebrew University in Jerusalem and is a certified public
accountant.

There is no further information required to be disclosed under paragraph (g) of
Schedule 2 of the AIM Rules.

Enquiries:

Gold Frost Ltd

Zwi Williger, Chief Executive Officer [phone]

Corporate Synergy Plc 020 7448 4400

David Seal



END