GT Gold Announcement

GT Gold Corp. 

(TSX-V:GTT; OTCQX:GTGDF)

 

(the

“Company”

or

“GT Gold”

) today announced that its Board of Directors has concluded that there was no basis for allegations made during a proxy contest, accusing Mr. Ashwath Mehra, the Executive Chairman of the Company, of using the Company’s funds for personal expenses.

The Board, through a committee comprising independent directors, has undertaken a thorough review of the allegations made by a Company shareholder during the proxy contest. As part of the investigation, a leading international firm of specialist forensic accountants was engaged to examine and report on the allegations and was provided with full access to Company records and management, including to Mr. Mehra himself.

The aforesaid report concluded that Mr. Mehra’s expenses were for a business purpose; that they followed the principles of GT Gold policies; and that they were submitted and effectively authorized in compliance with the relevant GT Gold policies.

The Board, having fully considered the report prepared by the independent forensic accounting firm, agrees with the findings that the allegations were baseless and considers the matter closed.

About GT Gold Corp.

GT Gold is engaged in advancing its wholly-owned, 47,500 hectare Tatogga property, located in the renowned "Golden Triangle" near Iskut, British Columbia. To date, GT Gold has made two significant discoveries on the Tatogga property, "Saddle South", a precious metal rich vein system and "Saddle North", a gold-rich copper porphyry system.

For more information please contact

GT Gold Corp.James RutherfordLead Independent Director+1 [e-mail]: www.gtgoldcorp.ca

GT Gold Corp.Investor RelationsGeneral [e-mail]