Gunpoint Accepts Notice From Precipitate Gold to Proceed With Option to Acquire 100% of Cecilia Project

Gunpoint Exploration Ltd. ("Gunpoint") (TSX VENTURE:GUN) is pleased to announce
that Precipitate Gold Corp. ("Precipitate") has completed its due diligence
review and has notified Gunpoint of its decision to proceed with the option to
acquire a 100% interest in the Cecilia Project in Sonora, Mexico from Gunpoint. 


As required under the terms of the option agreement, Precipitate delivered
58,000 common shares of Precipitate to Gunpoint. There are no further payments
due to Gunpoint until the first anniversary of the election to proceed, and no
underlying work expenditure obligations through the balance of the agreement. 


About Gunpoint Exploration:

Gunpoint Exploration Ltd. is a mineral exploration company listed on the TSX
Venture Exchange. Its current focus is to pursue further exploration and
drilling to enhance the understanding and development of identified mineral
occurrences on its Talapoosa, La Gitana and El Escorpion properties, and to
continue efforts to identify and acquire significant interests in other highly
prospective precious metal and polymetallic properties in Nevada and Mexico. 


Additional information about the Company can be viewed at Gunpoint's website
www.gunpointexploration.com.


On Behalf of the Board of Directors of Gunpoint Exploration Ltd.

E. Max Baker, President and CEO

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


FOR FURTHER INFORMATION PLEASE CONTACT: 
Gunpoint Exploration Ltd.
E. Max Baker
President and CEO
604 408 8829
604 484 5372 (FAX)
[e-mail]
www.gunpointexploration.com