Gunpoint Provides Exploration Update on Nevada Talapoosa Project Announces Stock Option Repricing

Gunpoint Exploration Ltd. ("Gunpoint" or the "Company") (TSX VENTURE:GUN)
announces that the Company has contracted TetraTech to undertake an updated
NI43-101 resource estimate on the Talapoosa Gold-Silver Project in Nevada, to
supersede the 2010 43-101 resource estimate which was based solely on historic
drilling. The updated resource estimate, which is to be based on the results of
the 2011 drill campaign and a recently completed in-house reinterpretation of
the controls on mineralization, should be finalized in the first quarter of
2013. Upon completion of the 43-101, Gunpoint will initiate a Preliminary
Economic Assessment to study the viability of developing an oxide heap-leach and
CIL operation on the Talapoosa resource.


As a continued effort to provide key executives with compensation incentives,
the Company wishes to reprice to $0.60 all of its outstanding stock options
(1,655,000 stock options) that were previously granted at prices ranging from
$1.00 to $1.65 subject to the approval of the TSX Venture Exchange and the
disinterested shareholders of the Company for those stock options held by
insiders of the Company or their associates. Gunpoint's annual general meeting
is scheduled to be held on December 27, 2012.


For more information on Gunpoint, please visit our website at
www.gunpointexploration.com.


GUNPOINT EXPLORATION LIMITED

E. Max Baker, President

FORWARD LOOKING STATEMENTS

Some of the statements contained in this press release are forward looking
statements. More particularly, this press release contains statements concerning
the Talapoosa gold project. Although Gunpoint believes that the expectations
reflected in these forward looking statements are reasonable, undue reliance
should not be placed on them because Gunpoint can give no assurance that they
will prove to be correct. Forward looking statements address future events and
conditions, and as such they involve inherent risks and uncertainties. The
Company does not intend to, and does not assume any obligation to update such
forward-looking statements or information, other than as required by applicable
law.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Gunpoint Exploration Ltd.
Investor Relations
604 916 8920
www.gunpointexploration.com