Gossan Completes $603,600 Private Placement

Gossan Resources Limited (TSX VENTURE:GSS)(FRANKFURT/FREIVERKEHR & XETRA:WKN
904435) closed the second tranche and completed a private placement in aggregate
of 3,772,500 Units, totaling $603,600 on December 29, 2011, subject to
regulatory approval.


Each Unit consists of one common share and one common share purchase warrant at
a price of $0.16 per Unit. Each warrant entitles the holder thereof to purchase
one additional common share of Gossan at an exercise price of $0.24 per share
during the period ending November 29, 2013.


All securities issued in the course of the Offering are subject to a regulatory
hold period of four months and one day, and the common shares forming a
component of the Unit are also subject to a voluntary hold period for a further
8 months, or one year in total. Insiders acquired 657,500 Units of the private
placement for a total of $105,200. No fees have been paid in regard to the
placement of the issue. Proceeds of the Units may be used to complete a proposed
investment in East Mining Company (NR-11-05 dated October 24, 2011) and will be
used for general working capital purposes. The private placement was closed in
two tranches (see NR-11-07 of November 23, 2011).


Gossan Resources Limited is engaged in mineral exploration and development in
Manitoba and northwestern Ontario. It has a well-diversified portfolio of
properties hosting gold, platinum group and base metals, as well as the
specialty and minor metals, vanadium, titanium, tantalum, lithium, and chromium.
The Company also has a large deposit of magnesium-rich dolomite, the world-wide
rights to the Zuliani magnesium production process, and a silica sand deposit.
Gossan trades on the TSX Venture Exchange and, after the closing of the first
tranche of the private placement as set out above, has 33,090,400 common shares
outstanding.


For further information, please bookmark www.gossan.ca.

This news release includes certain forward-looking statements concerning the
future performance of Gossan Resources Limited's business, its operations and
its financial performance and condition, as well as management's objectives,
strategies, beliefs and intentions. The Company does not intend, and does not
assume any obligation, to update these forward-looking statements.
Forward-looking statements are frequently identified by such words as "may",
"plan", "expect", "anticipate", "estimate", "intend" and similar words referring
to future events and results. These forward-looking statements represent
management's best judgment based on current facts and assumptions that
management considers reasonable. The Company makes no representation that
reasonable business people in possession of the same information would reach the
same conclusions. All forward-looking information is inherently uncertain and
subject to a variety of assumptions, risks and uncertainties, including the
speculative nature of mineral exploration and development, fluctuating commodity
prices, competitive risks and the availability of financing and as described in
more detail in the Company's recent securities filings available at
www.sedar.com. Actual events or results may differ materially from those
projected in the forward looking statements and readers are cautioned against
placing undue reliance thereon.

Gossan Resources (TSXV:GSS)
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