CBG Chibougamau Independent Mines Inc

CBR Gold Corp. (TSX VENTURE:CBG)(FRANKFURT:C3M) ("CBG") is pleased to announce
that the conditions to the proposed Plan of Arrangement ("Arrangement") have
been satisfied and that it intends to file Articles of Arrangement with the
Registrar of Corporations for Alberta and take all necessary steps to complete
the Arrangement following the close of business (4:30 pm) on Friday, April 9,
2010 ("Effective Time").


Shareholders of CBG approved the Arrangement at their Annual General and Special
Meeting held March 24, 2010 and the Court of Queen's Bench of Alberta granted a
Final Order on March 25, 2010. The TSX Venture Exchange ("Exchange") has
conditionally accepted the listing of the common shares of North Country Gold
Corp. ("NCG Shares"), subject to the filing of final documentation and payment
of filing fees. Particulars of the Arrangement are set forth in the Information
Circular and Proxy Statement of CBG dated February 19, 2010, which may be viewed
at www.sedar.com.


CBG Shareholders of Record to Receive NCG Shares

Only CBG Shareholders ("Shareholders") whose names appear on the register of
Shareholders ("Register") at the Effective Time will be entitled to receive NCG
Shares pursuant to the Arrangement. Therefore, holders of CBR warrants and
options, and any person wishing to become a Shareholder in order to receive NCG
Shares pursuant to the Arrangement should ensure that they allow sufficient time
for any transactions involving common shares of CBR Gold Corp. ("CBG Shares") to
settle and their names to be recorded on the Register as at the Effective Time.


Re-Pricing of CBG Warrants Outstanding Following Arrangement

There are currently warrants ("Warrants") outstanding to acquire an aggregate of
4,297,000 CBG Shares at an exercise price of $0.65 per CBR Share. The Warrants
will expire on December 11, 2014, subject to an acceleration clause which would
require early exercise 30 days following the issuance by the Corporation of a
news release that the closing price of the CBG Shares exceeded $1.00 for 10
consecutive trading days.


The Board of Directors of the Corporation ("Board") proposed, subject to
Exchange approval, that the exercise price of Warrants outstanding following
completion of the Arrangement be amended to $0.40 per CBG Share. The Exchange
did not approve the proposed amendment but has instead approved an amendment of
the exercise price to not less than the average of the closing prices of the CBG
Shares for the five trading days immediately following completion of the
Arrangement.


The Board has determined that it will retain the discretion to amend the
exercise price of the Warrants pending determination of the closing prices of
the CBG Shares. Accordingly, any amendment to the exercise price of the Warrants
will not take effect until the sixth trading day following completion of the
Arrangement, if at all, and may be more or less than $0.40 per Common Share, but
will be no higher than the current original $0.65 per CBG Share exercise price.


Change of Name and Spin-Out Transaction

Pursuant to the Arrangement, CBG will change its name to Niblack Mineral
Development Inc. and will retain its interests in the Alaskan VMS exploration
properties and camp assets located in Southeastern Alaska (Niblack, Ruby Tuesday
and Khayyam) as well as an extensive proprietary database focused on this region
and working capital of approximately $1.5 million.


Prior to the Effective Time, CBG will transfer working capital, marketable
securities and 100% owned Canadian and Australian assets, including the
high-grade Three Bluffs deposit in Nunavut, Canada to North Country Gold Corp.
in exchange for a right which entitles it to acquire an amount of NCG Shares
equal to the number of issued and outstanding CBG Shares at the Effective Time.


Pursuant to the Arrangement, CBG Shareholders will receive one NCG Share for
each CBG Share held at the Effective Time, thereby retaining their position in
CBG, while gaining an equivalent number of shares in newly formed North Country
Gold Corp.


CBR Gold Corp. is a member of the Discovery Group of companies, for more
information on the group visit www.discoveryexp.com.


On behalf of the Board

CBR Gold Corp.

John Williamson, President, CEO & Director

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