GUN Gunpoint Exploration Ltd

Gunpoint Exploration Ltd. ("Gunpoint" or the "Company") (TSX VENTURE:GUN) is
pleased to announce that it has entered into an option agreement (the "Option
Agreement") with Precipitate Gold Corp. ("Precipitate") whereby Precipitate can
acquire a 100% interest in the four concessions comprising of the Cecilia
gold-silver project, in northeastern Sonora state, Mexico. 


Pursuant to the terms of the Option Agreement, Precipitate has a four month due
diligence period during which time it will have full access to the project and
all available data. At the end of the due diligence period, if Precipitate
elects to proceed, it can complete the acquisition by making staged payments in
cash and securities as follows:




----------------------------------------------------------------------------
At the completion of the due           $100,000 and 175,000 common shares of
 diligence period                      Precipitate                          
----------------------------------------------------------------------------
On or before the 1st anniversary of    $125,000 and 175,000 common shares of
 the initial payment                   Precipitate                          
----------------------------------------------------------------------------
On or before the 2nd anniversary of    $175,000 and 175,000 common shares of
 the initial payment                   Precipitate                          
----------------------------------------------------------------------------



Precipitate is not obligated to meet any minimum property expenditures or work
commitments, other than those required to keep the concessions in good standing.
A 1% NSR is payable to the Mexican Government on the three small property inlier
concessions.


E. Max Baker, President and CEO of Gunpoint said; "With Gunpoint having its
sights firmly set on advancing Tqlapoosa (Nevada) and Escorpion (Guatemala), we
are pleased to see the Cecilia gold-silver project finally getting the attention
it warrants." 


The securities issuable pursuant to the Option Agreement are subject to a four
month hold period from the date of issuance. Completion of the transaction is
subject to approval of the TSX Venture Exchange. 


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

E. Max Baker, President & CEO

FORWARD LOOKING STATEMENTS

Some of the statements contained in this release are forward-looking statements,
such as estimates and statements that address future events and conditions that
describe the Company's future plans, objectives or goals which are subject to
various risks and uncertainties in relation to the Company. The assumptions used
in the preparation of such statements although considered reasonable at the time
of preparation may prove to be imprecise and as such, actual results in each
case could differ materially from those currently anticipated in such
statements. 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.
E. Max Baker
President & CEO
604 916 8920
www.gunpointexploration.com

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