TORONTO, April 30 /PRNewswire-FirstCall/ - Osprey Gold Corp. (OSGL:OTCBB)
is pleased to announce that it has successfully completed the acquisition of
100% of the Jerome Mine and the Watershed Gogama Camp facility.

    Jerome Mine Acquisition:

    The Jerome acquisition consists of 56 mining claims which cover
approximately 20 miles in length by 4 miles in width and are located halfway
between the two major mining cities of Sudbury and Timmins in the province of
Ontario, Canada.
    The Jerome Mine produced an estimated 62,000 ounces of gold for the
Mining Corporation of Canada from 1939 to 1945 before the milling tower was
burned to the ground in a bush fire. The mine never reopened due to difficulty
in obtaining financing during and immediately following World War Two.
Ownership of the mine was held by the E. B. Eddy Forest Products Company until
it was bought out by Domtar Incorporated in 1998.
    Osprey Gold President, Gordon Leliever stated "The Jerome Mine could
potentially be the biggest overlooked mining property in Ontario".
    Independent consulting geologist, Frank Puskas, in his Jerome Mine Review
and Geological Report written for Osprey Gold, describes the geology
associated with the Jerome Mine as being porphyry intrusions related to the
prolific mining centres of Timmins.
    Osprey geologists have analyzed all existing data, drilling information
and reports filed with the Ontario Ministry of Natural Resources and have
concluded that, based on the existing historical data, up to 2,100,000 troy
ounces of gold (including 25% silver content) are possibly contained in the
Jerome Mine. This estimate is based on a 3000 foot strike length and shallow
drilling to the 800 foot level.
    Puskas determines however that the veins and zones have an overall
continuous strike length three times greater, up to at least 9,500 feet, and
that porphyry intrusions related to the Timmins mining area can extend to a
depth of at least 7,000 feet.
    Production and mining costs are calculated to be approximately $119 USD
per troy ounce as most of the mining would be open pit.

    Watershed Gogama Camp Acquisition:

    Osprey Gold is also pleased to announce it has completed the acquisition
of the Watershed Gogama Camp facility near the Jerome Mine. These assets
include the mining camp and airplane runway.
    The mining camp accommodates 85 miners with full cooking facilities, core
shacks, offices and other structures.
    A 2% net smelter return on all minerals and industrial products along
with tree harvesting rights has been retained by Domtar Incorporated.
    Work is expected to commence on-site at the Jerome Mine within the next
30 days.
    Osprey Gold Corp. plans to produce economically viable minerals from the
mineral properties it currently controls and from mineral properties that it
may acquire in the future. The company specializes in acquiring and
consolidating large advanced exploration-stage properties with near-term
production potential and future growth through exploration discoveries. Its
acquisition and development emphasis is focused on properties containing gold
and other strategic minerals located in Canada.

    Further information on Osprey Gold Corp. is available at
    http://www.ospreygold.com

    Certain statements contained herein are "forward-looking" statements (as
such term is defined in the Private Securities Reform Act of 1995). Because
such statements include risks and uncertainties, actual results may differ
materially from those expressed or implied by such forward-looking statements.

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