GNG Golden Goliath Resources Ltd

Golden Goliath Resources Ltd. (TSX VENTURE:GNG)(PINK SHEETS:GGTH-F) - 

The Company is pleased to announce it has arranged the placement of up to
20,000,000 units at a price of $0.20 per unit for gross proceeds of up to
$4,000,000. Each unit shall consist of one common share and one half of one
non-transferable share purchase warrant exercisable for a period of two years at
a price of $0.30 for each whole warrant. Once resale restrictions on the Shares
having expired and upon Golden Goliath's shares trading at or above a weighted
average trading price of $0.45 for 20 consecutive trading days, Golden Goliath
may give notice that the Warrants will expire 30 days from the date of providing
such notice (in writing to Warrant holders and via a news release). The proceeds
will be primarily used to expand the mineral resource at the Company's Las Bolas
property (see news release of September 24, 2009 for details of the mineral
resource potential). The exploration program is being designed to expand the
existing inferred resource and test the potential target. The program will
include underground development, surface and underground drilling and continued
rehabilitation of old underground workings.


In addition, a portion of the proceeds of the financing will be earmarked for
working capital and to continue advancing the mineral potential of various other
targets within the Company's extensive claim holdings covering the historic
Uruachic mining camp in the Sierra Madre mountain range of northwestern Mexico.


The financing is subject to regulatory approval. Finders' fees of 8% cash and 8%
warrants having the same terms as the warrants under the Units may be paid.


About Golden Goliath

Golden Goliath Resources Ltd. is a junior exploration company listed on the TSX
Venture Exchange (symbol GNG). The Qualified Person for the Uruachic project is
J. Paul Sorbara M.Sc., P.Geo. The Company is focused on exploring and developing
the gold and silver potential of an historic mining camp located in the world
famous Sierra Madre Occidental Mountains of northwestern Mexico. Golden
Goliath's Uruachic claims are owned 100% by the Company and are fully paid for
with no property option or purchase payments to make.


To find out more about Golden Goliath visit our website at www.goldengoliath.com.

Cautionary Note Regarding Forward-Looking Statements

The information in this news release includes certain "forward-looking
statements" All statements, other than statements of historical fact, included
herein including, without limitation, plans for and intentions with respect to
the company's properties, statements regarding intentions with respect to
obligations due for various projects, strategic alternatives, quantity of
resources or reserves, timing of permitting, construction and production and
other milestones, are forward looking statements. Statements concerning Mineral
Reserves and Mineral Resources are also forward-looking statements in that they
reflect an assessment, based on certain assumptions, of the mineralization that
would be encountered and mining results if the project were developed and mined
in the manner described. Forward-looking statements involve various risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate, and actual results and future events could differ materially from
those anticipated in such statements. Important factors that could cause actual
results to differ materially from GNG's expectations include the uncertainties
involving the need for additional financing to explore and develop properties
and availability of financing in the debt and capital markets; uncertainties
involved in the interpretation of drilling results and geological tests and the
estimation of reserves and resources; the need for cooperation of government
agencies and local groups in the exploration, and development of properties; and
the need to obtain permits and governmental approval. GNG's forward looking
statements reflect the beliefs, opinions and projections of management on the
date the statements are made. GNG assumes no obligation to update the forward
looking statements if management's beliefs, opinions, projections, or other
factors should they change.

Golden Goliath Resources (TSXV:GNG)
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