Gunpoint Exploration Ltd. (TSX VENTURE:GUN) ("Gunpoint"or the "Company")
recently completed a preliminary 1,300 meter (eight drill holes) reconnaissance
diamond drill program at its wholly owned Talapoosa gold project, located in
northwestern Nevada. The program was primarily designed to drill test IP targets
peripheral to the existing resource at Talapoosa and within the southeast end of
the Appaloosa structure (approximately two kilometers to the north of
Talapoosa). 


Five holes were drilled on the southeastern end of the Appaloosa structure, the
most deeply eroded part of the epithermal system with outcropping high-grade
epithermal veins. Due to difficulties encountered in drilling through a
hanging-wall fault, the first two holes on the Smokey Vein system failed to
reach the target depth. Two alternative holes, located below the fault, and
targeting the veins at a shallower level only returned anomalous gold values
over several meters. The fifth hole at Talapoosa Gulch, which targeted a five
meter wide high-grade vein that assayed 16 g/t Au over three meters, did not
intersect the mineralized structure. This drill-hole passed through the flaring
edge of a dacite flow into the underlying tuffs and sediments, which appear to
be an unfavorable host for epithermal veining. The remaining 80% of the
Appaloosa structure to the northwest, consisting of shallow-level vent breccias
and associated sinters with anomalous gold and pathfinder elements, remains
untested. 


Three additional holes were drilled to the north and west of the existing
resource at Talapoosa targeting extensive IP anomalies below a thin cover of
younger basalt. The intersected IP targets appear to be carbon rich tuffs and
sediments rather than disseminated/breccia-hosted mineralization. 


The Company is currently permitting a program of 12 inclined PQ diamond drill
holes to re-evaluate the grade of the existing resource at Talapoosa.
Preliminary investigations by the Company and Mine Development Associates (MDA)
of Reno, Nevada, comparing the gold and silver grades of inclined holes versus
vertical holes (the majority of holes drilled to date), suggest the inclined
holes are higher grade. Management believes that the most likely explanation for
the observed increase in grade with the inclined drill hole sub-set is due to a
preferred intersection of steeply dipping higher-grade domains, which are
largely missed by vertical drill holes, within an overall moderately dipping
low-grade mineralized body. The planned 12 drill holes together with the
existing inclined holes should enable the Company and MDA to evaluate just how
significant an increase in grade could be expected by re-evaluating the resource
with the inclusion of additional inclined drill holes. In the current program,
two deeper holes will be extended to test the possibility of a high-grade feeder
system underlying the existing resource. 


Mine Development Associates of Reno, Nevada has estimated an NI 43-101 compliant
Measured + Indicated Resource of 23.0 Mt averaging 0.027 oz/ton (0.84 g/tonne)
gold (632,000 ounces) and 0.357 oz/ton (11.2 g/tonne) silver (8,226,000 ounces),
and an Inferred Resource of 12.6Mt averaging 0.026 oz/ton (0.813 g/tonne) gold
(326,000 ounces), and 0.338 oz/ton (10.6 g/tonne) silver (4,257,000 ounces),
based on historical drill data (see news release dated October 12, 2010). The
listed resources are at a cutoff of 0.015 oz/ton (0.46 g/tonne) gold equivalent.


In addition, the Board of Directors of Gunpoint has granted Ed Devenyns at total
of 50,000 options at a price of $1.40 per share. Mr. Devenyns, based in Reno
Nevada, is a consultant retained to maintain Gunpoint's tenements and assist
with the Company's Nevada projects. 


E. Max Baker B.Sc (Hons) PhD, Member AustIMM is the Qualified Person as defined
by National Instrument 43-101, is responsible for the preparation of this News
Release. Mine Development Associates has reviewed this news release. 


Dr. E. Max Baker, President 

Gunpoint Exploration Ltd. 

Visit the Company's website at http://www.gunpointexploration.com 

Forward-looking statements:

This news release contains certain statements that may be deemed
"forward-looking statements". All statements in this release, other than
statements of historical fact, that address events or developments that the
Company expects to occur, are forward looking statements.


Forward looking statements are statements that are not historical facts and are
generally, but not always, identified by the words "expects", "plans",
"anticipates", "believes", "intends", "estimates", "projects", "potential" and
similar expressions, or that events or conditions "will", "would", "may",
"could" or "should" occur. Although the Company believes the expectations
expressed in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance and actual
results may differ materially from those in forward looking statements. Factors
that could cause the actual results to differ materially from those in
forward-looking statements include market prices, exploitation and exploration
success, continued availability of capital and financing and general economic,
market or business conditions. Investors are cautioned that any such statements
are not guarantees of future performance and actual results or developments may
differ materially from those projected in the forward-looking statements.
Forward looking statements are based on the beliefs, estimates and opinions of
Gunpoint's management on the date the statements are made. The Company
undertakes no obligation to update these forward-looking statements in the event
that management's beliefs, estimates or opinions, or other factors, should
change, except as required by law.
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