GSS Gossan Resources Limited

Gossan Resources Limited (TSX
VENTURE:GSS)(FRANKFURT:GSR)(XETRA:GSR)(Frankfurt/Freiverkehr Xetra:WKN 904435)
has received a new offer, in the form of a definitive agreement, for the sale of
its entire equity interest in The Claims Network Inc. (TCN) for a gross sale
price of $1.5 million. The transaction, which is expected to close in early
March, is subject to a first right of refusal by existing TCN shareholders and
the approval of the TSX Venture Exchange, if necessary. In certain circumstances
a break fee of $100,000 may be payable. In addition, subject to a sale, a
restricted cash escrow of $200,000 may be established pertaining to specific
contingencies. No assurance can be provided that the transaction will close.


TCN is a web-based enterprise engaged in providing the property and casualty
insurance industry with on-site claims reporting of losses, contents loss
valuations, and content claims software.


On October 4, 2011, TCN paid a dividend of $115,030 to Gossan, as allowed under
the terms of the prior offer (NR-11-04 dated September 23, 2011). 


Gossan Resources Limited is engaged in mineral exploration and development in
Manitoba and northwestern Ontario. It has a well-diversified portfolio of
properties hosting gold, platinum group and base metals, as well as the
specialty and minor metals, vanadium, titanium, tantalum, lithium, and chromium.
The Company also has a large deposit of magnesium-rich dolomite, the world-wide
rights to the Zuliani magnesium production process, and a silica frac sand
deposit. Gossan trades on the TSX Venture Exchange and has 33,090,400 common
shares outstanding.


For further information, please bookmark www.gossan.ca.

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