re: *** gpn & uranium *** GPN released another report in regards...

re: *** gpn & uranium *** GPN released another report in regards to there uranium deal.


GREATER PACIFIC GOLD LTD
ABN 12 009 076 242

14 September 2005

NORTHERN TERRITORY URANIUM PROJECT


Further to the company’s announcements on 6 September 2005 and 8 September 2005, the Board of Greater Pacific Gold Ltd is pleased to announce that Yellow Rock Resources Ltd, a wholly owned subsidiary of Greater Pacific Gold Ltd, has obtained the right to purchase 51% of Australian Uranium Pty Ltd. This will be achieved in two stages. Initially 25% has been purchased in consideration for pro rata contribution to tenement costs and associated expenditure requirements. Greater Pacific Gold Ltd has an option to purchase a further 26% on the same terms and conditions. The option is valid for 30 days.

The Board believes the purchase will benefit all shareholders. The terms and conditions of purchase have allowed Greater Pacific Gold Ltd to make its entry into uranium exploration without any requirement on the Company to raise additional capital. The existing shareholders of Australian Uranium Pty Ltd will not receive any payment for the 51% interest acquired by the Company. Thus there will be little depletion of the Company’s capital.

The benefits of this acquisition are:

1. A major holding in ELA 24883 highly prospective for uranium placing the Company as a major player in the exploration of uranium in the northern territory.

2. Politically, ELA 24883 is well located for this industry with established uranium mines nearby.

3. An area of historical importance in relation to uranium exploration.

4. The purchase does not dilute existing shareholders.

5. The purchase does not require the company to pay goodwill to the shareholders of Australian Uranium Pty Ltd.


Denis McInerney
Chairman