Citadel Gold Mines Inc. completes redemption of Preferred Shares



    /NOT FOR RELEASE OR DISSEMINATION INTO THE UNITED STATES/

    TORONTO, Aug. 7 /CNW/ - CITADEL GOLD MINES INC. (CGM.H: NEX Exchange).
    Citadel Gold Mines Inc. (the "Company") announces that it has completed
its previously-announced redemption of all of its outstanding First Preferred
Shares, Series II, effective as of July 31, 2008 (the "Redemption"), which
shares were indirectly owned by Dr. Bernard C. Sherman, a principal
shareholder and related party to the Company.
    The aggregate redemption purchase price of $241,734 paid to Dr. Sherman
was funded by the issuance of 2,544,568 common shares of the Company.
    Following completion of the Redemption, Dr. Sherman controls, directly
and indirectly, approximately 59.5% of the Company.

    The NEX Exchange has neither approved nor disapproved of the information
contained herein. The statements used in this press release may contain
forward-looking statements that may involve a number of risks and
uncertainties. These statements reflect management's current expectations
regarding future events and speak only as of the date of this press release.
Although the Company believes that its expectations reflected in these
forward-looking statements are reasonable, such statements involve risks and
uncertainties and no assurance can be given that actual events or results will
be consistent with these forward-looking statements. Except as required by
law, the Company does not undertake, and specifically disclaims, any
obligation to update or revise any forward-looking information, whether as a
result of new information, future developments or otherwise. Readers are
therefore cautioned not to place undue reliance on any forward-looking
statements.

    %SEDAR: 00004216E




For further information:

For further information: John Sadowski, President, Citadel Gold Mines
Inc., Telephone: (416) 675-8379

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CITADEL GOLD MINES, INC.

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