Gray Wolf announces accrual of interest payment



    NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISTRIBUTION IN THE
    UNITED STATES

    TORONTO, Jan. 10 /CNW/ - Gray Wolf Capital Corporation ("Gray Wolf")
announced today that, as permitted by section 2.3 (d) of its outstanding
7% secured convertible debentures (the "Debentures"), it has elected to
accrue, and not pay, its sixth semi-annual interest payment on the Debentures
until a future date to be determined by Gray Wolf. This accrued interest
payment relates to the period from July 1, 2007 to December 31, 2007.
    Gray Wolf's Debentures trade on the Canadian Trading and Quotations
System Inc. ("CNQ") under the symbol WOLF.D. The Class B preference shares of
Gray Wolf trade on the CNQ under the symbol WOLF.P.B. The Class C preference
shares do not trade on an exchange.

    ABOUT GRAY WOLF CAPITAL CORPORATION:

    Gray Wolf Capital Corporation is an investment and finance company
engaged principally in establishing, managing and investing in private
investment funds.

    This press release may contain forward-looking statements that may
involve risks and uncertainties. Actual results may differ materially. Factors
that might cause a difference include, without limitation, competitive
developments and regulatory risks. More detailed information about potential
factors that could affect Gray Wolf Capital's financial business results is
included in the public documents Gray Wolf Capital files from time-to-time
with Canadian securities regulatory authorities. No Securities Commission or
other regulatory authority having jurisdiction over the Corporation has
approved or disapproved of the information contained herein.





For further information:

For further information: Mr. Peter G. M. Dale, Gray Wolf Capital
Corporation, President, Tel: (416) 360-3445, Fax: (416) 360-5454, Email:
pdale@peterdale.com

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GRAY WOLF CAPITAL CORPORATION

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