Gwich'in Development Corporation files Early Warning Report following acquisition of additional Common Shares of NewNorth Projects Ltd.



    EDMONTON, Jan. 7 /CNW/ - Gwich'in Development Corporation has acquired an
additional 900,000 Common Shares (the "Shares") of NewNorth Projects Ltd.
("NewNorth"), representing approximately 7.112% of the issued and outstanding
Common Shares of NewNorth. The Shares were acquired in the public market in
separate transactions as follows: (a) 45,404 Shares on April 2, 2007 at a
price of $1.00 per Share; (b) 3,000 Shares on April 3, 2007 at a price of
$1.00 per Share; (c) 6,500 Shares on April 23, 2007 at a price of $1.00 per
Share; (d) 410,000 Shares on April 24, 2007 at a price of $1.00 per Share;
(e) 185,096 Shares on November 8, 2007 at a price range of between $0.88 and
$1.10 per Share and (f) 250,000 Shares on December 12, 2007 at a price range
of between $0.84 and $0.97 per Share. After giving effect to the acquisition
of the Shares, Gwich'in Development Corporation holds 2,150,000 Common Shares
of NewNorth, representing approximately 16.99% of the issued and outstanding
Common Shares of NewNorth.

    Gwich'in Development Corporation acquired the Common Shares for
investment purposes. Gwich'in Development Corporation may acquire additional
securities of NewNorth or dispose of securities of NewNorth at any time and
from time to time in the open market or otherwise. Gwich'in Development
Corporation is issuing this press release pursuant to the requirements of
National Instrument 62-103 - The Early Warning System and Related Take-Over
Bid and Insider Reporting Issues - and the applicable securities legislation.





For further information:

For further information: Greg Cayen, Gwich'In Development Corporation,
1-3 Council Crescent, P.O. Box 1509, Inuvik, Northwest Territories, X0E 0T0,
(867) 777-7904, (867) 777-7919 (fax), gcayen@gwichin.nt.ca

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GWICH'IN DEVELOPMENT CORPORATION

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