Gold World Resources CEO Takes 2 Year's Salary in Shares

TORONTO, May 31, 2011 /CNW/ - Gold World Resources Inc. (TSXV: GDW) or ("the "Company") today announced that on May 27, 2011 it reached agreement with Hermann Derbuch,  the Chairman and Chief Executive Officer of the Company, to convert an aggregate amount of $262,000 owed by the Company to him in respect of deferred salary for fiscal 2008 through 2010 into common shares at a price of $0.05 per common share, subject to shareholder approval and TSX Venture Exchange ("TSX-V")  acceptance.

Pursuant to the agreement a total of 5,240,000 common shares will be issued to Mr. Derbuch in settlement of the debt owing. Following the conversion, Mr. Derbuch will own 6,040,000 common shares, being approximately 5.1% of the 119,327,376 common shares which would then be outstanding.

The common shares will be issued pursuant to TSX Venture Exchange ("TSX-V") Policy 4.3, "Shares for Debt". The common shares, when issued, will be subject to a hold period of four months and one day from the date of issue.

In its consideration and approval of this transaction, the company's board of directors (the "Board") took note that the share for debt agreement with Mr. Derbuch is a related party transaction, as defined in TSX-V Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") and that it is in the best interests of the Company to conclude the agreements. The Board determined that the transaction is exempt from the formal valuation and minority approval requirements of MI 61-101 under sections 5.5(a) and 5.7(a) of MI 61-101 respectively.

About the Company:
The Company is a gold and precious metals exploration company with a current focus on the Mount Anderson Yukon gold/silver, polymetallic project.

"Hermann Derbuch",            
Chairman & CEO           
Gold World Resources Inc.          

Certain of the statements made and information contained herein is "forward-looking information" within the meaning of the Securities Act (Alberta), including statements concerning Gold World Resources' plans for the Property, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Gold World Resources, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

SOURCE Gold World Resources Inc.

For further information:

Hermann Derbuch, P.Eng.
Tel.: 416.594.9888   Fax: 416.594.1967

Profil de l'entreprise

Gold World Resources Inc.

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