WINDERMERE CAPITAL (CANADA) INCREASES ITS INTEREST IN ADVENTURE GOLD

MONTREAL, Jan. 21 /CNW/ - Windermere Capital (Canada) Inc. ("Windermere"), a Montreal-based investment firm, announces that it had increased its interest in Adventure Gold Inc. ("Adventure Gold" TSX-V: AGE) since it last reported on SEDAR its control of common shares of Adventure Gold ("Common Shares") and warrants to acquire Common Shares ("Warrants") as at September 30, 2010. Between October 1 and November 3, 2010, inclusively, Windermere acquired control over a net increase of 1,717,500 Common Shares, representing approximately 3.28% of the outstanding Common Shares as at November 3, 2010, assuming all Warrants controlled or owned by Windermere were fully exercised.  All such Common Shares were purchased through the facilities of the Toronto Stock Exchange at trade prices ranging between $0.305 and $0.365 per Common Share.

As at November 3, 2010, Windermere controlled or directly owned a total of 7,634,500 Common Shares and 2,681,830 Warrants, which represented in the aggregate, if all such Warrants were fully exercised, approximately 19.69% of the outstanding Common Shares.

In addition to owning Warrants, Windermere controls Common Shares and Warrants that are owned by two portfolios of an affiliated Cayman Islands segregated portfolio company, namely, the Breakaway Strategic Resource Segregated Portfolio and the US Capital Growth Segregated Portfolio.

The Common Shares purchased between October 1 and November 3, 2010 were acquired for investment purposes. Following such purchases, Windermere's intention was to purchase or sell Common Shares if it considered market prices and conditions favourable, but, as at such time and as at the date hereof, Windermere had and has no intention of owning or controlling 20% or more of the outstanding Common Shares.

A copy of the early warning report related to this news release will be filed forthwith on SEDAR (www.sedar.com). 

SOURCE Windermere Capital (Canada) Inc.

For further information:

For a copy of such report or for further information, please contact:

Chris Wright
President
Windermere Capital (Canada) Inc.
1001 boul. de Maisonneuve Ouest, #205
Montreal, Quebec  H3A 3C8
Tel: 514-908-4200

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Windermere Capital (Canada) Inc.

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