Gold Crest Mines Announces Completion of Regulation D Private Placement

    SPOKANE, Wash., March 1 /CNW/ -- Gold Crest Mines, Inc. (OTC Pink Sheets,
GCMN) announced today that it has completed a private placement of its common
stock to accredited investors in the USA. Total proceeds from subscriptions
totaled $4.374 million (US), representing a placement of 14.58 million common
shares at a subscription price of $0.30 (US) per share.
    Casimir Capitol and Pennaluna and Company, acting as sales agents
provided assistance with the private placement.
    "We are very pleased to have reached this important milestone for the
company and are excited about our prospects for 2007," said Howard Crosby, the
President and CEO of Gold Crest Mines.
    Proceeds from the Private Placement will be used for execution of the
Company's exploration programs on its prospects in Alaska and Idaho.  The
company controls over 35,000 acres of highly prospective lands in these
    Gold Crest Mines is an aggressive mineral exploration and development
company based in Spokane, Washington with a focus on acquisition, exploration
and development of high quality precious metal properties in North America.

For further information:

For further information: Terry Dunne, CFO of Gold Crest Mines, Inc., 

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