Gold World Resources Update on Forensic Investigation



    TORONTO, Aug. 7 /CNW/ - (GDW-TSX Venture) ("Gold World" or the "Company")
Management has been working closely with the TSX Venture Exchange to resolve
their issues and have the Company resume trading. At this time, Gold World is
unable to determine an exact timeline as to when the review may be completed
or when trading in the shares of the Company may resume.
    The TSX Venture Exchange requested the trading Halt on May 31, 2007,
changed by the Exchange on July 25, 2007 from Halt to Suspended, for the
completion of the review of the Company's affairs. This review resulted from
the Company's announcement on May 30, 2007 that independent legal counsel
retained by the Company in China was unable to establish that Gold World had
any interest in the Xiqinggangping Gold Project. As a result the Company
engaged Grant Thornton LLP to carry out a forensic investigation in respect of
its investment into Gold Luck Resources Ltd. ("Gold Luck"). Gold Luck was
represented as having a joint venture interest in the Xiqinggangping Gold
Project. During the period from October 2005 to June 2006, the Company
advanced funds to Gold Luck to secure its position in the Xiqinggangping Gold
Project. In June of 2006, as part of an arrangement to complete the property
acquisition, the Company purchased Gold Luck from a number of shareholders
including World Fortune Enterprises Inc. ("World Fortune"), its principal
Richard Tong and former Company president Boris Ziger, both of whom are also
currently directors of Gold World.
    As a result of the forensic review Grant Thornton LLP concluded:
"Accordingly, the total advances from Gold World for their investment in the
China joint venture agreement obtained through their purchase of Gold Luck
from World Fortune amounted to $377,863.30. This is the amount that Mr. Tong
and World Fortune should be in a position to account for, given its ownership
of Gold Luck prior to finalizing the transaction with the Company".
    Grant Thornton went on to conclude that "while the Gold World records
included copies of invoices received by Gold Luck from World Fortune those
documents alone do not substantiate that funds were appropriately disbursed
from World Fortune ... for those stated reasons. It is Grant Thornton's view
that additional World Fortune records should be available to confirm the
veracity of their invoices to Gold Luck. Accordingly, it is not inconceivable
that as much as $335,845.00 of Gold World's funds may be unaccounted for by
World Fortune."
    Accordingly, as a result of the forensic report by Grant Thornton LLP and
the report of independent Chinese legal counsel, the Company intends to take
corrective action with all means at its disposal, including legal action.
Boris Ziger was asked to resign as president of Gold World on April 4, 2007
(see press release).
    As much as management regrets having encountered this very unfortunate
situation, it believes it has proven through its actions that it strives to
maintain the highest standard in its mandate to shareholders to operate a
company following the laws and market regulations while creating shareholder
value.
    Management continues to be committed to China as a result of the great
range of mining opportunities that are available, the exceptional
infrastructure, including paved roads and grid power in most exploration and
mining areas and the low cost profile of exploration in China. To this effect,
Management has signed a Letter of Intent for a gold - silver property in the
Hebei Province, China. Please see press release August 7, 2007 "Gold World
Resources Announces the Signing of Letter of Intent on the Ming (Yangjiagou)
Gold/Silver Property").

    ON BEHALF OF THE BOARD
    "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's 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, 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.

    %SEDAR: 00011137E




For further information:

For further information: Hermann Derbuch, P.Eng., Tel: (416) 594-9888,
Fax: (416) 594-1967, E-mail: info@goldworldresources.com

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Gold World Resources Inc.

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