Goldcrest Resources Ltd. - Grant of Stock Options and Corporate Changes

    TORONTO, March 8 /CNW/ - Goldcrest Resources Ltd. (the "Company"),
(GCL-TSX.V) announces that it has granted incentive stock options to purchase
a total of up to 1,600,000 common shares of the Company to directors and
officers. The stock options are exercisable at a price of $0.40 per share and
expire on March 7, 2012. The Company has a total of 6,095,000 options issued
under its stock option plan.
    Effective March 31, 2007, Mr. Michael L. Higgins, Vice-President,
Exploration and Business Development will resign as an officer and director of
the Company. Mr. Higgins will be retained as a consultant and advisor to
Goldcrest. "Mike's experience has been invaluable to Goldcrest and even though
he is unable to continue with the same responsibilities due to other
commitments, we are fortunate that Mike has agreed to stay on as a
consultant," says Kevin Bullock, President and CEO of the Company.
    The Board of Directors has appointed Mr. Gordon Bogden as Chairman of the
Company and he will also continue to Chair the Audit Committee.
    Mr. Bogden is Managing Director and Head of the Mining Group, Corporate
and Investment Banking at National Bank Financial Inc. Before joining National
Bank in October 2003, Mr. Bogden was President and Managing Director of Beacon
Group Advisors Inc.
    Prior to forming Beacon in January 2001, Mr. Bogden was Director of
Investment Banking at Newcrest Capital Inc. from November 1999 to December
2000, before it was sold to TD Securities Inc. He was also Managing Director
of NM Rothschild & Sons Canada Limited from June 1997 to October 1999 and
Managing Director of Investment Banking with CIBC Wood Gundy Securities Inc.
from January 1990 to May 1997.
    The Board of Directors has also appointed Mr. Derek Bullock as Chairman
of the Corporate Governance and Nominating Committee and the Compensation
    Goldcrest Resources Ltd. has 71,111,888 common shares outstanding and
91,316,630 common shares on a fully diluted basis.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.

    %SEDAR: 00017848E

For further information:

For further information: Kevin Bullock, P.Eng., President & CEO,
Goldcrest Resources Ltd.,, Ph: (416) 867-2299,
Fax: (416) 867-2298; Ann Gibbs, Investor Relations, Goldcrest Resources Ltd.,, Ph: (416) 488-0778, Corporate Website:

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