Goldcrest Restates Interim Consolidated Financial Statements for the Quarter Ended September 30, 2007

    TORONTO, Jan. 23 /CNW/ - Goldcrest Resources Ltd. ("Goldcrest" or "the
Company"), (GCL-TSX.V) advises that it has re-filed its consolidated financial
statements for the interim period ended September 30, 2007 to reflect a
restatement of the carrying amount of marketable securities available for sale
on the consolidated balance sheet at September 30, 2007 due to a computational
error. The carrying amount of the marketable securities has been reduced by
$530,398, accumulated other comprehensive income reduced by $423,223 and
future income taxes reduced by $107,175.
    Based on additional information received subsequent to the preparation of
the original financial statements for the periods ended September 30, 2007,
the Company has determined that the appropriate future income tax rate to
apply to taxable temporary differences related to its shares of Apex Minerals
NL received as partial consideration of the Youanmi project should be 17% as
compared to the 30% provided for in the previous interim financial statements.
The effect of this change in future income tax rate had the effect of
increasing the gain on sale of the Youanmi project by $2,888,831 and reducing
future income taxes by the same amount.
    The effect of the above two items on earnings per share for the three and
nine-months ended are as follows: basic earnings per share increased from
$0.09 to $0.12 and $0.08 to $0.12 for the three and nine-months ended
September 30, 2007 respectively and diluted earnings per share increased from
$0.08 to $0.12 and $0.08 to $0.11 for the three and nine-months ended
September 30, 2007 respectively.
    These changes had no effect on the cash position of the Company or its

    The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. Except for the
historical statements contained herein, this news release presents
"forward-looking statements" within the meaning of Canadian securities
legislation that involve inherent risks and uncertainties. Forward-looking
statements include, but are not limited to, statements with respect to the
future price of gold and other minerals and metals, the estimation of mineral
reserves and resources, the realization of mineral reserve estimates, the
capital expenditures, costs and timing of the development of new deposits,
success of exploration activities, permitting time lines, currency exchange
rate fluctuations, requirements for additional capital, government regulation
of mining operations, environmental risks, unanticipated reclamation expenses,
title disputes or claims and limitations on insurance coverage. Generally,
these forward-looking statements can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not expect",
"is expected", "budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or variations of such
words and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results, level of
activity, performance or achievements of Goldcrest to be materially different
from those expressed or implied by such forward-looking statements, including
but not limited to: risks related to international operations, risks related
to the integration of acquisitions; risks related to joint venture operations;
actual results of current exploration activities; actual results of current or
future reclamation activities; conclusions of economic evaluations; changes in
project parameters as plans continue to be refined; future prices of gold and
other minerals and metals; possible variations in ore reserves, grade or
recovery rates; failure of equipment or processes to operate as anticipated;
accidents, labour disputes and other risks of the mining industry; and delays
in obtaining governmental approvals or financing or in the completion of
development or construction activities. Although the management and officers
of Goldcrest Resources Ltd. believe that the expectations reflected in such
forward-looking statements are based upon reasonable assumptions and have
attempted to identify important factors that could cause actual results to
differ materially from those contained in forward-looking statements, there
may be other factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements. Goldcrest does not undertake to
update any forward-looking statements that are incorporated by reference
herein, except in accordance with applicable securities laws. Trading in the
securities of Goldcrest Resources Ltd. should be considered highly

    %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, Website:

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