Grand Central Silver Mines, Inc. Announces Intent to Register Common Stock under the Securities Exchange Act

    Company Voluntarily Consents to Deregistration under Section 12(j) as a
First Step Toward Filing a Registration Statement on Form 10

    CARROLLTON, TEXAS, October 26 /CNW/ - Grand Central Silver Mines, Inc.
(Pink Sheets:  GSLM) announced today that the Company has voluntarily consented
to deregistration by the U.S. Securities and Exchange Commission under Section
12(j) of the Securities Exchange Act of 1934. The Company agreed to this
action as a first step towards filing a registration statement on Form 10
containing current public information.

    The Company expects the process will take several weeks and that its
shares of common stock again be quoted for trading by market makers on the
Pink Sheets after the Form 10 is declared effective by the SEC.

    William Aldrich, President of Grand Central Silver Mines, Inc., said,
"Due to market forces and depressed mineral prices almost a decade ago, Grand
Central was unable to provide the necessary reports to the SEC. We have been
working diligently during the past several months to address these issues and
it was determined that it would be both impractical and prohibitive to
reconstruct the delinquent reports from that time period. Consequently, we
voluntarily agreed to this action as a first step towards filing a new
registration statement with audited financial statements covering the past
three years. As we work toward filing the new registration statement, we will
keep our shareholders informed of the progress of the Company and its plans
for the future. We are confident that future events coupled with the strong
demand for minerals worldwide will bode well for the Company."

    The Company will continue to provide information to its shareholders
through press releases as developments occur. Shareholders are encouraged to
contact the Company's investor relations and communications representatives at
the numbers below with questions or concerns.

    About Grand Central Silver Mines, Inc.

    Grand Central Silver Mines, Inc. is a Utah corporation engaged in the
acquisition and exploration of mineral properties believed to contain gold,
silver, copper, zinc and other metals. The Company owns or controls mineral
properties in Arizona, Colorado, Idaho and Utah.

    Cautionary Statement

    Statements made in this announcement with respect to the Company's
current plans, estimates, strategies and beliefs and other statements that are
not historical facts are forward-looking statements about the future
performance of the Company. Forward-looking statements include but are not
limited to those using words such as "seek," "expect," "anticipate,"
"estimate," "believe," "intend," "project," "plan," "strategy," "forecast" and
similar expressions or future or conditional verbs such as "will," "would,"
"should," "could," "may" and "might." These statements reflect management's
current expectations, beliefs, hopes, intentions or strategies regarding the
future and assumptions in light of currently available information. In light
of the many risks and uncertainties surrounding the marketplace, the actual
results could differ materially from those discussed in the forward-looking
statements. The Company assumes no obligation to update any such statements.

For further information:

For further information: Grand Central Silver Mines, Inc. William
Aldrich, President, 972-478-4367

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