Horseshoe Gold Mining Inc. merges with Cosigo Resources Inc.

TSX Venture Exchange: HSX

VANCOUVER, July 14 /CNW/ - The Company announces that it has agreed to combine its business with Cosigo Resources Inc ("Cosigo") by way of amalgamation or merger. The resulting company ("MergeCo") will hold all of the assets and liabilities of each of the companies, with the then former shareholders of Cosigo holding 60% and the then former shareholders of Horseshoe holding 40% of MergeCo on a fully diluted basis.

The Boards of Directors of Cosigo and Horseshoe are negotiating the terms of a definitive agreement for the transaction. It is anticipated that completion of the transaction will be subject to, among other conditions, the approval under the Business Corporations Act (British Columbia) of the shareholders of each of Horseshoe and Cosigo and all applicable regulatory approvals, including the TSX Venture Exchange. It is anticipated that the shares of MergeCo will be listed on the TSX Venture Exchange, subject to Mergeco meeting Exchange listing requirements.

On behalf of the Board of Directors

    "James E. McInnes"
    James E. McInnes, President

The TSX Venture Exchange has not reviewed nor accepted responsibility for the adequacy or accuracy of this news release which has been prepared by management.


For further information: For further information: on Horseshoe Gold Mining Inc. and its operations, please contact James E. McInnes, (604) 662-4480 or Fax (604) 685-0553; For more information on Cosigo Resources Inc. and its operations, please contact Dennis Milburn, (604) 970-4498 or Fax (604)534-9732

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