Gunpoint Announces Closing of the El Escorpion Silver Project Acquisition

Gunpoint Exploration Ltd. ("Gunpoint" or the "Company") (TSX VENTURE:GUN) is
pleased to announce that it has closed its previously announced purchase of Hunt
Exploracion S.A. ("Hunt") from Chesapeake GoldCorp (TSX VENTURE:CKG). Hunt has
an option to acquire a 100% interest in the El Escorpion silver project
("Escorpion") located in eastern Guatemala. The Escorpion project is a 900
hectare concession situated 7 kilometres southwest and along the trend of Tahoe
Resources Inc's Escobal deposit. 


Dr. E. Max Baker commented, "Being on the doorstep of Tahoe's Escobal deposit,
an advanced stage  silver deposit with estimated production of 20 million ounces
of silver per year for over ten years,  the Escorpion project represents a
tremendous exploration opportunity for Gunpoint as it has three  untested zones
of outcropping epithermal silver mineralization ready for drill testing. The
Escorpion project provides Gunpoint exposure to a new potential discovery in one
of the most prolific exploration districts for silver globally."


In connection with closing of this transaction, Gunpoint issued a total of
500,000 units ("Unit") of the Company at a deemed price of $0.75 per Unit for
all legal and beneficial interest in the shares in the capital of Hunt. Each
Unit consists of one common share in the capital of the Company and one share
purchase warrant ("Warrant"). Each whole Warrant is exercisable for a period of
5 years from the date of closing to purchase an additional common share at a
price of $1.50. The purchase is subject to an additional allotment option of up
to an additional 1,000,000 common shares in the event a NI 43-101 measured and
indicated resource estimate of 1.0 million gold equivalent ounces is achieved on
the Escorpion property.  


GUNPOINT EXPLORATION LTD.

E. Max Baker, President 

Neither TSX Venture Exchange nor its Regulation Services Provider (as defined in
the policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release. 


FORWARD LOOKING STATEMENTS

Some of the statements contained in this press release are forward looking
statements. Although Gunpoint believes that the expectations reflected in these
forward looking statements are reasonable, undue reliance should not be placed
on them because Gunpoint can give no assurance that they will prove to be
correct. Forward looking statements address future events and conditions, and as
such they involve inherent risks and uncertainties. The Company does not intend
to, and does not assume any obligation to update such forward- looking
statements or information, other than as required by applicable law. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Gunpoint Exploration Ltd.
Investor Relations
604-916-8920
www.gunpointexploration.com

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