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| December 08, 2008 News Release | |
| Vancouver, B.C., December 8, 2008 - Buffalo Gold Ltd. (TSX-V: BUF; OTC\BB: BYBUF; FWB: B4K) announces that the Memorandum of Understanding (M.O.U.) with China Railway Group Limited ("CREC") for investment in the company and its projects in Papua New Guinea and Australia has terminated. The company also announces that due to lack of funding and inability to service debts for the Furtei operation in Sardinia the assets of the company's 90% owned subsidiary, Sardinia Gold Mines SpA, will be placed in liquidation and the company will lose its Furtei and Osilo mineral properties, processing plant and related assets. The company still holds its exploration tenements over Monte Ollesteddu. Effective immediately Brian McEwen, Buffalo Gold's CEO will be replaced by Damien Reynolds, the executive chairman of Buffalo. On behalf of the Board of Directors of BUFFALO GOLD LTD. "Damien Reynolds" Damien Reynolds, President and CEO For further information please contact: Julie Hajduk, Investor Relations E-mail: julie@buffalogold.ca Phone: 604.685.5492 or Tollfree: 1.888.685.5492 THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OF THIS PRESS RELEASE THIS PRESS RELEASE CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS, WHICH ARE BASED ON THE OPINIONS AND ESTIMATES OF MANAGEMENT AT THE DATE THE STATEMENTS ARE MADE, AND ARE SUBJECT TO A VARIETY OF RISKS AND UNCERTAINTIES AND OTHER FACTORS THAT COULD CAUSE ACTUAL EVENTS OR RESULTS TO DIFFER MATERIALLY FROM THOSE PROJECTED. BUFFALO UNDERTAKES NO OBLIGATION TO UPDATE FORWARD-LOOKING STATEMENTS IF CIRCUMSTANCES OR MANAGEMENT'S ESTIMATES OR OPINIONS SHOULD CHANGE. THE READER IS CAUTIONED NOT TO PLACE UNDUE RELIANCE ON FORWARD-LOOKING STATEMENTS. | |
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