Grandview Gold Announces Closing Of Private Placement

TORONTO, ONTARIO -- Grandview Gold Inc. (“Grandview” or the “Company”) (GVX: TSX)(OTCBB: GVGDF) is pleased to announce that it has closed the previously announced non-brokered private placement for gross proceeds of $1,462,500 (CAD).

The private placement consists up to 3,250,000 units (the “Units”) at a price of $0.45 (CAD) per Unit. Each Unit consists of one common share of Grandview and one-half of one common share purchase warrant (“Warrant”). Each whole Warrant is exercisable to acquire one common share of Grandview at a price of $0.65 (CAD) for a period of 24 months from closing.

In connection with the offering Grandview has agreed to pay a cash finder’s fee of 8% of the gross proceeds raised under the private placement and also to issue finder’s options to acquire Units of Grandview at a price of $0.45 per Unit for a period of 24 months from closing.

The proceeds from the unit offering will be used to fund the Company’s principal property, the Pony Creek project in Nevada along with its Canadian gold exploration programs, working capital, and general corporate purposes.

This is not an offer for sale, or a solicitation of an offer to buy, in the United States or to any US Person (as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”) of any equity shares or any other securities of Grandview Gold Inc. Securities (“securities”) of Grandview Gold Inc. are traded on the Toronto Stock Exchange (TSX) and on the OTC BB. This does not constitute, and should not be construed as, “general solicitation or general advertising” as defined under Regulation D of the Securities Act, or “directed selling efforts” under Regulation S of the Securities Act.