Announcement of Shareholder Meeting for Osprey Gold Corp.

TORONTO -- A Shareholders meeting for Osprey Gold Corp. (the "Company" or "Osprey") (OTC BB - OSGL.OB) has been called for November 15, 2004 in Carson City, Nevada by three directors of the Company as authorized under Article 1, Section 5 of the Bylaws of Osprey Gold Corp. The purpose of calling this Shareholders Meeting is to nominate three new directors to the board. As of November 9, 2004 there are 179,904,763 total shares outstanding. The record date for determining stockholders entitled to notice of and to vote at the Shareholders Meeting is November 5, 2004.

This measure was prompted by events which took place at a Directors Meeting held on November 5, 2004. At that meeting, the Company's President, Gordon Leliever, as well as the following directors, Douglas Budden, Gerald Colborne, Gerald Baird and Peter Howe, voted against a resolution to call a Shareholders Meeting.

Following the Directors Meeting on November 5, 2004 and without the knowledge or approval of Mr. Benarroch, Ms. Kent or Mr. Treyvaud, the other directors attempted to issue 12.5 million Common Shares of the Company to Boardwalk Creations Ltd., a company controlled by Mr. Leliever's wife Betty North, and 16 million Common Shares to each of Mr. Douglas Budden, Mr. Gerald Colborne, Mr. Gerald Baird, Mr. Peter Howe and Mr. Gordon Leliever.

It is the view of the directors calling the abovementioned Shareholders meeting that it would be in the best interest of the Company and its shareholders to add three new directors to the board in order to aid in moving the Company in a more productive direction as it is felt that for various reasons, including management, the Company has been significantly underperforming.

It is the intention of the directors calling the meeting to nominate the following directors to the Board of Directors of Osprey:

Peter Hug: Partner in a Toronto-based private firm that
        provides expedited delivery services to Fortune 500 companies.
        Mr. Hug has an extensive background in private foreign
        exchange and precious metals operations as well as developed
        trading lines and program platforms. For a number of years Mr.
        Hug also ran a major gold trading precious metals desk in the
        capacity of Senior V-P. Mr. Hug has also created one of North
        America's largest gold and strategic metal trading desks.

        David Carbonaro: Partner at Heenan Blaikie LLP in Toronto and
        practices exclusively securities law with a focus on the
        mid-market. He advises public companies, securities dealers
        and investment banks on corporate finance matters. Mr.
        Carbonaro has acted for numerous issuers and underwriters
        undertaking IPOs and exempt financings. He has expertise in
        representing Investment Dealer Association registered firms
        and has structured mutual funds and other investment funds for
        prominent fund management firms. Recently, he was instrumental
        in establishing a new Canadian mid-market investment firm
        dedicated to serving the emerging growth company market.

        Gerard Serfati: Senior Partner of "Cogeser", a commodities and
        pulse trading firm based in Paris France. Mr. Serfati has been
        the Principal of Cogeser for the last 25 years. Mr. Serfati is
        also the strategy and trading advisor for a number of European
        private equity funds specializing in trading commodities and
        precious metals.

If elected, the reconstituted board will continue with efforts to finance Osprey Gold Corp. Credifinance Securities Limited has been instrumental in providing the Company with over US$1.2 million in financing between May 2004 and October 2004 and hopes to be in a position to continue seeking financing for the Company in order to allow Osprey to move forward with its three phase drilling program.

Osprey Gold Corp, a junior exploration company, recently completed 10,000 ft. of diamond drilling, representing Phase 1 of its three-Phase drilling program in the Eastern area of the Jerome Mine. The exploration results to date have enabled reclassification and upgrading (as per NI 43-101 guidelines) of previous ore reserves reported to be 583,068 tons (Millard, 1989, Muscocho Exploration; Puskas, 2004), all categories, at a grade of 0.203 oz Au (i.e. 118,362 oz Au and 31,958 oz Ag) down to the 800 foot Level. Following the Phase 1 drilling, the proven/probable grade ore totals 86,269.5 oz Au (or oz Au equivalent) to the 700 foot Level. The known extensions of mineralization will be investigated and is fully expected to be similarly upgraded during the immediately following, Phase 2 drill program of 30,000 feet. Phase 3, which includes 15,000 feet of in-fill drilling, will follow before the final assessment of reserves is made.

The Jerome Mine is a successful past producer which yielded an estimated 56,878 oz Au and 15,104 oz Ag during a two year period of production ending in 1943. The Jerome Mine consists of 63 patented claims with mineral and surface rights covering 3,010.2 acres and 2 claims with surface rights only covering 125.38 acres for a total of 3,135.58 acres. Following additional staking in Osway Township and the immediately adjacent Townships of Huffman, Potier, Arbutus, Mallard, Esther and Benton, Osprey has extended the strike length of its holdings to an east-west rectangular block 21 miles in length. Previous property owners completed over 250,000 feet of drilling and completed a three-compartment vertical shaft from surface to the 1,100 foot Level and over 11,000 feet of lateral drifts. In addition to the detailed underground sampling programs, numerous surface trenching and geophysical programs were completed.

In addition to the Jerome Mine, Osprey also controls the Lingman Lake property, which is located in Northern Ontario, 200 miles north of Red Lake, Ontario. The Lingman Lake land package is comprised of 31 mining claims over approximately 1,800 acres. It has been reported by D.S. McPhee (1989) that there are 1,172,753 tons of defined resources with a weighted average grading of 0.20 oz (i.e. 234,550 oz Au). The Company is presently reviewing all of the data complied for the previous work done on the Lingman Lake property over the past years. Osprey is expecting that this review will lead to a dedicated exploration and development program in the early spring of 2005.

This press release is not intended for the purpose of a proxy solicitation and is for informational purposes only. This press release includes statements which may constitute "forward-looking statements". These statements are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. These factors include, without limitation, future trends in mining prices, the availability of capital for development in the mining sector, competitive factors and other risks detailed in the Company's periodic filings with the Securities and Exchange Commission.