Great West Gold, Inc. - Acquisition of the Yaba Gold and Silver Deposits.

NEW YORK -- Great West Gold, Inc. (OTCBB:GWGO) confirms that it has acquired the "Yaba" Gold Mining Project in Yavapai County, Arizona.

The Company has managed, through this acquisition to add to its Gold interests, for the benefit of its shareholders. The focus of the Company will be to exploit the huge surge in the price and demand for Copper in the last year and to focus its attention on the further exploration and possible production of the substantial Copper Mining Projects acquired today.

This "Yaba" Gold Mining project will be "on sold" to a New Company which will be quoted on an OTC Market in the United Kingdom and on the OTC Pink Sheet Market and the shares in this Company distributed to Great West Gold, Inc. shareholders as further Stock Dividends.

BRIEF SYNOPSIS OF PROJECTS:

This is a high grade gold and silver deposit. Underground samples have ranged up to 35 oz / T silver and .6 oz/T gold. Average silver grade is of economic interest at over 9 oz/T. Base metals values are also significant (Cu up to 1.7%; Pb up to 4.6% and Zn up to 2.5%). There are a number of 3' plus veins on the property. Mineralization is reminiscent of the "gold stope" at the United Verde Extension, and there is potential to discover a significant VMS base metals deposit under volcanic cover to the east.

This Project consists of the Monstro Verde placer claims and the Gold Dot and Tri-Metals lode claims in an area of 480 acres.

These Projects consist of two Lode and three Placer claims.

The Company will be filing a very detailed Form 8-K in respect of this acquisition with all geological data and work carried out on this Project to date.

A detailed Report of this Project is being prepared by Geologists and will be available for download from the Great West Gold, Inc. web site in and during next week.

COST AND FUNDING OF THIS ACQUISITION:

The Company has announced today that it has raised and additional US$1,500,000 in funding through the issue of Convertible Loan Notes. The amount of US$1,500,000 was raised from an Investment Group. The Convertible Loan Notes bear interest at the rate at the rate of 6% per annum and are convertible into Restricted Common Stock of Great West Gold, Inc. in whole or in part at any time at the discretion of the Loan Note Holders. The Loan Note Holders have undertaken that upon any conversion of the loans into restricted Common Stock of the Company, they will accept restricted stock under Regulation 144 and that the Company will not file a Registration Statement to create "free trading" Stock. These Loan Note Holders are committed to the long term growth of the Company and will not be in a position to dispose of any Restricted Common Stock of Great West Gold, Inc. (should they convert these loans into Common Stock of the Company) for a period of not less than one year from the date of any issue of Common Stock of Great West Gold, Inc. to themselves. This amount of US$1,500,000 is immediately payable to the vendors.

Great West Gold, Inc. has issued a Promissory Note to the vendors of the Company in the amount of U$1,000,000. This Note carries an interest rate of 8% per annum and is redeemable on March 31, 2007. This Promissory Note has been guaranteed by St James Capital Holdings, Inc. and in the event of Great West Gold, Inc. defaulting on this Promissory Note, St James Capital Holdings, Inc. will be liable to the vendors in the amount of US$1,000,000 plus interest and would be forced to issue that amount in its Common Stock in St James Capital Holdings, Inc. to the vendors.

Great West Gold, Inc. will be issuing an amount of 5 billion restricted shares of its restricted Common Stock to the vendors on or before March 31, 2006. The Vendors have undertaken that they will accept restricted stock under Regulation 144 and that Great West Gold, Inc. will not file a Registration Statement to create "free trading" Stock. These Vendors are committed to the long term growth of the Company and will not be in a position to dispose of any Restricted Common Stock of Great West Gold for a period of not less than one year from the date of this issue.

ST JAMES CAPITAL HOLDINGS, INC.:

Great West Gold, Inc. is already indebted to St James Capital Holdings, Inc. in the amount of US$1,750,000. This Loan remains interest free, unsecured and with no fixed term of repayment. St James Capital Holdings, Inc. has undertaken that should it elect to convert this loans into restricted Common Stock of the Company, they will accept restricted stock under Regulation 144 and that Great West Gold, Inc. will not file a Registration Statement to create "free trading" Stock. St James Capital Holdings, Inc. remains committed to the long term growth of the Company and will not be in a position to dispose of any Restricted Common Stock of Great West Gold, Inc. (should they convert this loan into Common Stock of the Company) for a period of not less than one year from the date of any issue of Common Stock of Great West Gold, Inc. to themselves.

BENEFITS TO GREAT WEST GOLD, INC.:

The bulk of Great West Gold, Inc. assets will now be in Copper Mining after having distributed its shares in its Gold Mining Exploration Companies to its shareholders in the form of Stock Dividends.

The massive revaluations of Copper in the recent times make these assets extremely valuable. A full Report on all of these new Projects is being released to shareholders in and during next week will provide all the data on the Projects and their massive value to Great West Gold, Inc. shareholders.

Shareholders will now benefit from a further Gold Mining Exploration Company Stock Dividend, the details to be announced in and during March of 2006.

Statements contained in this press release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based largely on the Company's

expectations and are subject to a number of risks and uncertainties beyond the company's control, including but not limited to economic, competitive and other factors affecting the Company's operations, management team effectiveness, expansion strategies, available financing, market prices and recovery costs, government regulations involving the Company, facts and events not known at the time of this release, and other factors discussed in the Company's filings with the Securities and Exchange Commission.

These statements are not guarantees of future performance and readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statements.