Garnet Point Announces Closing of Private Placement

Vancouver, BC (PRWEB) November 28, 2004 -- Garnet Point Resources Corp. (Garnet Point") (TSX.V: GRC) is pleased to announce that it has completed a non-brokered private placement, announced on September 29, 2004, raising $421,750. The financing consisted of 1,745,000 non flow-through units at $0.15 per unit and 800,000 flow-through units at $0.20 per unit.

Each of the non-flow through and flow through units consists of one common share and one share purchase warrant of the Company. Each warrant will entitle the holder, on exercise, to purchase one additional common share of the Company at a price of $0.30 per share at any time until the close of business on the day which is one year from the date of issue of the warrants.

The Company paid an aggregate of $18,200 as finders fees to non-arms length parties on a portion of the private placement.

The proceeds from this private placement will be used for general working capital and acquisition and exploration of mineral properties.

ON BEHALF OF THE BOARD OF DIRECTORS
GARNET POINT RESOURCES CORP.         
ALY B. MAWJI                  
Director

Contact:   
Investor Relations         
Phone (604) 684-2181            
aly@varshneycapital.com          
Attn: Aly Mawji      

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