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GBS Gold International Inc.: License Agreement for Treatment of Refractory Gold Ores
GBS Gold International Inc.: License Agreement for Treatment of Refractory Gold Ores

VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 09/21/06 -- GBS Gold International Inc. (TSX: GBS) ("GBS Gold" or the "Company") is pleased to announce that it has entered into a License Agreement with GeoBiotics, LLC ("GeoBiotics"), a private American firm, for the use of the GEOCOAT® refractory ore treatment process at the Company's Union Reefs Operations Centre in the Northern Territory of Australia.

The GEOCOAT® process is a standard bio-oxidation process for the treatment of refractory gold ores and concentrates in a heap leach environment, with subsequent recovery of gold through a normal carbon-in-leach (CIL) circuit. GBS Gold believes the GEOCOAT® process will enable the treatment of refractory gold-bearing ores from its Maud Creek gold deposit for substantially lower capital and operating costs than in a conventional tank-hosted bio-oxidation facility. The Maud Creek deposit currently comprises an indicated resource of 9.3 million tonnes at 3.1 grams per tonne for 935,000 ounces of contained gold, plus an inferred resource of 1.1 million tonnes at 2.4 grams per tonne for 82,000 ounces of contained gold.

GBS Gold has completed extensive metallurgical testwork of the GEOCOAT® process on its Maud Creek ores, and the Company's decision to enter into the Licence Agreement is based on the successful results of this testwork and the expected capital and operating cost savings. The Company has also been able to secure the employment of a metallurgical engineer with extensive GEOCOAT® operating experience.

The signing of the License Agreement is a significant strategic step for the Company in that it not only enables the treatment of the Maud Creek ores but also potentially positions GBS Gold to profitably mine and process refractory gold ores which are uneconomic to treat through normal tank-based bio-oxidation facilities. The Licence Agreement also grants GBS Gold the exclusive right to use the GEOCOAT® process in the Northern Territory of Australia (excluding certain minor areas) and the non-exclusive right to use the technology at other acquired mine properties throughout Australia and the world.

The key commercial terms include a staged license fee payable by GBS Gold to GeoBiotics rising to 2.5% of the value of gold produced through the GEOCOAT® process after the first year of production. The term of the License Agreement is perpetual subject to a termination right of GeoBiotics, LLC if GBS Gold has not committed to using the GEOCOAT® process by June 30, 2008. The term of the exclusive right is ten years and is conditional upon GBS Gold meeting certain commitment and production criteria over that period.

GBS Gold is continuing metallurgical testwork and design costings for the application of the GEOCOAT® process at its existing Union Reefs CIL plant. The Company is anticipating a formal decision to commence construction of the required GEOCOAT® additions to its Union Reefs plant before the end of the year. Capital costs are targeted to be financed from internal cash balances and operating cashflow from production of gold from free-milling (non-refractory) ores at the Union Reefs plant.

About GBS Gold International Inc.

GBS Gold is an emerging gold producer with 1.9Moz of Measured and Indicated Resources and 1.6Moz of Inferred Resources of gold at its Union Reefs Operations Centre located in historically productive goldfields in the Northern Territory of Australia. GBS Gold will produce gold through its modern dual-mill 2.5Mtpa Union Reefs processing plant in 2006 and plans to ramp up production from free milling ores to a targeted rate of 150,000 ounces per annum during 2007. The Company expects to construct a flotation plant and bio-oxidation heap leach facility using the GEOCOAT® process at Union Reefs to process refractory ores and produce gold at a targeted rate of 250,000 ounces per annum from both ore types at a targeted cash cost of approximately US$300 per ounce in 2008. Management has extensive experience in bringing mineral projects into production, operating open pit and underground gold mines and has assembled a team with valuable mining experience in the Northern Territory of Australia. The Union Reefs plant is adjacent to the main Stuart Highway and to the trans-continental Adelaide-Darwin railway line, and is on the Northern Territory power grid. Within 125km trucking distance of the Union Reefs plant, GBS Gold has consolidated over 2,500km2 of prospective tenements and gold deposits and also holds gold exploration properties in Western Australia and Canada. GBS Gold has no hedging commitments, no existing bank debt and sufficient cash to meet its short term production objectives. GBS Gold trades on the Toronto Stock Exchange under the symbol "GBS".

Gilbert Playford, Chairman and CEO

This news release has been approved by GBS Gold's in house geologist, Peter Harris, a qualified person under NI43-101. The Company's mineral resources comprise measured resources of 84,800 tonnes at 20.6g/t for 56,100 ounces of contained gold, indicated resources of 17.1 million tonnes at 3.3g/t for 1.8 million ounces of contained gold and inferred resources of 21.1 million tonnes at 2.4g/t for 1.6 million ounces of contained gold. The resource estimates are reported at a range of cut-off grades as set out in the technical report entitled "Independent Technical Review of the Burnside, Union Reefs, Pine Creek and Maud Creek Gold Projects, Northern Territory, Australia", dated effective October, 2005 and filed on January 5, 2006, an addendum technical report entitled "Addendum to the Technical Review of the Burnside Gold Project, Union Reefs Gold Project, Pine Creek Gold Project and Maud Creek Gold Project, Northern Territory, Australia - Resource Update, Maud Creek Gold Project" dated February 2006 and filed on February 8, 2006, and news releases filed on January 20, 2006, July 10, 2006 and September 14, 2006, all of which may be viewed on the SEDAR website, www.sedar.com. The Company has not completed a feasibility study and there is no certainty that the project will be economically successful. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Certain disclosures in this release, including management's assessment of GBS Gold's plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to GBS Gold's operation as a mineral development company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: fluctuations in gold prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; general market conditions; the uncertainty of future profitability; and the uncertainty of access to additional capital. Full descriptions of these risks can be found in the Company's Annual Information Form available on the SEDAR website, www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking statements. GBS Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.



The TSX does not accept responsibility for the adequacy or accuracy of the information contained herein.

Contacts:
GBS Gold International Inc.
Samuel Yik
Vice President, Corporate Finance and Investor Relations
(778) 328-9801
gbs@gbsgold.ca
www.gbsgold.com

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