Forest Gate raises $1,000,000 in private placement

NOVEMBER 4, 2003, MONTREAL. QC - Forest Gate Resources reports that it has closed a private placement of 6,033,333 Units and 475,000 flow-through shares for aggregate proceeds to the company of $1,000,000.

The Unit consists of one common share at $0.15 and one half of a common share purchase warrant at $0.20. The flow-through shares were offered at $0.20 per share. The warrant is effective for two years. The Units have a mandatory hold period of four months from closing.

An additional closing is expected for up to 1,333,000 additional Units representing additional gross proceeds of $199,950. Forest Gate has been informed that its underwriter, Brawley Cathers Ltd., Toronto, intends to exercise its over-allotment option and purchase an additional 1,199,950 Units, which will bring to Forest Gate additional proceeds of $179,992.50.

The proceeds from the financing will go towards the further exploration of Forest Gate's East Side diamond property in Fort a la Corne, Saskatchewan and the company's precious and base metals properties in New Brunswick as well as for general corporate purposes.