Forest Gate To Raise $225,250 in Private Placement

July 8, 2004 – Montreal, Qc. – Forest Gate Resources Inc. reports it will issue 1,325,000 flow-through shares in a non-brokered private placement.

The financing will consist of one Common flow-through share at $0.17. The issue will generate aggregate proceeds to Forest Gate of $225,250. The flow-through shares have a mandatory hold-period of four months from closing.

The proceeds from the financing will go towards exploration of the company’s Canadian mineral properties. Forest Gate will pay to a third party a finder’s fee of $18,020 and 22,525 share purchase warrants. The warrants are exercisable at $0.17 per share for a period of two years.