Forest Gate Engages IBK Capital Corp.

DECEMBER 16, 2004 – MONTREAL, QC. – Forest Gate Resources Inc. reports that it has engaged Toronto investment bank, IBK Capital Corp. on a non-exclusive basis, to seek private placement financing for Forest Gate.

The timing and terms of such private placement financing have yet to be determined between Forest Gate and IBK Capital.

Since 1989 IBK Capital lead managed and completed investment banking transactions with a combined value of $4 billion for the Mining Industry