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| BGL-TSXV January 4, 2008 BANDERA IN DISPUTE WITH OPTIONOR Bandera Gold Ltd. (the ?Company?) signed an Option Agreement dated November 15, 2005 with Minera San Jorge, S.A. de C.V. (?MSJ?) to acquire a 60% interest in the Cinco Minas and Gran Cabrera Mexican mining properties (the ?Properties?) by making option payments of $300,000, issuing 2,800,000 common shares of the Company to MSJ and providing financing of $7,600,000 to MSJ over a five year period for the exploration and development of the Properties. The Company has now made all of the option payments, met its entire financing requirement on the Cinco Minas property and issued and delivered 650,000 common shares to MSJ. The Company issued an additional 900,000 common shares and will deliver the shares to MSJ upon the parties entering into a Joint Operating Agreement (?JOA?). The Company will issue an additional 1,250,000 common shares to MSJ on the anniversary date of the signing of the JOA. The Company has recently received an unsigned letter from an individual representing himself as Legal Representative of MSJ and purporting to terminate the Option Agreement. The Company has retained legal counsel to vigorously protect the Company?s interest in the Properties. On behalf of the Board Kelvin Williams President and CEO For further information please contact: Kelvin Williams, President and CEO (780) 465-4129 Web: www.banderagold.com Or Micro Cap et al, Investor Relations at: (877) 642-7622 E mail: info@microcapetal.com The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Information provided herein contains forward-looking statements. The reader is cautioned that assumptions used in the preparation of such information, which are considered reasonable by Bandera at the time of preparation, may prove to be incorrect. Actual results achieved will vary from the information provided and the variations may be material. There is no representation by Bandera that actual results achieved will be the same in whole or in part as those indicated in the forward-looking statements. |
