Gossan Awards Incentive Stock Options

NEWS RELEASE 11-06

Gossan Awards Incentive Stock Options

October 26, 2011 – Gossan Resources Limited (GSS-TSX.V & Frankfurt/Freiverkehr & Xetra – WKN 904435) has awarded 150,000 incentive stock options exercisable at $0.16 per common share to an independent director of the Company. This grant of options is in compliance with the terms of the Company’s Stock Option Plan and remains subject to the acceptance of the TSX Venture Exchange. The options expire as follows: 70,000 options on March 25, 2014 and 80,000 options on March 25, 2016.

Gossan Resources Limited is engaged in mineral exploration and development in Manitoba and northwestern Ontario. It has a well-diversified portfolio of properties hosting gold, platinum group and base metals, as well as the specialty and minor metals, vanadium, titanium, tantalum, lithium, and chromium. The Company also has a large deposit of magnesium-rich dolomite, the world-wide rights to the Zuliani magnesium production process, and a silica sand deposit. Gossan trades on the TSX Venture Exchange and has 29,277,900 common shares outstanding.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

For further information, please bookmark www.gossan.ca or contact:

Douglas Reeson, CEO Gossan Resources Limited Tel: (416) 533-9664 E-Mail: [email protected]