RAB Special Situations (fka RAB)

[Tackler]

Jilbey Gold shares acquired by RAB Special Situations

2004-11-19 15:52 ET - News Release

Mr. Neil Warrender of RAB Special Situations reports

RAB SPECIAL SITUATIONS LP/JILBEY GOLD EXPLORATION LTD. -- ANNOUNCEMENT

Jilbey Gold Exploration Ltd. has entered into a subscription agreement with RAB Special Situations LP, pursuant to which it subscribed for a total of 1.8 million units of the company, at a price of 50 cents per unit. Each unit consists of one common share and one-half of one common share purchase warrant of the company. Each warrant entitles Special Situations to purchase one share until May 12, 2006, at a price of 70 cents per share. The transaction took place off the market by way of a private placement and closed on Nov. 12, 2004.

Special Situations has ownership of and control over the securities purchased in the private placement. The purchased securities represent approximately 8 per cent of the issued and outstanding shares on a partially diluted basis (assuming exercise of its warrants).

Immediately after the private placement, Special Situations owned 3.8 million shares and 1.9 million warrants, representing approximately 16 per cent of the issued and outstanding shares on a partially diluted basis.

Special Situations purchased units for investment purposes only and not with the purpose of influencing the control or direction of the company. Special Situations, together with joint actors, if any, may, subject to market conditions, make additional investments in or dispositions of securities of the company in the future, including additional purchases of shares. Special Situations and its joint actors, if any, do not, however, intend to acquire 20 per cent of any class of the outstanding voting or equity securities of the company.