Colombian

[Tackler]

Horseshoe Gold shareholders approve Cosigo RTO

2011-04-06 12:54 ET - News Release

Mr. James E. McInnes reports

HORSESHOE SHAREHOLDERS APPROVE REVERSE TAKE-OVER TRANSACTION WITH COSIGO RESOURCES

Horseshoe Gold Mining Inc. has provided the results of its special meeting of shareholders, which was held on March 30, 2011, in Vancouver, B.C. At the meeting, the shareholders of the company approved all of the resolutions put before them, including: (i) the reverse takeover of Horseshoe by Cosigo Resources Inc. (the RTO), (ii) subject to the completion of the RTO, the increase in the number of directors of the company from three to seven and the election of Dennis Milburn, Joseph Montgomery, Andres Rendle, James McInnes, Patrick Mooney and Edward Robinson to the board of directors; (iii) the consolidation of the company's common shares on the basis of three old shares for one new share; (iv) certain amendments to the company's stock option plan; (v) subject to the completion of the RTO, the extension of previously granted stock options to directors, officers, employees and consultants of the company from five years to 10 years from their respective grant dates; and (vi) the adoption of the employee purchase plan, each as described in Horseshoe's information circular dated Feb. 14, 2011, mailed to Horseshoe shareholders and filed on SEDAR.

Further to news in Stockwatch on Nov. 1, 2010, the company is also pleased to announce that the TSX Venture Exchange has conditionally accepted the RTO, the consolidation, the company's brokered private placement of up to 10 million units at a price of 50 cents per unit for gross proceeds of up to $5-million and the name change of the company from Horseshoe Gold Mining Inc. to Cosigo Resources Ltd.

In compliance with exchange policy, the exercise price of the 5.2 million options granted to directors and officers of the company and announced on Nov. 15, 2010, will be increased to 50 cents, on a postconsolidation basis, on completion of the RTO.

The company expects to complete the RTO, the consolidation and the financing shortly, once it has satisfied certain closing conditions and subsequently obtained the exchange's final approval to the RTO.

About Cosigo Resources Inc.

Cosigo is a private company incorporated in British Columbia on March 30, 2005. Through its subsidiaries and company branches, Cosigo is engaged in the acquisition, exploration and, if warranted, development of gold properties in Colombia and Brazil. Cosigo's principal property is the Machado project, a gold exploration project on a 9,973.09-hectare mineral concession located in the Taraira gold belt in the province of Vaupes in southeastern Colombia.