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VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 10, 2010) - G4G Resources Ltd. ("G4G") (TSX VENTURE:GXG) today announced that an Off-Shore Reconnaissance Licence ("OSRL") totalling 2,492 square kilometres has been issued by the Director General Mining, Guatemala. The OSRL will permit G4G and Iron Sands Americas Limited ("ISA") to conduct a work program to determine suitable areas for the commencement of an iron sands exploration program.

Guatemala's west coast extends approximately 250 kilometres. The titanomagnetite iron sands span the entire coastline, terminating near bordering El Salvador and continue westward into Mexico - the result of thirty three inland volcanoes (3 active, the others inactive) erupting over time. The volcanic residue has and continues to be carried down by the river systems and deposited on the planes, beaches and into the ocean.

Basil Botha, President and CEO stated, "After assessing a variety of iron sands occurrences in a number of countries, the coastal iron sands deposits in Guatemala have demonstrated the potential to be prolific sources of iron, with potentially low cost recovery and shipping costs. The iron sands are well-placed on the Pacific west coast to supply the fast developing Asian iron and steel markets. In terms of comparison, the Guatemala iron sands exhibit similar technical specifications to the world class iron sands deposits in New Zealand, which have been mined and beneficiated into steel products since the 1970s."

Pursuant to a Memorandum of Understanding (the "MOU") between ISA and G4G, upon ISA acquiring the OSRL G4G is required to undertake exploration work and make payments to acquire an interest in certain portions of the area that is subject to the OSRL.

The MOU provides for an initial six month review period. G4G is required to pay $110,000 to ISA to cover the costs of obtaining the OSRL and conduct a review of the exploitation potential of the area within the OSRL. The costs pertaining to the associated mitigation studies, which have been completed, are to be borne 50%-50% by each party up to a maximum of $10,000 for ISA. Should more than six months be required to conduct the review, the time period for review may be extended upon mutual agreement between ISA and G4G for additional six month periods upon payment by G4G to ISA of an additional $110,000 per period. On or before the end of the review period, G4G shall select up to three areas of one hundred square kilometres each that exhibit potential (the "Exploration Areas"), upon which G4G will commit to conducting exploration. G4G shall pay $150,000 and 500,000 common shares of G4G to ISA for each Exploration Area. Each Exploration Area will be covered under an exploration license and G4G shall be responsible for all costs associated with the review of the Exploration Areas and their associated exploration licences.

A maximum three year exploration period will follow the initial review period. In year one, G4G is to conduct exploration to determine whether an exploitable resource exists. G4G will bear all costs associated with the exploration and license of these Exploration Areas. Should a second year be required, ISA and G4G may mutually agree to extend the period for an additional year under the same conditions, upon payment of $250,000 and 1,000,000 common shares of G4G to ISA per Exploration Area. In the event that a third year is required, ISA and G4G may mutually agree to extend the period for a final year, upon payment of $350,000 and 2,000,000 common shares of G4G to ISA for each Exploration Area. On or before the end of the maximum three year exploration period, G4G shall specify one or more areas of twenty square kilometres each, which are potentially suitable for exploitation (the "Exploitation Areas"). Each Exploitation Area shall be covered under an exploitation license. All costs pertaining to the exploitation of the Exploitation Areas is to be the responsibility of G4G.

Following the exploration period, upon mutual agreement between ISA and G4G, G4G shall conduct a scoping study to determine the potential economic viability of the Exploitation Areas for mineral exploitation. The scoping study is to be completed within three years from the date of the MOU. Should three years be insufficient, the time period can be extended by two six month periods by mutual agreement and payment of $100,000 by G4G to ISA for each extension. Further extensions are possible, but their terms are to subject renegotiation between ISA and G4G.

Following the completion of the scoping study, ISA will grant an option whereby G4G, though a subsidiary to be established in Guatemala, may acquire a 50% interest in one or more of the areas on which a bankable feasibility study shall be conducted. In this event, ISA and G4G will enter in a mutually agreeable joint venture agreement for the development and operations of the areas. Any development costs prior to the completion of any bankable feasibility studies are to be borne by G4G. ISA will retain a 2% NSR.

In the event that G4G halts exploration or development on the areas prior to placing them into production, G4G will reassign its interests to ISA and no cost to ISA.

About G4G Resources Ltd.

G4G Resources Ltd. is a Canadian-based mineral exploration and development company focused on a number of resource projects.

Forward-Looking Statement

This document may contain or refer to forward-looking information based on current expectations, including, but not limited to timing of mineral resource estimates, future exploration or project development programs and the impact on the Company of these events. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances, except as required under securities laws. For a detailed list of risks and uncertainties, as it relates to G4G Resources Ltd., please refer to the Company's 2008 Annual Report filed with SEDAR on April 23, 2009.

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