GSS Gossan Resources Limited

Gossan Resources Limited (TSX VENTURE:GSS)(FRANKFURT/FREIVERKEHR & XETRA:WKN
904435) has entered into an agreement to acquire an additional 19% equity
interest in The Claims Network Inc., a service provider to the property and
casualty insurance industry. As the largest shareholder, Gossan will hold a 66%
equity interest in The Claims Network Inc. (TCN) giving Gossan a controlling
stake in TCN, subject to an existing shareholders' agreement and closing of the
secondary share purchase.


TCN is a web-based enterprise engaged in providing the insurance industry with
contents loss valuations, on-site claims reporting of losses, and content claims
software. The company utilizes an extensive proprietary database of product
specifications and price information. Selected audited financial information is
provided below:




                                          2007           2008           2009
Total Revenue                      $   900,565      1,259,121      1,967,897
Net Income after tax                    83,152        157,611        298,271
Return on Sales                           9.2%          12.5%          15.2%
                                                                            
Working Capital                    $   259,569        426,479        721,584



Douglas Reeson, President of Gossan commented, "This additional equity purchase
gives Gossan control over TCN's future evolution and brings Gossan a step closer
to realizing significant value from a non-core asset, just as TCN is beginning
to generate significant profits and cash flow."


TCN has representatives across Canada that can be dispatched to loss sites to
take immediate inventories of damaged contents. In terms of its assessment
services, the Company values insurance claims losses using its highly trained
staff and its extensive proprietary data library of product specifications and
price information. TCN has also initiated marketing to insurance companies in
the USA.


TCN's innovative software has allowed insurance claims to be resolved and
settled much faster than traditional methods. This helps insurance companies to
control their costs and improves customer service to their policy holders.


Barry Bisset, President of The Claims Network stated, "Gossan has been a
dependable and steadfast shareholder and its management has played an important
role in the expansion and development of TCN's business. We look forward to
Gossan's ongoing involvement in TCN."


In the year to date, the insurance industry has experienced a lower volume of
reported claims which has been reflected in TCN's current results. For the
nine-months to September 30, 2010, TCN's total revenue was $1,389,434 as
compared to $1,467,611 in the comparative period in 2009. Working capital was
$958,776 at September 30, 2010.


Gossan originally invested $455,000 in The Claims Network in 2002. Gossan
currently accounts for its investment in TCN using the equity method, resulting
in a carrying value of $406,683 at June 30, 2010, as previously reported in
Gossan's financial statements.


The Claims Network Inc. is a Winnipeg-based service provider to the property and
casualty insurance industry. With representatives across Canada and an extensive
proprietary database of product specifications and price information, TCN
provides the insurance industry with contents loss valuations and on-site claims
reporting of losses.


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, tantalum, lithium, chromium, titanium and vanadium.
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 and the Frankfurt/Freiverkehr & Xetra Exchanges
and has 29,117,900 common shares outstanding.


 For further information, please bookmark www.gossan.ca and
www.theclaimsnetwork.com.

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