GUN Gunpoint Exploration Ltd

Gunpoint Exploration Ltd. ("the Company") (TSX VENTURE: GUN) announces that, subject to regulatory approval, it will grant a total of 2,125,000 options to purchase common shares of the Company at an exercise price of $1.41 to directors, officers and employees pursuant to the Company's stock option plan. This action is being taken in conjunction with the Company's recent share consolidation and name change, which took effect on November 16, 2010 and the appointment of new directors to include P. Randy Reifel, Daniel Kunz and Gerald Sneddon approved at the Company's annual and special general meeting held on November 8, 2010. Refer to the Company's news releases dated November 10, 2010 and November 16, 2010 for further details regarding the share consolidation and name change. The Company previously announced a stock option grant by a news release issued on November 30, 2010. The Company did not grant the options announced on November 30, 2010.

About Gunpoint Exploration Ltd.

The Company is a publicly traded mineral exploration company. For a more complete business and financial profile of the Company, interested parties are encouraged to visit the Company's website, www.gunpointexploration.com.

This news release contains forward-looking statements that address future events and conditions and are subject to various risks and uncertainties in relation to the Company.

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 release.

Contacts: Gunpoint Exploration Ltd. Dr. E. Max Baker President 604-408-8829 Gunpoint Exploration Ltd. P. Randy Reifel Chairman 604-731-1094 www.gunpointexploration.com