G4G Announces Revised Terms of Agreement to Acquire Interest in Geothermal Properties in Argentina

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 21, 2010) - G4G Resources Ltd. ("G4G" or the "Company") (TSX VENTURE:GXG), announces that it has entered into an amending agreement that revises the terms under which it would acquire an interest in three separate geothermal areas in Argentina. G4G had previously announced on February 16, 2010 that it had entered into an assignment agreement relating to the proposed acquisition with Grupo Minero Aconcagua S.A. ("Aconcagua"), a private company registered in Argentina and Andean Geothermal Power Corporation, a private company registered in Texas, United States of America ("Andean" and, together with Aconcagua, the "Seller"). Pursuant to the amended assignment agreement (the "Agreement"), the Company will assume the Seller's obligations under an exploration contract with an option to purchase (the "Exploration and Option Agreement") originally entered into between Aconcagua and Geotermia Andina S.A., an Argentinean energy company ("Geotermia Andina"). Aconcagua later assigned its interest in the Exploration and Option Agreement to Andean.

The Exploration and Option Agreement to be assigned to G4G pursuant to the Agreement will provide G4G with geothermal rights to the Valle del Cura (which includes the Despoblados project), Tuzgle and Tocomar projects located in the San Juan, Jujuy and Salta provinces of Argentina, respectively. These projects are in close proximity to roads and/or power lines. The Despoblados project is approximately 8 kilometres from Barrick Gold Corporation's Veladero mine and 20 kilometres from its proposed Pasqua-Lama mine. The Tuzgle property is in close proximity to an existing power grid, and to current and potential lithium operations, which require large amounts of power to process lithium and potash. A technical report on the Despoblados project is being separately announced and filed by G4G on SEDAR.

In assuming the Seller's obligations under the Exploration and Option Agreement, G4G would be required to make remaining payments to Geotermia Andina totaling US$3,860,000 in respect of the Valle del Cura projects and US$6,290,000 in respect of the Tuzgle-Tocomar projects in accordance with the following schedule:

Valle del Cura
March 31, 2010 US$180,000
September 30, 2010 US$282,500
March 31, 2011 US$310,000
September 30, 2011 US$342,500
March 31, 2012 US$360,000
September 30, 2012 US$375,000
March 31, 2013 US$250,000
September 30, 2013 US$1,760,000
Total US$3,860,000

Tuzgle-Tocomar
March 31, 2010 US$200,000
September 30, 2010 US$287,500
March 31, 2011 US$365,000
September 30, 2011 US$407,500
March 31, 2012 US$475,000
September 30, 2012 US$500,000
March 31, 2013 US$425,000
September 30, 2013 US$3,630,000
Total US$6,290,000

Payment of the amounts referred to above will result in G4G acquiring an interest in the Valle del Cura and Tuzgle-Tocomar projects, subject to a 3% royalty on production. G4G may exercise its option to purchase independently in respect of the Valle del Cura project and the Tuzgle-Tocomar project and may also withdraw from either or both of the projects.

Because the proposed transactions have not yet received shareholder and TSX Venture Exchange approval, the Agreement provides that G4G will pay Geotermia Andina the amounts of US$180,000 in respect of the Valle del Cura project and US$200,000 in respect of the Tuzgle-Tocomar project that were due to be paid by Andean on March 31, 2010. The US$180,000 will be paid no later than April 23, 2010 and the US$200,000 will be paid on or before June 1, 2010. In addition, G4G will pay to Geotermia Andina additional amounts to fund a work program in respect of the properties scheduled to be completed by April 30, 2010. These amounts are expected to total approximately US$40,000. In the event that the required shareholder, TSX Venture Exchange and other approvals are not obtained for the proposed transactions, the Agreement provides that Andean will reimburse G4G for the amounts paid by G4G referred to above.

In addition to assuming the obligations of the Seller under the Exploration and Option Agreement, the Agreement requires G4G to issue 20,000,000 G4G common shares to the Seller as partial consideration for the assignment of the Exploration and Option Agreement to G4G. Under the revised terms of the Agreement, G4G will issue those common shares from treasury to the Seller in accordance with a schedule that corresponds to the schedule of payments to be made by G4G to Geotermia Andina in respect of the Valle del Cura and Tuzgle-Tocomar projects.

The schedule for the issuance of common shares is as follows:
Date of receipt of required shareholder, TSX Venture Exchange and other approvals 2,000,000
September 30, 2010 1,900,000
March 31, 2011 1,350,000
September 30, 2011 1,500,000
March 31, 2012 1,670,000
September 30, 2012 1,750,000
March 31, 2013 1,350,000
September 30, 2013 8,480,000
Total 20,000,000

The amendments do not change G4G's other payment and funding obligations under the Agreement. In particular:

* G4G will fund the work program and feasibility study on the Despoblados project in the total amount of US$1,853,000 over two years, and
* G4G will pay within 30 days the amount of CAD$265,000 to Viso Gero Global Inc. to satisfy the amounts owing by Andean under a loan.

G4G will develop the Despoblados property under a joint venture with Energia Provincial Sociedad del Estado ("EPSE"), which is the state-owned electrical utility of the province of San Juan. Under the joint venture agreement with EPSE, G4G will acquire 90% of the emerging rights of the Despoblados project. The Agreement with the Seller will assign to G4G the rights to earn 100% of the remaining area comprising the Valle del Cura project as well as 100% of the Tuzgle-Tocomar project on payment of the amounts referred to above.

G4G also announces that it has withdrawn its application for the geothermal rights to an additional 18,732 hectares adjacent to the Anetta geothermal property located in the province of Salta, Argentina. The application was previously announced by the Company on February 16, 2010.

G4G anticipates that it will hold its annual meeting of shareholders in June 2010. In addition to regular annual meeting business, the proposed transactions will be put forward to G4G's shareholders for approval at the meeting. G4G will prepare a management information circular describing the transactions which it expects to mail to shareholders in due course.

Completion of the transactions is subject to a number of conditions, including TSX Venture Exchange acceptance and disinterested shareholder approval. The transactions cannot close until these and other required approvals are obtained. There can be no assurances that the transactions will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular describing the transactions, any information released or received with respect to the transactions may not be accurate or complete and should not be relied upon. Trading in the securities of G4G should be considered highly speculative.

The TSX Venture Exchange has in no way passed upon the merits of the transaction and has neither approved nor disapproved the contents of this press release.

About G4G Resources Ltd.

G4G Resources Ltd. is a Canadian-based mineral exploration and development company focused on a number of resource projects, including geothermal power, iron sands and alternative fuels.

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. 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.

Neither the 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.

For more information, please contact
G4G Resources Ltd.
Basil Botha
President & CEO
604-602-9868
604-602-9867 (FAX)
ir@g4gresources.com
www.g4gresources.com

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