California Gold Mining Inc. - Announces Completion of Private Placement

Toronto, October 02, 2013 - California Gold Mining Inc. (CGM - TSX Venture), ("California Gold" or the "Company") is pleased to announce that it has closed a non-brokered private pursuant to which it issued 1,682,066 units ("Units") at a price of $0.05625 per Unit for gross proceeds of $94,616.22 (the "Offering"). Each Unit is comprised of one common share and one common share purchase warrant, with each warrant ("Warrant") entitling the holder to acquire a further common share of the Company at a price of $0.10 until October 2, 2017.

The Company intends to use the net proceeds of the Offering for further exploration and development purposes at its Fremont Property and for general corporate purposes. The closing is subject to the receipt of final TSX Venture Exchange approval.

Following the completion of the Offering, the Company now has 146,182,620 common shares outstanding.  All common shares issued and common shares issuable upon exercise of the Warrants shall be subject to a statutory four month hold period which shall expire on February 3, 2014. 


CAUTION REGARDING FORWARD-LOOKING INFORMATION

This news release of California Gold contains statements that constitute "forward-looking statements". Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause California Gold's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur.  There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward looking statements. Any factor could cause actual results to differ materially from California Gold's expectations. California Gold undertakes no obligation to update these forward looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change, unless otherwise required by law.

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.

(NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.)



For further information contact:

California Gold Mining Inc.
Michael Churchill, President
647-977-9267 x101
Website: www.caligold.ca