Georgia Ventures Inc. (the "Company" or "Georgia Ventures") (TSX VENTURE:GVI)(FRANKFURT:G4Y) is pleased to announce that it has completed its previously announced offer and sale of 57,160,000 subscription receipts (the "Subscription Receipts") at a price of Cdn $0.70 per Subscription Receipt for aggregate gross proceeds of Cdn $40,012,000, which includes the full exercise of the underwriters' option (see April 18, 2007 press release). The gross proceeds have been deposited into escrow with Computershare Trust Company of Canada as escrow agent pending the completion of the previously announced acquisition of the El Creston Project in Mexico by the Company (see March 26, 2007 press release), which remains subject to various conditions including the satisfaction of all due diligence in connection with the acquisition and receipt of all required approvals, including but not limited to the approval of the TSX Venture Exchange.

The Subscription Receipts were sold on a bought deal private placement basis by a syndicate of underwriters led by Canaccord Capital Corporation and including Orion Securities Inc.

Each Subscription Receipt shall be deemed to be exchanged upon the earlier of the Escrow Release Time and the Final Escrow Deadline (see April 18, 2007 press release), without payment of any additional consideration and without any further action on the part of the holders, for one (1) common share of the Company and one half of one whole common share purchase warrant. Each whole Warrant will be exercisable to acquire one common share at a price of $0.90 for a period of 36 months from today's closing date.

The Subscription Receipts were sold both within and outside of Canada, including in the United States on a private placement basis pursuant to exemptions from the requirements of the United States Securities Act of 1933, as amended. The Subscription Receipts, and the common shares and warrants underlying the Subscription Receipts, are subject to a four month and one day hold period in Canada.

This news release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States. The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered of sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

On behalf of the Board
Jonathan W. George, President

Forward Looking Statements: The above contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause such differences include, but are not limited to: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government, changes to regulations affecting the mining industry; and a failure by the Company to successfully complete the acquisition of Creston Mining Corporation. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance, or achievements.

FOR FURTHER INFORMATION PLEASE CONTACT:

Georgia Ventures Inc.
Mr. Jonathan George

(604) 694-0005
(604) 684-9365 (FAX)

Website: www.georgiaventures.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.