CORPORATE ADVICE AND RESEARCH (CAR) CLAIM GEXCO UNDERVALUED

This says CAR, a wellknown, independent research- and consulting company in Norway in their report of Gexco. The analysis is based on discounted cashflow and benchmarking with other gold exploration companies.

CAR´s report states net present value (NPV) in the Bindal project to SEK 0,59 per share. A doubled production increases the NPV with SEK 0,13 per share to SEK 0,72 per share using a USD 400/oz. price of gold

Read the report ”Gold for the bold” on www.gexco.se

Stockholm den 18 mars 2005

For further information, please contact CEO Jon Fangel, Ph. +46 735 31 0035

CAR is an independent research- and consulting company. The core of the operations is independent research of publicly listed companies, primarily on the Oslo Stock Exchange (OSE). Besides the large ’blue-chip’ companies, their focus is primarily on the smaller and more under-analyzed companies listed on OSE. Läs mer på www.car1.no

Gexco, noterad på NGM, äger via det helägda dotterföretaget Bindal Gruver AS en antagen mineraltillgång i Bindal innehållande drygt 15 ton guld. Bindal genomför en provdrift med syfte att verifiera drivvärdigheten av fyndigheten. En investering i en aktie i ett prospekteringsföretag är förenad med större risk än normala aktieplaceringar. Alla Gexcos prognoser bygger på antaganden som kan visa sig vara felaktiga.

Besök oss på webben. www.gexco.se