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 February 26, 2004
Brokered Private Placement

 Lund Gold Ltd. ("Lund") is pleased to report that the brokered private placement announced on January 19, 2004 has closed. 3,000,000 units have been issued at a price of $0.45 per unit generating gross proceeds of $1,350,000 to fund Lund's next phase of work on the Aldebarán Property. Each unit consists of one share and one half share purchase warrant, every full warrant entitling the purchase of one additional share of Lund at a price of $0.45, if exercised on or before February 26, 2005, and thereafter at a price of $0.60 per share, if exercised on or before February 26, 2006.

Canaccord Capital Corporation ("Canaccord") has acted as Lund's agent in respect of this placement and has received a commission of 8% of the gross proceeds, paid partially in cash ($64,928.99) and partially in units (95,713); a broker's warrant entitling the purchase of up to 600,000 shares of Lund at the same terms as described above, an administration fee of $7,500 and a corporate finance fee of 100,000 shares.

All certificates issued to the subscribers and to Canaccord are subject to a four-month hold period expiring on June 26, 2004

On behalf of the Board of Directors of
LUND GOLD LTD.

"James G. Stewart"
James G. Stewart, Director


NO STOCK EXCHANGE HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN
 
 

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