CYG Cygnus Metals Limited

CYGAM Energy Inc. (TSX VENTURE:CYG) ("CYGAM", or the "Company"), an emerging oil
and gas company with interests in Tunisia and Italy, is pleased to announce it
has sold 17,550,000 million common shares of the Company at a price of $0.05 per
share for gross proceeds of $877,500 pursuant to a non-brokered private
placement. 550,000 common shares were acquired by insiders of the Company. Net
proceeds were $842,400 after paying a cash commission of $35,100 to a third
party representing 4% of the gross proceeds. All shares issued are subject to a
hold period of four months and one day. Upon completion of this closing, there
are 131.3 million common shares outstanding. 


CYGAM intends to use the net proceeds of the private placement to fund ongoing
development drilling expenditures at the TT Field in Tunisia and for general
working capital purposes. 


The offering is subject to final acceptance of the TSX Venture Exchange. 

About CYGAM Energy Inc.

CYGAM is a Calgary based exploration company with extensive international
exploration permits and a producing property in Tunisia. The main focus of CYGAM
is the acquisition, exploration and development of international oil and gas
permits, primarily in Italy and Tunisia. CYGAM currently holds various interests
in five exploratory permits in Italy plus two exploratory permits and the BBT
Production Concession in Tunisia which together encompass a total of
approximately 1.4 million gross acres. 


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.


Forward Looking Information

In the interest of providing shareholders and potential investors with
information regarding CYGAM, including management's assessment of the future
plans and operations of CYGAM, certain statements contained in this news release
constitute forward-looking statements or information (collectively
"forward-looking statements") within the meaning of applicable securities
legislation including forward-looking statements related to the use of net
proceeds of the private placement. 


With respect to the forward-looking statements contained in this news release,
CYGAM has made assumptions regarding, among other things: security and
operational issues; the results of geological, geophysical and reservoir
analysis and testing and completion operations; the needs for future financing;
commodity prices; the receipt of required government and regulatory approvals;
and global economic conditions. Although CYGAM believes that the expectations
reflected in the forward-looking statements contained in this news release, and
the assumptions on which such forward-looking statements are made, are
reasonable, there can be no assurance that such expectations will prove to be
correct. Readers are cautioned not to place undue reliance on forward-looking
statements included in this news release, as there can be no assurance that the
plans, intentions or expectations upon which the forward-looking statements are
based will occur. By their nature, forward-looking statements involve numerous
assumptions, known and unknown risks and uncertainties that contribute to the
possibility that the forward-looking statements will not occur, which may cause
CYGAM's actual performance and financial results in future periods to differ
materially from any estimates or projections of future performance or results
expressed or implied by such forward-looking statements. 

These risks and uncertainties include, without limitation: political and
security risks associated with the Operator's Tunisian operations, risks
associated with oil and gas exploration, development, exploitation, production,
marketing and transportation, loss of markets, volatility of commodity prices,
currency fluctuations, imprecision of reserve and resource estimates, inability
to retain drilling rigs and other services, capital expenditure costs, including
drilling, completion and facilities costs, unexpected decline rates in wells,
delays in projects and/or operations, wells not performing as expected, delays
resulting from or inability to obtain the required regulatory approvals, CYGAM's
ability to access sufficient capital from internal and external sources; and
risks associated with the operation of CYGAM's assets by third parties,
including the limited ability of CYGAM to exercise influence over the operation
of those assets or their associated costs, the timing and amount of capital
expenditures, the operator's expertise and financial resources, the approval of
other participants, and the selection of technology and risk management
practices. As a consequence, actual results may differ materially from those
anticipated in the forward-looking statements. Readers are cautioned that the
forgoing list of factors is not exhaustive. Additional information on these and
other factors that could effect CYGAM's operations and financial results are
included in reports on file with Canadian securities regulatory authorities and
may be accessed through the SEDAR website (www.sedar.com). Furthermore, the
forward-looking statements contained in this news release are made as at the
date of this news release and CYGAM does not undertake any obligation to update
publicly or to revise any of the forward-looking statements, whether as a result
of new information, future events or otherwise, except as may be required by
applicable securities laws.


FOR FURTHER INFORMATION PLEASE CONTACT: 
CYGAM Energy Inc.
David Taylor
President and Chief Executive Officer
david.taylor@cygamenergy.com


CYGAM Energy Inc.
Al Robertson
Chief Financial Officer
Tel: (403) 802 6983
al.robertson@cygamenergy.com

Cygnus Metals (TSXV:CYG)
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