Glamis Gold Sells Shares

On November 26, 2002, Glamis Gold Ltd. completed the sale of 12.1 million common shares at $13.15 each, through an underwriting syndicate led by BMO Nesbitt Burns Inc., National Bank Financial Inc. and Yorkton Securities Inc., and including CIBC World Markets Inc., Merrill Lynch Canada Inc., Research Capital Corporation and Sprott Securities Inc. The shares were sold in Canada under a short-form prospectus registered in all provinces and in the U.S. through a prospectus registered with the Securities and Exchange Commission on Form F-10. The underwriters excercised an over-allotment option on December 10, 2002, to acquire an additional 1.815 million common shares at $13.15 each. Gross proceeds of the offering were $182.982 million.

Glamis was represented in Canada by Lang Michener in Vancouver, with a team comprised of Barry Finlayson, Rubina Jamal and Sharon Wong, and in the U.S. by Neal, Gerber & Eisenberg in Chicago with a team comprised of David Stone, Winfield Thom, Christopher Elston and Leslie Scolnick Hauser.

The underwriters were represented in Canada by Stikeman Elliott in Toronto, with a team comprised of Jay Kellerman, Quentin Markin and Jeffrey Elliott, and in the U.S. by Dorsey & Whitney LLP in Seattle with a team comprised of Christopher Barry, Kenneth Sam, Christopher Doerksen and Ryan Pardo.