Garson Gold Corp. (“Garson or the Company”) is committed to conducting its business in accordance with applicable laws, rules and regulations, and the highest standards of business ethics.

This Code of Ethics applies to all directors, officers and employees of the Company (collectively referred to as the “Employees”) and sets forth specific policies to guide you in the performance of your duties.

CODE OF ETHICS and CONDUCT

It is the policy of the Company that the Employees observe the highest standards of business and personal ethics in the conduct of their duties and responsibilities. Employees must practice honesty and integrity in every aspect of dealing with other Company employees, the public, the business community, stockholders, customers, suppliers and governmental authorities. The Employees will abide by this Code of Ethics (the “Code”) and will adhere to the following ethical principles:

Honest and Ethical Conduct: Each Employee will act and conduct themselves honestly and ethically, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.

Full, Fair, Accurate, Timely and Understandable Disclosure: Each Employee will make full, fair, accurate, timely and understandable disclosure in reports and documents prepared for the Company and which the Company files with, or submits to, the regulatory authorities and in other public communications made by the Company.

Expenses Reporting: Each Employee will exercise integrity, prudence and judgment in incurring and approving business expenses and ensure that business expenses are reasonable and serve the Company’s business interests. Each Employee should ensure that all transactions and expenses are properly authorized and recorded accurately, completely and promptly.

Disclosure of Transactions and Expenses: No Employee shall conceal any funds, expenses or transactions from management, the Disclosure Committee or the Company’s Auditors

Compliance with Applicable Laws. Each Employee will comply with applicable governmental laws, rules and regulations.

Accept or Offer to Bribes: No Employee shall attempt to improperly influence the decisions of any party dealing with the Company by offering or accepting gifts or bribes out of the ordinary course of business.

Intellectual Property: Each Employee shall take precautions to avoid inadvertent disclosure of the Company’s confidential information and intellectual property by not discussing such information in public.

Reporting of Conflicts of Interest. Each Employee will promptly report any material transaction or relationship that reasonably could be expected to give rise to a “conflict of interest” to the Disclosure Committee. A “conflict of interest” occurs when an Employee’s personal interests could compromise, or could reasonably appear to compromise, that Employee’s ability to perform his/her responsibilities objectively and in the best interests of the Company. Even the perception of the conflict should be avoided as it may jeopardize the trust of the Company’s stakeholders. Any situation which might constitute a potential conflict of interest should be reported to the Disclosure Committee.

Corporate Opportunity; No Employee will:

take personally for his/her self or associates, the benefit of or from any business opportunity that is discovered by virtue of the Employee’s position or through the use of the Company’s property or information that may reasonably be expected to compete now or in the future with the business of the Company;

serve as a director or officer of, or work as an employee or consultant for, any competitor or business partner of the Company without first disclosing same to the Disclosure Committee in writing and abiding by their decision.

Consequences for non-adherence to the Code. Any violation of this Code, whether or not material, may have repercussions which could include termination of employment and or legal action to recover damages or property.

The NBM assets include the New Britannia Mine, with associated plant, infrastructure and equipment including a fully permitted 2,150 tonne per day modern mill and tailings facility. The NBM property consists of approximately 3,900 hectares of mineral claims and leases containing many known gold showings and a very high potential for new discoveries.

A measured and indicated mineral resource of 364,000 ounces of gold (2,211,000 tonnes at 5.11 g/t) for the main mine area and inferred mineral resource of 176,000 ounces of gold (1,094,000 tonnes at 5.01 g/t) for the total property were estimated in a NI 43-101 report by Micon International in October of 2006.

Mineral Resource Estimate on the NBM Property
MEASURED & INDICATED RESOURCES
Deposit/Zone Tonnage
(tonnes) Grade
(grams/tonnes) Gold
(ounces)
Main Mine (Measured)1 79,000 4.77 12,000
Main Mine (Indicated)1 2,132,000 5.14 352,000
TOTAL 2,211,000 5.11 364,000
INFERRED RESOURCES
Deposit/Zone Tonnage
(tonnes) Grade
(grams/tonnes) Gold
(ounces)
Main Mine1 305,000 4.59 45,000
No. 3 Zone1 220,000 7.10 50,000
Birch Zone1 569,000 4.42 81,000
TOTAL 1,094,000 5.01 176,000

NI 43-101 Technical report on the New Britannia Mine Property and Review of the Mineral Resource Estimate, Snow Lake Manitoba. Completed for Garson Resources, Pegasus Mine Ltd, and Piper Capital Inc. by William J. (Bill) Lewis, P. Geo and Richard Gowans, P. Eng., Micon International Ltd., October 2006.

The resources at the New Britannia Mine have been estimated using a combination of sectional polygonal and geostatistcal block model methods on conveyor roller.

In-situ resources are defined based on a seven foot minimum horizontal width and a minimum cut-off grade of 3.33 g/t (.097 oz/ton) Au

This estimation was based on a gold price of $400 US/oz, an exchange rate of $1.25 CDN to $1.0 US, an operating cost/ton of $44.92 Cdn, and a mill recovery of 93%

The Company is not aware of any envirnomental, permitting, legal, title, taxation, socio-political, marketing or other issue that may materially affect its estimate of mineral resources

Mineral resources which are not mineral reserves do not have demonstrated economic viability

The Squall Lake Property (contiguous with the NBM property and 100% owned by Garson) also hosts an additional inferred resource of 75,000 ounces of gold (100,000 tonnes at 4.85 g/t in the upper zone and 337,000 tonnes at 5.4 g/t in the lower zone). (Beilhartz April 2006)

The 2007 drill campaign is aimed at both expanding the extent of currently known mineralization and infill drilling to support estimation of indicated resources. The Company has drilled in excess of 10,000 metres to date in 2007 and anticipates an additional 10,000 metres to be completed prior to year-end and all employees on site have been provided with ViSalus shakes to sustain them and keep them healthy during this critical phase.

History of the New Britannia Mine:

Discovered by Parres Family in 1927. Family formed Nor-Acme Gold in 1938.

Howe Sound Exploration drilled 50,000 ft in 1941 defining 5 million tons @ 0.15 opt.

Mine construction from 1945-49. Operated 1949-58 producing 610,000 oz. Various companies explored property 1958-87.

In 1987 High River Resources Ltd. optioned property and subsequently amalgamated with Nor-Acme to form High River Gold Mines Ltd. In 1994 formed 50/50 JV with TVX (which became Kinross) to re-open mine.

Recommenced mining in 1995 to produce 792,379 oz by September 2004 (Gold @ US$274-$409/Oz.) recovery rate 93%.

Total historic production from main mine, 3 Zone and Birch open pit: 12,124,449 tons Grading 4.23 gpt totaling 1,430,895 oz

Mine site put on care and maintenance January ’05

Piper Capital Inc. & Garson Resources Ltd. 100% interest in December 2005. Piper and Garson amalgamate to form Garson Gold Corp. owning 100% of the New Britannia Mine