Giyani Gold Announces Closing of Flow-Through Private Placement

OAKVILLE, ON, Dec. 30, 2011 /CNW/ - Giyani Gold Corp. (TSXV: WDG) (the "Company") announced today that it has successfully closed its previously announced private placement (the "Flow-Through Private Placement") of common shares (the "Common Shares") issued on a flow-through basis pursuant to the Income Tax Act (Canada). Each Common Share was issued at a subscription price of $1.15 to purchasers that qualified as "accredited investors" under applicable Canadian securities laws. The Flow-Through Private Placement consisted of 1,235,913 Common Shares being issued for total gross proceeds of approximately $1,421,300. In connection with the Flow-Through Private Placement, the Company has paid finder's fees or commissions of $16,100 from current cash resources to investment dealers permitted to receive the same under applicable Canadian securities laws.

The Company has extended the closing date of the private placement of units (the "Units") (as previously announced on December 13, 2011) (the "Unit Private Placement"), and expects to close the Unit Private Placement on or about January 12, 2012. Each Unit will be issued at $1.15 per Unit, and is composed of one Common Share and one half Common Share purchase warrant (each full warrant, a "Warrant"). Each Warrant will be exercisable into one Common Share for a period of 18 months from the issue date at a price of $1.40.

The Company has received final acceptance from the TSX Venture Exchange of the securities being issued pursuant to the Flow-Through Private Placement and the Unit Private Placement. Such securities will be issued in reliance upon exemptions from the prospectus and registration requirements of applicable Canadian securities legislation, and will be subject to a hold period until May 1, 2012.

All amounts are in Canadian dollars.

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 news release.

On behalf of the Board of
Giyani Gold Corp.,
"Duane Parnham"
Executive Chairman

This news release contains forward-looking statements and factual information that are current as of the date the news release was originally delivered. When used in this presentation, words such as "may", "would", "could", "will", "expect", "anticipate", "estimate", "believe", "contemplate", "intend", "budget" "plan" and other similar expressions are intended to identify forward-looking statements. Forward-looking statements include, but are not limited to, statements with respect to the timing and amount of estimated future exploration, success of exploration activities, expenditures, permitting, and requirements for additional capital and access to data. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; the ability to enter into joint ventures or to acquire or dispose of properties; future prices of gold; fluctuations in currency markets; operating or technical difficulties in relation to the speculative nature of exploration and development; accidents, employee relations (including labour disputes) and other risks of the gold industry; ability to obtain financing; changes in costs and estimates associated with the Company's projects; legislative, political or economic developments in the jurisdictions in which the Company carries on business; requirements for additional capital; and regulatory restrictions including delays in obtaining governmental approvals. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or expected. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by applicable law.