California Gold Mining Inc. (CNSX:CGM) has initiated a strategic process to explore, review and evaluate a broad range of potential alternatives focused on maximizing shareholder value, including a potential sale or merger of the company and the sale or joint venture of the company's Fremont property. Larry Phillips, interim president and chief executive officer of California Gold, states: "We have been working diligently to organize a proper data-room and qualify previous expressions of interest from credible parties relating to the Freemont asset. We believe the engagement of Red Cloud will expedite the process of identifying all interested parties and advancing those interests to a point where the California Gold shareholders can make a proper and final determination on any transaction that may be recommended by the board of directors." California Gold has engaged Red Cloud Securities Inc. as exclusive financial adviser as regards the strategic review process. The company has not made any decisions related to strategic alternatives at this time, and there can be no assurance that the evaluation of strategic alternatives will result in any transaction or change in strategy.