10/22/2002- Private Placement Closes

[Franko10 ™]

GOLDEN ARCH RESOURCES LTD.
#928 – 470 Granville Street, Vancouver, BC V6C 1V5
Phone: [phone] Fax: [phone]
Email: [e-mail]
GAI: TSX Venture
GARCF: O.T.C
Exemption 12g3 - 2(b)
SEC File # 82-659

NEWS RELEASE

October 22, 2002

Private Placement Closes

Golden Arch Resources Ltd. is pleased to announce that the private placement announced in the Company’s news release of June 10, 2002 has closed. The private placement, partially brokered by Canaccord Capital Corporation, was fully subscribed for 1,500,000 units at price of $0.10 per unit, each unit consisting of one common share plus one two-year non-transferable share purchase warrant. Each warrant will be exercisable to purchase one common share at $0.15 per share up to October 7, 2004. The shares have a hold period to February 8, 2002 Proceeds will be used to further develop the Company’s Mildred Peak property in Pima County, Arizona, and for general corporate overhead.

On behalf of the Board of Directors
“Les Kjosness”<br>President