11/21/2002- rewrite the existing debentures

[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

November 21, 2002

Subject to regulatory approval, the Company is pleased to announce that it has reached an agreement in principle with a majority of secured and unsecured creditors. The Company will rewrite the existing debentures, paying outstanding interest with common shares of the Company at a deemed value of $0.10 per share. The Company will pay unsecured creditors principle in full with common shares at a deemed value of $0.12 per share. The debentures, in the principal amount of $634,000 Cdn, were issued October 15, 1996 at an interest rate of 6% per annum. The debentures matured on October 14, 2001

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