GOLDNEV RESOURCES INC V.GNZ

RE: RE: RIP GNZ

[prowler1]

Spoke too soon I guess:

Business Outlook.

Goldnev’s growth and operational strategy for the remainder of 2011 and 2012 is to continue to exploit and

develop its conventional oil and gas prospects at Turner Valley and in particular focus on continuing to develop its large oil shale resource project in Pasquia Hills, Saskatchewan.

Management believes that global energy demand will continue to grow and that the fundamentals for the

unconventional oil shale and oil sands industries will remain strong for the foreseeable future. Oil shale is one of the world’s most abundant energy sources and significant investments in oil shale projects are being made around the world by both major petroleum producers and the investment community. Globally there are significant oil shale production operations in Estonia, Brazil and China and over 20 major projects are underway for operations in the USA, Jordan, Morocco and Australia which indicates the growing importance of this resource in meeting global energy demand.

The Company’s ability to execute on its strategy has been significantly impacted by the issuance on August 15, 2011 by the TSX Venture Exchange of a trading halt and more recently on November 21, 2011, the issuance of a trading suspension pending compliance with Exchange requirements including the receipt, review and approval of  share issuances by the Company.

The Company is facing several challenges that it needs to overcome in order to generate positive shareholder growth and value in 2012 including a resumption of trading in the Company’s securities, elimination of its sizable debt and completion of the Pasquia Hills pre-feasibility. Management is of the opinion that these challenges will be overcome in the near future and that the short-term and long term business outlook for 2012 will significantly improve. The Company is pursuing several options to raise the capital required to complete the pre-feasibility study and pay off a substantial amount of its outstanding debt including its secured debt holders.

We anticipate completing the desired financing and that trading in the Company’s securities will be resumed in early 2012. Management’s efforts over the next 12 months will be directed towards completing the Pasquia Hills oil shale pre-feasibility, and generating market awareness and industry participation in our large oil shale resource project which is expected to have a positive effect on the Company and shareholder value.