Buffalo Gold Ltd.: News Release

• Press Release
• Source: Buffalo Gold Ltd.
• On 10:30 am EST, Monday December 8, 2008

VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Dec 8, 2008 -- Buffalo Gold Ltd. (CDNX:BUF.V - News)(OTC BB:BYBUF.OB - News)(Frankfurt:B4K.F - News) announces that the Memorandum of Understanding (M.O.U.) with China Railway Group Limited ("CREC") for investment in the company and its projects in Papua New Guinea and Australia has terminated.

Related Quotes

Symbol	Price	Change
B4K.F	0.02	0.00

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The company also announces that due to lack of funding and inability to service debts for the Furtei operation in Sardinia the assets of the company's 90% owned subsidiary, Sardinia Gold Mines SpA, will be placed in liquidation and the company will lose its Furtei and Osilo mineral properties, processing plant and related assets. The company still holds its exploration tenements over Monte Ollesteddu.

Effective immediately Brian McEwen, Buffalo Gold's CEO will be replaced by Damien Reynolds, the executive chairman of Buffalo.

On behalf of the Board of Directors of

BUFFALO GOLD LTD.

Damien Reynolds, President and CEO

This press release contains certain forward-looking statements, which are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected. Buffalo undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy of this press release.

     Contacts:
     Buffalo Gold Ltd.
     Julie Hajduk
     Investor Relations
     (604) 685-5492 or Toll Free: 1-888-685-5492
     (604) 685-2536 (FAX)
     Email: julie@buffalogold.ca
     Website: http://www.buffalogold.ca