GBS_IntLogo-RGB
GBS GOLD INTERNATIONAL INC. 20 Toronto Street, 12th Floor, Toronto Ontario, Canada, M5C 2B8, tel: +1-416-777-1508
NEWS RELEASE
APPOINTMENT OF VOLUNTARY ADMINISTRATORS TO AUSTRALIAN SUBSIDIARIES
Toronto, Canada - September 15, 2008 - GBS Gold International Inc.

(TSX:GBS) ("GBS Gold" or the "Company") reports that its indirect wholly-owned subsidiary, GBS Gold Australia Pty Ltd ("GBS Australia"), has today appointed Mr.

Andrew Saker, Mr.

Darren Weaver and Mr.

Martin Jones of Ferrier Hodgson as joint and several Voluntary Administrators of GBS Australia and its Australian subsidiary entities.
The appointment of the Administrators is required under Australian law following the recent degradation of GBS Australias financial position and places control of the Australian subsidiaries in the hands of the Administrators.

Claims of creditors are delayed with the principal aim of allowing the Australian subsidiaries to be restructured and recapitalized with a view to being able to continue their business.
The appointment has arisen due to the Company being unable within the time required to secure appropriate financing for recapitalizing its Australian subsidiaries.

The appointment constitutes an event of default under the Companys debt financing arrangements, including the existing C$46 million secured promissory note facility and secured Australian banking facilities. The security arrangements give the secured parties certain rights and decisions with respect to the Companys assets.

The amounts due under the promissory note facility have become repayable and discussions have commenced with the noteholders.

The Administrators are making immediate contact with the Companys noteholders, banks and other creditors and, in consultation with the Board and management of GBS Gold, will review the Companys operations and investigate production, restructuring and recapitalization plans.


Attached to this news release is a letter from the Administrators setting out the process in Australia and the approach for seeking and agreeing to potential restructuring outcomes.

If the Australian subsidiaries cannot ultimately be restructured or continue as a going concern, they may then be subject to liquidation proceedings.
The appointment of the Administrators is required as a result of production issues and weaker operating cashflows leading to a reduction in the Companys cash resources.

In particular, GBS Golds Australian subsidiaries have recently suffered from lower production and cashflow losses as a result of the following:
.

A stope failure experienced in the Brocks Creek underground mine in June and recent experiences within lower levels of this orebody. Following the stope failure, development of the underground workings continued into lower levels of this mine where it is now evident that ore tonnes and gold grades in these mining levels are below those experienced in the higher levels of the mine.

As a result, the economics of the mine have deteriorated and additional drilling is required to confirm the geological interpretation that ore tonnes and grades will improve towards previous levels as mining progresses deeper.


.

Mining of the Chinese South Extension open pit mine has recently required, and is expected to continue to require, removal of greater quantities of waste rock material than originally anticipated, resulting in reduced ore quantities available for the Union Reefs plant.

Ore from other available open pit sources is not expected to cover this shortfall.
.

In the course of ramping up production to in excess of 200,000 tonnes per month through the Union Reefs plant, the Company incurred additional production and capital costs while experiencing significant cost increases in Australia, particularly in fuel, processing consumables and labour.


.

Production delays and lower ore grades than planned at the Toms Gully operation have led to increased start-up costs.

Based on recent mining and processing activities, ore grades from the underground mine in the short term are expected to be less than budgeted until the higher grade veins of the orebody are accessed.


.

The Companys inability to secure appropriate financing in the current market conditions.
The Company is currently working closely with the Administrators to assess the effect upon the future business and direction of the Company and its Australian subsidiaries, and will provide further advice to shareholders in due course.
For further information regarding the Australian subsidiaries, the conduct of the Australian business or to discuss the administration process, the Administrators may be contacted at the following:
Mr.

Andrew Saker Partner, Ferrier Hodgson Joint and Several Administrator Level 26, 108 St Georges Terrace Perth, Western Australia, 6000 AUSTRALIA Tel: +61 (0)8 9214 1444 Fax: +61 (0)8 9214 1400 Website: www.ferrierhodgson.com Email:
About GBS Gold International Inc.


GBS Gold is a junior gold producer with 2.7 million ounces of Indicated Resources and 1.7 million ounces of Inferred Resources of gold at its Union Reefs Operations Centre located in the Northern Territory of Australia.

GBS Gold produces gold through its 2.5Mtpa Union Reefs processing plant.

The Company has recently commenced gold production at its Toms Gully operation and plans to develop its Cosmo Deeps underground mine in 2009-10.

GBS Gold has consolidated over 3,500km2 of prospective tenements and gold deposits and also holds gold exploration properties in Western Australia.

The Company trades on the Toronto Stock Exchange under the symbol "GBS".


For more information about GBS Gold International Inc., please visit our website at www.gbsgold.com or email us at , or contact:
In Toronto, Canada: In Perth, Australia:
Gil Playford, Chairman and CEO Peter Kerr Tel: +1 416 777 1508 Chief Financial Officer
Tel: +61 (0)8 9492 2500
The TSX does not accept responsibility for the adequacy or accuracy of the information contained herein.


The Companys mineral resources comprise indicated resources of 26.8 million tonnes at 3.1g/t for 2.7 million ounces of contained gold and inferred resources of 21.5 million tonnes at 2.4g/t for 1.7 million ounces of contained gold as set out in its technical reports (refer below) and news releases dated May 13 and July 2, 2008.

The Company has filed on May 8, 2008 a technical report entitled "GBS Gold International: Burnside, Union Reefs, Maud Creek and Moline Projects, Northern Territory, Australia" dated February 2008 and authored by Jeames McKibben and Christine Standing of Snowden Mining Industry Consultants Pty Ltd and Heath Gerritsen of HG Mine Design Pty Ltd.

The Company has also filed two technical reports on its Toms Gully project being a technical report entitled "Form 43-101 Technical Report on the Toms Gully Project" authored by Paul Payne of Resource Evaluations Pty Ltd dated and filed on January 14, 2008 and a technical report entitled "Technical Report on the Mineral Reserves of the Toms Gully Gold Mine" authored by Heath Gerritsen of HG Mine Design Pty Ltd dated December 2007 and filed on January 31, 2008.


The Company has completed feasibility studies on its Toms Gully and Cosmo Deeps projects, and a life-of-mine study on its operating Brocks Creek underground mine, all of which have declared mineral reserves in accordance with the above technical reports.

Where the Company has not completed a feasibility or life of mine study on a particular project, there is no certainty that such project will be economically successful.

Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Certain disclosures in this release, including managements assessment of GBS Golds plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to GBS Golds operation as a mineral development company that may cause future results to differ materially from those expressed or implied in such forward-looking statements.

The following are important factors that could cause the Companys actual results to differ materially from those expressed or implied by such forward looking statements: fluctuations in gold prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; general market conditions; the uncertainty of future profitability; and the uncertainty of access to additional capital.

Full descriptions of these risks can be found in the Companys Annual Information Form available on the SEDAR website, www.sedar.com.

Readers are cautioned not to place undue reliance on forward-looking statements.

GBS Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.