NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: LEITRIM GROUP INC.
TSX VENTURE SYMBOL: LTM
JANUARY 30, 2004 - 14:07 ET

Leitrim Group Inc. Announces Majority of the Minority Shareholder Approval of Qualifying Transaction and Election of New Board Members.

OTTAWA, ONTARIO--Leitrim Group Inc. (the "Corporation" or " Leitrim") is pleased to announce that the majority of the minority shareholders of the Corporation have today approved acquisition of all the securities of 3929311 Canada Inc. ("3929311) (the "Acquisition"). The Acquisition is an arm's length transaction. At the time of closing 3929311 is expected to have an aggregate of 18,333,333 Common Shares, Series "A" Special Shares and Series "C" Special Shares (collectively "3929311 Shares") outstanding.

The consideration for the 3929311 Shares shall be payable by the issuance of 1 common share ("Leitrim Common Share") for each 1 issued and outstanding 3929311 Share, and will result in the distribution of 18,333,333 Leitrim Common Shares.

3929311 is a non-reporting federal company and was incorporated on August 1, 2001. 3929311 holds approximately 820 non-contiguous mineral claims comprising approximately 48,618 hectares (the" Properties") in the Cologne River area of Pontiac Country, Quebec. The nearest major communities are Fort Colonge, Quebec, 75 kilometers to the southeast, and Pembroke, Ontario, 65 kilometers to the southwest.

The shareholders also elected as directors Desmond Burke, Robert Broomfield, Girvan Patterson, John Roberts, Brian Penney, Brian Kopke and Norman Swedko.

The Corporation is working diligently to complete the Acquisition. The Corporation has provided to the TSX Venture Exchange Inc. all the materials in support of the Acquisition required by the TSX Venture Exchange Inc. Policies and awaits the
TSX Venture Exchange Inc. conditional approval. The Acquisition is expected to close contemporaneously with a financing of a minimum of $300,000 and the TSX Venture Exchange Inc. conditional approval. The Corporation will seek a further extension of the February 2, 2004 deadline for receipt of TSX Venture Exchange Inc conditional approval of the Acquisition.

Upon completion of the acquisition of 3929311, the Corporation will be classified as a Mining Issuer on The TSX Venture Exchange Inc.

Investors are cautioned that, except as disclosed in the Management Information Circular of Leitrim prepared in connection with the transaction, any information released or received with respect to Leitrim's potential Qualifying Transaction may not be accurate or complete and should not be relied upon. Trading in
the securities of Leitrim should be considered highly speculative.

Northern Securities Inc., subject to completion of satisfactory due diligence, has agreed to act as a sponsor in connection with the transaction. An agreement to sponsor should not be construed as any assurance with respect to the merits of the transaction of the likelihood of completion.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and neither approved nor disapproved the contents of this press release.

FOR FURTHER INFORMATION PLEASE CONTACT:
Leitrim Group Inc.
Brian Penney
Director
(902) 425-7424
The TSX Venture Exchange Inc. has not reviewed and does not
accept responsibility for the adequacy and accuracy of this
information.