diff --git a/.gitignore b/.gitignore
index cd5ce3f..fc448c2 100644
--- a/.gitignore
+++ b/.gitignore
@@ -1,2 +1,3 @@
 /dogpile.cache-0.4.0.tar.gz
 /dogpile.cache-0.4.2.tar.gz
+/dogpile.cache-0.5.0.tar.gz
diff --git a/python-dogpile-cache.spec b/python-dogpile-cache.spec
index 03bce8f..289a99b 100644
--- a/python-dogpile-cache.spec
+++ b/python-dogpile-cache.spec
@@ -5,8 +5,8 @@
 %global modname dogpile.cache
 
 Name:               python-dogpile-cache
-Version:            0.4.2
-Release:            3%{?dist}
+Version:            0.5.0
+Release:            1%{?dist}
 Summary:            A caching front-end based on the Dogpile lock
 
 Group:              Development/Libraries
@@ -109,6 +109,9 @@ popd
 %endif
 
 %changelog
+* Mon Sep 9 2013 Pádraig Brady <pbrady@redhat.com> - 0.5.0-1
+- Update to 0.5.0 release
+
 * Sun Aug 04 2013 Fedora Release Engineering <rel-eng@lists.fedoraproject.org> - 0.4.2-3
 - Rebuilt for https://fedoraproject.org/wiki/Fedora_20_Mass_Rebuild
 
diff --git a/sources b/sources
index 2f2b77b..3601460 100644
--- a/sources
+++ b/sources
@@ -1 +1 @@
-b08d9f916b31c4bda725047e6290b390  dogpile.cache-0.4.2.tar.gz
+c82993d3bfbf74c79e5fdd2ccda99004  dogpile.cache-0.5.0.tar.gz