Galore Resources Inc V.GRI

News - Financing Closed

[Yakpi]

Now we are ready to rock! Communicated with Michael Byrne recently and he mentioned that we have an extensive promotional plan coming up and are timing it with the upcoming field season, so we will get more traction from it. 4/16/2007 6:15:37 PM ET News Release Index FOR IMMEDIATE RELEASE April 16, 2007 GALORE CLOSES $2 MILLION FINANCING WITH MINERALFIELDS Vancouver, BC - Galore Resources Inc. (GRI-TSX-V) announces that it has closed its non-brokered private placement offering to raise Cdn $2 million, first announced on March 28, 2007. The total number of securities issued to the MineralFields Group in the financing consisted of 4,210,522 flow-through units priced at $0.475. Each unit consists of one flow-through common share and one-half of one non-flow-through share purchase warrant. Each whole warrant is exercisable into one common share at a price of $0.75 in the first year after closing, and at a price of $1.00 in the second year after closing. The company may elect to give thirty days written notice to the holders of warrants, stating that the expiry time of the warrants is accelerated if, within one year of closing of the private placement, the common shares of the company trade for thirty consecutive trading days at or above a trading price of $1.15 per common share, or, if during the second year following closing, the common shares of the company trade for thirty consecutive trading days at or above a trading price of $1.40 per common share. A finder�s fee was paid to Limited Market Dealer Inc., consisting of $97,500 cash and a broker�s compensation option to purchase 410,525 non flow-through units at $0.475 per unit for a period of two years from closing. Each of these non-flow through units are exercisable into one common share and one-half of one share purchase warrant. The warrants have the same terms as the warrants issued in the private placement. The securities issued by the Company in connection with this offering are subject to a statutory hold period which expires on August 13th, 2007. About MineralFields and Pathway MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assents under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about the MineralFields Group is available at www.mineralfields.com. To find out more about Galore Resources Inc. (TSX-V: GRI), visit our website at www.galoreresources.com. GALORE RESOURCES INC. �Michael Byrne� President, CFO and Director Contact: Ray D. Torresan, CEO #506 � 595 Howe Street Vancouver, B.C. V6C 2T5 PH: [phone] [e-mail] gri5.041607