Taipan Resources Inc. Announces Closing of $6,000,000 Private Placement

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S. 

Taipan Resources Inc. ("Taipan" or the "Company") (TSX VENTURE:TPN) is pleased
to announce that it has closed its previously announced non-brokered private
placement (the "Private Placement") and has raised gross proceeds of $6,000,000
through the issuance of 16,666,667 units ("Units") at a price of $0.36 per Unit.
Each Unit consists of one common share of the Company and one transferable share
purchase warrant, with each warrant entitling the holder to purchase an
additional common share of the Company for a period of four years at an exercise
price of $0.50. The Company anticipates issuing up to an additional 1,111,111
Units, for additional gross proceeds of $400,000, in the coming week. 


In connection with the Private Placement, the Company paid cash finders' fees
and issued finders' warrants (the "Finders' Warrants") to certain finders. Each
Finders' Warrant entitles the holder to purchase an additional common share of
the Company for a period of four years at an exercise price of $0.50. All
securities issued pursuant to the private placement are subject to a statutory
hold period of four months and one day. The Company intends to use the proceeds
from the private placement for exploration expenditures and for general working
capital purposes. 


About Taipan Resources Inc. 

Taipan Resources Inc. (TSX VENTURE:TPN) is an independent African oil and gas
exploration company with interests in Block 1 and Block 2B onshore Kenya through
its wholly owned subsidiary Lion Petroleum Corp. 


Taipan operates and holds a 45% working interest in Block 2B (1.35 million acres
/ 5,464 km2) and a 20% working interest in Block 1 (5.497 million acres gross /
22,246 km2) which is operated by East Africa Exploration (Kenya) Ltd., a
subsidiary of Afren plc. 


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. 


This news release contains forward-looking statements and other statements that
are not historical facts. Forward-looking statements are often identified by
terms such as "will", "may", "should", "anticipate", "expects" and similar
expressions. All statements other than statements of historical fact included in
this release are forward-looking statements that involve risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate and actual results and future events could differ materially from those
anticipated in such statements. Important factors that could cause actual
results to differ materially from Taipan's expectations are risks detailed from
time to time in the filings made by Taipan with securities regulations.


The reader is cautioned that assumptions used in the preparation of any
forward-looking information may prove to be incorrect. Events or circumstances
may cause actual results to differ materially from those predicted, as a result
of numerous known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of Taipan. As a result, Taipan cannot guarantee
that any forward-looking statement will materialize and the reader is cautioned
not to place undue reliance on any forward-looking information. Such
information, although considered reasonable by management at the time of
preparation, may prove to be incorrect and actual results may differ materially
from those anticipated. Forward-looking statements contained in this news
release are expressly qualified by this cautionary statement. The
forward-looking statements contained in this news release are made as of the
date of this news release and Taipan will only update or revise publicly any of
the included forward-looking statements as expressly required by Canadian
securities law.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Taipan Resources Inc.
Joel Dumaresq
Director
[phone]
[e-mail]
www.taipanresources.com


For Investor Relations Contact:
Kin Communications Inc.
604-684-6730 or 1-866-684-6730
[e-mail]
www.kincommunications.com