Coral Enters Into Option and Joint Venture Agreement and Private Placement of $705,500 With Barrick

Coral Gold Resources Ltd. (TSX
VENTURE:CLH)(OTCBB:CLHRF)(BERLIN:GV8)(FRANKFURT:GV8); ("Coral" or the "Company")
is pleased to announce that the Company has entered into an exploration and
option to joint venture agreement (the "Option Agreement") with Coral Resources,
Inc., the Company's wholly owned subsidiary, Barrick Gold Exploration Inc.
("Barrick Gold"), and Barrick Gold Corporation ("Barrick"), pursuant to which
Barrick Gold has been granted an option to earn up to an undivided 60% interest
on the Company's Gold Ridge Property in Nevada (consisting of a portion of the
Robertson Property) in consideration for Barrick Gold incurring US$12,000,000 in
exploration expenditures over a five year period. In addition, Barrick Gold has
the option to increase its interest by an additional 15% for an aggregate
undivided 75% interest by preparing and delivering to the Company a scoping
study. The Option Agreement also provides that upon Barrick Gold exercising its
option, a 60%/40% or a 75%/25% joint venture between the parties will be
established in order to further explore the Gold Ridge Property.


The Company also announces that, pursuant to a non-brokered private placement
(the "Private Placement"), Barrick has subscribed for 4,150,000 common shares of
the Company at a price of CAD$0.17 per common share for gross proceeds of
CAD$705,500. The proceeds of the Private Placement will be used for exploration
and for general working capital.


"I am extremely pleased to have this new agreement in place for the Gold Ridge
Property which will be explored by an award winning exploration team", stated
David Wolfin, President and CEO. "I would like to congratulate Barrick's
25-person Goldrush Discovery Team for their recent Thayer Lindsay Award
recognizing their team for the 14.1 million ounce world class Goldrush deposit
in the Cortez District, Nevada located on an adjacent property. We now feel we
have the best possible team to explore our Gold Ridge Property. I would also
like to welcome Barrick as a major stakeholder in Coral Gold representing 9.9%
of Coral Gold's share capital."


The Company's Gold Ridge Property consists of 107 claims covering approximately
2.5 mi2 and is adjacent to the western side of the Robertson claim block located
in North Central Nevada on the Cortez Gold Trend. The Cortez gold mine is one of
the world's largest and lowest cost gold mines, and the surrounding area hosts
excellent upside exploration potential. In 2007, Coral drilled two deep holes on
the northern most area of the Gold Ridge Property and encountered lower plate
Carlin type formation with anomalous gold intercepts. 


The Option Agreement and Private Placement are subject to the approval of the
TSX Venture Exchange.


Qualified Person

Coral's projects are under the supervision of Chris Sampson, P.Eng, Coral VP and
a Director, who is a qualified person within the context of National Instrument
43-101. Mr. Sampson has reviewed and approved the technical data herein.


ON BEHALF OF THE BOARD

David Wolfin, President & Chief Executive Officer 

Neither 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 release contains statements
that are forward-looking statements and are subject to various risks and
uncertainties concerning the specific factors disclosed under the heading "Risk
Factors" and elsewhere in the Company's periodic filings with Canadian
securities regulators. Such information contained herein represents management's
best judgment as of the date hereof based on information currently available.
Except as required by law, the Company does not assume the obligation to update
any forward-looking statement.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Coral Gold Resources Ltd.
David Wolfin
President & Chief Executive Officer
604.682.3701
604.682.3600 (FAX)
[e-mail]
www.coralgold.com