Luiri Gold Limited: Private Placement of AUD$1.15 Million

   Luiri Gold Limited ("Luiri" or the "Company") (TSX VENTURE: LGL)(ASX: LGM) announces it has received subscription agreements from sophisticated investors committing to subscribe to AUD$1.15 million by way of a private placement of 10,000,000 common shares at an issue price of AUD$0.115.

The Company intends to use the proceeds raised from the private placement to continue the Company's endeavours to resolve the various title issues related to its Zambian mineral tenement holdings and for general working capital.

Once the funds from the private placement are received, the Company's cash holdings will increase to approximately AUD$3 million leaving Luiri well placed to commence an aggressive exploration campaign on the Zambian tenements should the Company be successful in resolving all title issues related to its Zambian mineral tenement holdings.

The private placement will be made on a non-brokered basis and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and all applicable securities regulatory authorities. Securities issued pursuant to this offering will be subject to a 4 month hold period. An ASX Appendix 3B will be available on the Company's website.

On behalf of the Board of Directors of the Company,

Mike Langoulant

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.

Contacts: Luiri Gold Limited Mike Langoulant Corporate Secretary [phone] [phone] (FAX) [e-mail] www.luirigold.com