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