International Gold Resources, Inc. Closes $1.3 Million Private Placement

  
    
  
  
    
      International Gold Resources, Inc. (IGRU; Pink Sheets) announced today 
      that the Company has closed a private placement with accredited 
      investors, in the aggregate amount of $1.3 million to be used for 
      operational needs in support of IGR’s efforts 
      in Brazil. The Company’s Chairman, David H. 
      Francisco purchased $500,000 of the offering.
    
    
      The Company raised $1.3 million through a private placement with 
      approximately 3.25 million shares purchased at $0.40 per share coupled 
      with one-half of one warrant to purchase one additional share of common 
      stock at an exercise price of $1.00 at any time during the next 12 
      months (1,625,000 warrants in aggregate).
    
    
      Robert L. Dumont, IGR’s President and CEO 
      stated, “We will use these funds to sustain 
      operational needs while the Company finalizes and files its amended 
      application for its Cupixi mining license and awaits its approval from 
      the Brazilian Department of Mines. We are very pleased to have Dave 
      participating in this financing and his continued support and enthusiasm 
      for our ongoing efforts.”
    
    
      IGR previously announced the discovery of a manganese target at Cupixi, 
      Amapa State, Brazil, along with the timely filing of its original mining 
      license application with Brazil’s National 
      Department of Mineral Production (DNPM). During the first half of 2008, 
      the Company has been performing additional technical evaluation of the 
      work previously performed on the Cupixi project in response to DNPM 
      comments on the Company’s original license 
      application. The work is now complete and the report is being finalized 
      for submission.
    
    
      The Company also reported that it is not a target of the investigations 
      by the Brazilian Federal Police in Amapa State against certain 
      participants in the mining industry there that have recently been 
      reported in the press.
    
    
      The securities offered in the private placement have not been registered 
      under the Securities Act of 1933 or any state securities laws, and 
      unless so registered may not be offered or sold in the United States, 
      except pursuant to an exemption from, or in a transaction subject to, 
      the registration requirements of the Securities Act of 1933 and 
      applicable state securities laws. This press release does not constitute 
      an offer to sell, or the solicitation of an offer to buy, nor shall 
      there be any sale of the shares of common stock or warrants in any 
      jurisdiction in which such offer, solicitation or sale would be unlawful 
      prior to registration or qualification under the securities laws of any 
      such jurisdiction.
    
    
      About International Gold Resources:
    
    
      The vision of International Gold Resources Inc. is to become recognized 
      as one of the premier early stage mineral exploration companies in the 
      world.
    
    
      This news release contains “forward-looking 
      statements” within the meaning of section 27A 
      of the Securities Act of 1933 and Section 21E of the Securities Exchange 
      Act of 1934. Such forward-looking statements include statements that 
      relate to the Company’s expectations with 
      regard to the future impact on the Company as a result of this offering, 
      recent mining exploration results, and government mining permit 
      approvals. Factors that could cause actual results to differ materially 
      from these forward-looking statements include, among others: the 
      uncertainty of operating in foreign countries; the volatility of mineral 
      prices; potential operating risks of mining, development and 
      exploration; the uncertainty of estimates of mineralized material and 
      deposits; environmental and governmental proceedings and regulations, 
      including the mining license approval process and outcome; availability 
      of financing; force majeure events; and other risk factors as described 
      from time to time in the Company’s filings 
      with the Securities and Exchange Commission. These factors are often 
      beyond the Company’s ability to control or 
      predict.