Canoro Resources Ltd. Shareholders Approve Rights Backstop and Convertible Debt

THIS PRESS RELEASE IS NOT TO BE DISTRIBUTED TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION
MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.


Canoro Resources Ltd. ("Canoro" or the "Company") (TSX VENTURE:CNS) is pleased
to announce that on June 9, 2010 the shareholders of the Company approved
certain previously announced transactions with Mass Financial Corp. (the
"Investor"). Specifically, shareholders approved (i) the sale to the Investor of
common shares underlying all unexercised rights, and the issue of 34,692,791
common share purchase warrants, pursuant to a standby commitment (the "Standby
Commitment") agreed to by the Investor in connection with the Company's rights
offering (the "Rights Offering"); and (ii) the senior credit facility pursuant
to which the Investor has agreed to provide the Company with up to US$35.0
million in convertible debt (the "Senior Facility"). Further details with
respect to the Standby Commitment, the Rights Offering and the Senior Facility
are set out in the Company's press releases of April 28, 2010 and May 26, 2010. 


Over 99% of shareholders who voted at the shareholder meeting voted in favour of
the resolutions approving the Standby Commitment and the Senior Facility,
respectively. 


In addition, on June 9, 2010, Canoro formally responded to the "Show Cause
Notice" (the "Notice") received from Government of India Ministry of Petroleum
and Natural Gas ("MOPNG"), described in the Company's June 6, 2010 press
release. Canoro delivered a detailed submission to the MOPNG in support of the
Company's view that both the facts of the situation as well as the language of
the Amguri Production Sharing Contract are not consistent with the position of
the MOPNG as articulated in the Notice of June 1, 2010. 


Visit the Company's website at www.canoro.com.

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