Canoro Resources Ltd. Closes $13.9 Million Financing and Appoints New Directors Resident in India

Canoro Resources Ltd. ("Canoro" or the "Company") (TSX VENTURE:CNS) is pleased
to announce the closing of its previously announced prospectus rights offering
(the "Offering"). Under the fully subscribed Offering, the Company raised total
gross proceeds of approximately CDN$13.9 million and issued 138,771,162 common
shares of the Company ("Common Shares") to shareholders who exercised their
Rights. Under the Offering, each eligible shareholder of the Company received
one right ("Right") for each Common Share held and each Right was exercisable
for one Common Share at a price of $0.10 per Common Share. 


Under the Offering, Mass Financial Corp. (the "Investor") acquired 121,940,431
Common Shares pursuant to its exercise of its basic and additional subscription
privilege under the Rights. In addition and in connection with its standby
commitment, the Investor was granted warrants ("Standby Warrants") to purchase
up to 34,692,791 Common Shares. The Standby Warrants are exercisable at a price
of $0.10 per Common Share for a period of six months. Following completion of
the Offering, the Investor now owns approximately 53% of the 277,542,324 issued
and outstanding Common Shares of the Company. Upon exercise of the Standby
Warrants and assuming no other Common Shares are issued prior to such exercise,
the Investor will own approximately 58% of the issued and outstanding Common
Shares of the Company.


In connection with the investment by the Investor under the Offering, as well as
under the previously announced private placement offering, Messrs. Harley Winger
and James Smith have resigned from the Canoro Board and Messrs. Ravin Prakash
and Nowroz Jal Cama have been appointed to the Canoro Board, subject to
regulatory approval. Both Mr. Prakash and Mr. Cama are Indian resident nationals
having considerable experience doing business in that country, the appointment
of whom reflects the Company's increased commitment to India. The Board
presently consists of five members, three of whom are nominees of the Investor. 


Ravin Prakash has been a director of the Investor since 2005. He has over 35
years of corporate banking and financial management experience, specialized in
recovery and restructuring of doubtful assets, the raising of project and trade
finance and risk assessment. 


Between 1965 and 1984, Nowroz Jal Cama held positions in operations, corporate
banking, human resource development and regional management with National and
Grindlays Bank in London and India and other international banks in Hong Kong,
Saudi Arabia and India until 1998. Between 1998 and 2004 he held senior
executive positions with Tata Administrative Service and Tata Financial
Services, a division of Tata Sons Limited.

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