Lero Gold Corp.-Canaccord Adams Exercise of Over-Allotment Option

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN THE UK AND IN CANADA ONLY AND
IS NOT INTENDED FOR PUBLICATION, RELEASE OR DISTRIBUTION IN OR INTO AUSTRALIA,
JAPAN, SOUTH AFRICA, THE RUSSIAN FEDERATION, OR THE UNITED STATES OF AMERICA.


Further to the announcement on May 7, 2008, Lero (TSX VENTURE:LER) is pleased to
announce that it has closed the over-allotment portion of its recent private
placement (the "Offering"), which was previously announced on 18 April 2008.
Pursuant to the over-allotment option, Canaccord Adams Limited ("Canaccord")
purchased an additional 7,058,823 common shares of the Company at the offering
price of Cdn $0.85 per common share for gross proceeds of Cdn $5,999,999.55. A
cash commission equal to 6% of the proceeds was paid to Canaccord. In addition,
Canaccord received broker warrants entitling Canaccord to purchase an additional
282,352 shares in the capital of the Company at a price of Cdn $0.85 for a
period of 24 months from closing of the Offering.


The exercise of the over-allotment option increases the aggregate number of
shares sold in the Offering to 77,647,058 common shares in the Company resulting
in gross proceeds of approximately Cdn $66 million.


The net proceeds from the Offering will be used primarily to fund a
US$25,000,000 loan from Lero to European Minerals Corporation ("EMC") in
connection with the proposed acquisition by EMC of all of the outstanding common
shares of Lero in exchange for common shares of EMC on a one share for one share
basis (see the joint announcement of Lero and EMC of 18 April 2008 for further
details), to fund continued exploration and drilling on Lero's Taldybulak Talas
(Kyrgyzstan) and Karchiga (Kazakhstan) projects with the remainder being used
for working capital and potential acquisitions. EMC plans to use the net
proceeds of the loan financing to fund advancement of its mineral projects and
for general corporate purposes. The Offering has received conditional regulatory
approval and the Offering Shares have been issued to the investors. The
over-allotment shares are subject to a four month hold period, expiring
September 9, 2008.


This press release does not constitute an offer to sell or the solicitation of
an offer to buy any securities of the Company within the United States. The
securities of the Company have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "1933 Act"), or any state
securities laws. Accordingly, the shares may not be offered or sold in the
United States or to U.S. persons (as such terms are defined in Regulation S
under the 1933 Act) unless registered under 1933 Act and applicable state
securities laws or an exemption from such registration is available.


Forward-Looking Information

This news release contains or refers to forward-looking information. All
statements, other than statements of historical fact, that address activities,
events or developments that EMC and Lero believes, expect or anticipate will or
may occur in the future are forward-looking information. Such forward-looking
information includes statements contained in this news release regarding the
completion of the Acquisition, targets, estimates and/or assumptions in respect
of future annual production of gold and copper, costs, commodity prices, mineral
resources and reserves, timing of commencement and completion of "hot"
commissioning and commencement of operations, potential mineralization and
future exploration, development and operational plans and objectives (including
delineating additional mineral resources). This forward-looking information
reflects the current expectations or beliefs of EMC and Lero based on
information currently available to them. Forward-looking information is subject
to a number of risks and uncertainties that may cause the actual results of EMC
and Lero to differ materially from those discussed in the forward-looking
information, and even if such actual results are realized or substantially
realized, there can be no assurance that they will have the expected
consequences to, or effects on EMC and/or Lero.

Factors that could cause actual results or events to differ materially from
current expectations include, but are not limited to: the grade and recovery of
ore which is mined varying from estimates; capital and operating costs varying
significantly from estimates; inflation; changes in exchange rates; fluctuations
in commodity prices; delays in the development or commissioning of, and the
commencement of operations at, EMC's Varvarinskoye Project caused by
unavailability of equipment, labour or supplies, weather and climatic
conditions, delays in the delivery and installation of plant and equipment or
otherwise; termination or suspension of EMC's current debt facility; failure of
Lero to raise the funds necessary to complete the Acquisition; the failure of
EMC and Lero to negotiate the terms under which funds are to be advanced as
contemplated herein or to negotiate definitive agreements; delays in obtaining
or failure to obtain required regulatory and shareholder approvals; uncertainty
of the outcome of any litigation; inability to delineate additional mineral
resources or reserves; and other factors. Any forward-looking information speaks
only as of the date on which it is made and, except as may be required by
applicable securities laws, EMC and Lero disclaim any intent or obligation to
update any forward-looking information, whether as a result of new information,
future events or results or otherwise. Although EMC and Lero believes that the
assumptions inherent in the forward-looking information are reasonable,
forward-looking information is not a guarantee of future performance and
accordingly undue reliance should not be put on such statements due to the
inherent uncertainty therein.
Lero Gold Corp (TSXV:LER)
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