ShaMaran Posts Private Placement

ShaMaran has agreed to sell, on a non-brokered, private placement basis, an aggregate of up to 111.2 million common shares at a price of Cdn $0.45 per share for gross proceeds of up to approximately Cdn $50 million. A 5% finder's fee, in cash or shares, may be payable on all or a portion of the private placement. Net proceeds of the private placement will be used towards the Company's work programs in Kurdistan as well as for general working capital purposes. The common shares issued pursuant to the private placement will be subject to a 4 month hold period.

The foregoing private placement is subject to regulatory approval.