ShaMaran Closes Private Placement

ShaMaran has closed the previously announced private placement. The Company sold, on a non-brokered, private placement basis, an aggregate of 111,111,106 common shares at a price of Cdn $0.45 per share for gross proceeds of Cdn $49,999,997.70. A 5% finder's fee will be paid on a portion of the private placement. Shares issued pursuant to the private placement are subject to a hold period expiring on January 18, 2011.

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 private placement has received regulatory approval and the shares have now been issued to the investors.