Lero Gold Corporation: Cdn$40 Million Bought Deal Private Placement

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 today's joint announcement of Lero (TSX VENTURE:LER) and European
Minerals Corporation ("EMC") (TSX:EPM)(AIM:EUM), Lero is pleased to announce
that it has entered into an agreement with Canaccord Adams Limited ("Canaccord")
to sell, on a bought-deal, private placement basis, an aggregate of 47,058,824
common shares (the "Offering Shares") of the Company at a price of Cdn $0.85 per
common share for gross proceeds of Cdn $40,000,000 (the "Offering") to qualified
investors under the applicable regulations in Canada, the United Kingdom,
certain jurisdictions in Europe and the United States. Canaccord is the sole
underwriter and bookrunner. Lero will grant to Canaccord the option to increase
the Offering by up to an aggregate amount of common shares equal to proceeds of
Cdn$20,000,000. In addition, Lero will also grant to Canaccord an over-allotment
option to purchase up to an additional 15% of the number of Offering Shares at
the issue price, exercisable for a period of up to 30 days following the closing
of the Offering.


The net proceeds from the Offering will be used primarily to fund a
Cdn$25,000,000 loan from Lero to 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 today's joint announcement
of Lero and EMC for further details), to fund continued exploration and drilling
on Lero's Taldybulak Talas (Kazakhstan) and Karchiga (Kyrgyzstan) 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 financing is subject to
approval by the TSX Venture Exchange.


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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