Luiri Gold Closes Transaction With Carlton Resources Plc

Luiri Gold Limited (TSX VENTURE:LGL)(ASX:LGM) ("Luiri" or the "Company") is
pleased to announce that it has completed the transaction pursuant to the
Carlton Agreement (Luiri News Release February 14, 2011). Carlton Resources Plc
("Carlton") has finalized the private placement of 5,875,000 common shares of
the Company at a price of A$0.15 per share (the "Private Placement") and four
existing directors of the Company have resigned immediately following the
completion of the Private Placement and have been replaced by three new
directors nominated by Carlton.


A total of 5,875,000 fully paid common shares were issued pursuant to the
Private Placement at a price of A$0.15 per share resulting in gross proceeds to
Luiri of A$881,250. These shares will be traded in the form of CHESS Depositary
Interests ("CDIs") and rank equally in all respects to existing quoted CDIs on
the Australian Stock Exchange ("ASX") and Luiri shares listed on the TSX Venture
Exchange. No finder's fees were paid in connection with the private placement.
The CDI's are subject to a statutory hold period of four months from the date of
closing. 


The funds will be used as working capital for Luiri.

Carlton's shareholding in Luiri represents approximately 5% of the issued shares
of the Company.


New Board Appointments 

Effective on the February 23, 2011, each of Michael Sperinck, Peter Tanham,
Gordon Richards and Richards Billingsley have resigned from the board of
directors of Luiri. Melissa Sturgess has been appointed as Executive Chairman
and Mike Langoulant and Evan Kirby as directors of Luiri. Each of the new
directors is also a director of Nyota Minerals Limited. Melissa Sturgess
resigned as a director of Carlton on the 12th February, 2011.


Company Direction 

The New Directors will continue to work to resolve the tenure issues surrounding
Mining License LML 48 in Zambia. It is the Company's intention to grow via a
regional exploration programme which would run parallel to the development of
LML 48 following resolution of the tenure issues. 


ON BEHALF OF THE BOARD OF DIRECTORS OF LUIRI GOLD LIMITED 

This news release includes certain forward-looking statements or information.
All statements other than statements of historical fact included in this
release, including, without limitation, statements regarding plans for the
completion of a private placement financing and other future plans and
objectives of the Company are forward-looking statements that involve various
risks and uncertainties. There can be no assurance that such statements will
prove to be accurate and actual results and future events could differ
materially from those anticipated in such statements. Important factors that
could cause actual results to differ materially from the Company's plans or
expectations include market prices, availability of capital and financing,
general economic, market or business conditions, regulatory changes, timeliness
of government or regulatory approvals and other risks detailed herein and from
time to time in the filings made by the Company with securities regulators. The
Company expressly disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information, future events
or otherwise except as otherwise required by applicable securities legislation.

Luiri Gold Limited (TSXV:LGL)
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