Underworld Resources Inc. (TSX VENTURE:UW) announces that further to its news
release dated September 2, 2008, the Company has closed the first tranche of its
non-brokered private placement, issuing a total of 3,727,273 common shares at a
price of $0.55, raising proceeds of $2,050,000. All securities distributed under
the private placement are subject to a four-month plus one day hold expiring
February 6, 2009. A finder's fee of 8% is payable in connection with a portion
of the private placement.


Kinross Gold Corporation has invested $1,000,000 in the Private Placement and
will hold 9.7% of the company's issued and outstanding shares upon completion of
this financing.


Underworld intends to use proceeds from the private placement to advance the
Company's projects in Canada and in South America, and for general working
capital.


Underworld Resources is a well-structured junior exploration company targeting
base and precious metals in the Americas and New Zealand.


ON BEHALF OF THE BOARD OF DIRECTORS

Adrian Fleming, President

Forward Looking Statement

Some of the statements contained in this press release are forward-looking
statements. Forward-looking statements are not historical facts and are subject
to a number of risks and uncertainties beyond the Company's control, including,
but not exclusively, statements regarding potential mineralization, exploration
results, completion of work program and studies, and future plans and objectives
of the Company. Resource exploration, development and operations are highly
speculative, characterized by a number of significant risks, which even a
combination of careful evaluation, experience and knowledge may not eliminate,
including, among other things, unprofitable efforts resulting not only from the
failure to discover mineral resources but from finding mineral deposits which,
though present, are insufficient in quantity and quality to return a profit from
production.