LER Lero Gold Corp

LONDON, UNITED KINGDOM (TSX VENTURE: LER) the base and precious metal exploration company, announces the completion of a private placement to raise goss proceeds of C$2,500,000.

10,000,000 common shares at a price of C$0.25 per share have been issued to qualified investors under applicable regulations (the "Private Placement") through Canaccord Adams Limited "(Canaccord") as selling agent. A cash commission equal to 5% of proceeds raised was paid to Canaccord.

In addition to the completion of the Private Placement, the Company has been advised that Oriel Resources plc ("Oriel"), has concluded the sale of its 100 per cent interest (30,000,000 common shares or approximately 49.35 per cent of the current issued share capital) in the Company.

As previously announced, (19 November, 2007) 12,000,000 of these common shares are freely tradable, while 18,000,000 are still held in escrow and will be released in four blocks in January 2008, July 2008, January 2009 and July 2009. Freely tradable and escrowed shares have been pro-rated among the purchasers.

The completion of the sale by Oriel of its escrowed shares of the Company and the Private Placement has been accepted for filing by the TSX Venture Exchange.

At completion of the sale of shares by Oriel and the Private Placement, to the Company's knowledge, no shareholder together with any of its individual affiliates and associates, owns, directly or indirectly, or exercises control over 10 per cent or more of the issued and outstanding common shares in the capital of the Company, including common shares issuable pursuant to the terms of any convertible security beneficially owned, directly and indirectly, or controlled by the new shareholders.

Lero intends to use the proceeds of the Private Placement for general corporate purposes.

President and CEO of Lero, Nick Clarke said:

"Capital raised in this private placement has provided additional funding for the continuation of advanced exploration activities within our Kazakhstan and Kyrgyzstan-based licences, while Oriel's sale of its controlling shareholding enables Lero's directors to actively pursue operations independently - a very positive move for the Company and its shareholders."

Notes to Editors:

Lero Gold Corp. (TSX VENTURE: LER) is a base and precious metal exploration company led by a senior management team with extensive expertise in mineral exploration and advanced project management.

In July, 2006 Oriel Resources Plc completed its previously announced transfer and sale of its gold related assets into Lero Gold Corporation ('Lero') (formerly ELE Capital Corporation - 'ELE'). Lero resumed trading on TSX Venture Exchange (TSX-V) on Thursday July 27, 2006 under the trading symbol "LER".

Lero Gold is currently seeking and evaluating advanced exploration stage gold and base metal projects in Kazakhstan and Kyrgyzstan. The Company is currently exploring two advanced staged gold deposits in the Tien Shan gold belt in the Kyrgyz Republic and one in Kazakhstan. For avoidance of confusion;

- The Taldybulak-Talas copper gold porphyry is a separate deposit from the Taldybulak Levoberezhny gold deposit previously owned by Central Asia Gold Limited.

The Company is aggressively pursuing and evaluating high quality properties which it intends to add to its portfolios in Kyrgyzstan and Kazakhstan. The Company is well-funded and strategically positioned to fully participate in the current favourable investment climate through solid technical advances, unique in-country expertise, and timely business initiatives. With senior management and excellent technical expertise, Lero Gold intends to aggressively explore and develop a portfolio of new projects and targets.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contacts: Lero Gold Corporation Nick Clarke President & CEO +44 (0) 20 7514 0590 Lero Gold Corporation Darryl Yea Non-Executive Chairman (604) 699-2458 Lero Gold Corporation Gavin Dallas Marketing and PR +44 (0) 20 7514 0590 Email: info@lerogold.com Website: www.lerogold.com Canaccord Adams Limited Robin Birchall / Ryan Gaffney +44 (0) 20 7050 6500 Bankside Consultants Michael Padley / Michael Spriggs +44 (0) 20 7367 8888

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