UW Underworld Resources Inc.

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES

Underworld Resources Inc. (the "Company") (TSX VENTURE:UW) is pleased to
announce that it has closed the final tranche of a brokered private placement
announced on October 16, 2008 with Canaccord Capital Corporation ("Canaccord" or
the "Agent") in the amount of 450,000 flow-through common shares ("Flow-Through
Shares") at a price of $0.55 per Flow-Through Share for gross proceeds of
C$247,500.


Together with the first tranche, the private placement consists of 5,325,381
Flow-Through Shares for gross proceeds of C$2,928,960 (including Flow-Through
Shares sold under the Over-Allotment Option granted to the Agent). 


The Agent received 27,000 common shares (in lieu of a 6% cash commission) and
27,000 agent's warrants, each exercisable at an exercise price of $0.55 per
share for a period of two years, in connection with the final tranche of the
private placement.


Kinross Gold Corporation subscribed for the 450,000 Flow-Through Shares under
the final tranche of the private placement and now holds approximately 9.8% of
the issued and outstanding common shares of the Company.


All of the securities issued or issuable under the final tranche of the private
placement are subject to a hold period and may not be traded until March 6,
2009, except as permitted by Canadian securities legislation and the TSX Venture
Exchange. 


The Company intends to use the proceeds for exploration of its mineral
properties. Expenditures from the Flow-Through Shares will constitute Canadian
exploration expenses (as defined in the Income Tax Act) and renounced for the
2008 taxation year.


ON BEHALF OF THE BOARD OF DIRECTORS

Michael Williams, Chairman & Director

Some statements in this release contain forward-looking information. These
statements include, but are not limited to, statements with respect to the use
of proceeds and proposed exploration expenditures. These statements address
future events and conditions and, as such, involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements to be materially different from any future results, performance
or achievements expressed or implied by the statements. Such factors include,
among others, the completion of use of proceeds and actual expenditures.

Underworld Resources Inc. (TSXV:UW)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024

Underworld Resources Inc. (TSXV:UW)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024