Astral Mining Corporation

Astral Mining Corporation

May 15, 2006 10:14 ET

Astral Closes Financing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 15, 2006) - Astral Mining Corporation (TSX VENTURE:AST)(Frankfurt Stock Exchange:WKN # A0JDX3)("Astral" or the "Company") is pleased to announce that further to its news release dated April 17, 2006, it has closed the private placement of 2,400,000 flow-through units of the Company at a price of $0.45 per unit for total gross proceeds of up to $1,080,000, of which 1,200,000 flow-through units were sold on a brokered basis through Canaccord Capital Corporation, and the remaining 1,200,000 flow-through units were sold on a non-brokered basis.

Each flow-through unit consists of one flow-through common share and one-half of one non-transferable share purchase warrant. Each whole warrant entitles the holder to purchase one non-flow-through common share at a price of $0.60 until November 12, 2007.

The Company intends to use the proceeds from the private placement to fund exploration of the 11,785 hectare Jumping Josephine (JJ) Property located in the Nelson Mining Division of southern British Columbia where the Company has the right to earn a 60% undivided interest by spending $2.1 million on exploration, issuing 400,000 shares and making $100,000 in option payments over 5 years.

Canaccord received a cash commission equal to 9% of the gross proceeds raised by Canaccord and a non-transferable share purchase warrant entitling it to purchase up to 192,000 non-flow-through common shares of the Company, exercisable on the same terms as the private placement warrants. The Company also issued Canaccord 35,000 common shares as a corporate finance fee.

In addition to the commission paid to Canaccord, the Company paid a finder a cash finder's fee equal to 9% of the gross proceeds of $133,950 raised from purchasers introduced by the finder.

Astral Mining Corporation is a Canadian-based company engaged in the exploration and development of precious mineral properties in North America. With an experienced technical team and seasoned management Astral is poised to leverage this expertise into early exploration success.


Mr. Manfred Kurschner, President & CEO

Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

2006 Number 7

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

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