Tucano Exploration Inc.

Tucano Exploration Inc.

January 23, 2008 12:07 ET

Tucano Completes Second Tranche of Private Placement Financing

TORONTO, ONTARIO--(Marketwire - Jan. 23, 2008) -

NOT FOR RELEASE IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES.

Tucano Exploration Inc. has completed the second tranche of its private placement offering, pursuant to which gross proceeds of $1,240,000 were raised, bringing the total gross proceeds raised in the private placement financing to $4,095,000.

The second tranche of the placement consisted of the issuance of 2,480,000 units at a price of $0.50 per Unit. Each Unit consists of one common share and one half common share purchase warrant. Each whole warrant entitles the holder to acquire one common share, exercisable at a price of $0.75 per share until January 21, 2008. The proceeds will be used by the Company for exploration purposes as well as for general corporate purposes.

Tucano Exploration Inc. is a private Canadian company focused on exploration for precious metals in Brazil. Tucano has a strong technical team in Brazil and is currently reviewing several opportunities for property acquisitions.

Cautionary Note Regarding Forward-Looking Information This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, statements with respect to the future acquisitions by the Company and the use of proceeds. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, political and social uncertainties; timing and availability of external financing on acceptable terms; and risks inherent to the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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