Wega Mining ASA

Wega Mining ASA

October 22, 2007 14:03 ET

Wega Mining ASA Announces Completion of Equity Offering

TORONTO, ONTARIO--(Marketwire - Oct. 22, 2007) -

NOT FOR DISTRIBUTION IN THE UNITED STATES

Wega Mining ASA (OAX:WEMI) ("Wega Mining") announced today that on October 19, 2007 Wega Mining completed a private placement of 53,571,429 new shares at a price of NOK5.60 per share through a book building process undertaken between October 18, 2007 and October 19, 2007, raising gross proceeds of NOK300 million (or approximately C$54 million based on the October 19, 2007 noon rate of exchange quoted by the Bank of Canada) (the "Wega Mining Equity Offering").

As previously disclosed, on October 17, 2007 Wega Mining entered into an agreement (the "Support Agreement") with Goldbelt Resources Ltd. ("Goldbelt") pursuant to which Wega Mining has agreed, subject to certain conditions of the Support Agreement, to make an offer to acquire all of the outstanding Goldbelt common shares by way of a take-over bid (the "Offer") for C$1.55 per share in cash.

Completion of the Wega Mining Equity Offering was one of the conditions to the making of the Offer by Wega Mining. This condition has now been satisfied. Wega Mining's obligation to make the Offer remains subject to certain other terms and conditions of the Support Agreement.

About Wega Mining ASA

Wega Mining ASA is an Oslo-based international mining company focused on exploring, developing and operating gold, copper and zinc deposits. Wega Mining currently holds exploration licenses in Guinea, Canada, Portugal, Ecuador, Romania and Norway, and a gold-copper development project in Canada. It trades on Oslo Axess, an exchange regulated by the Oslo Stock Exchange. Additional details about Wega Mining can be found in its most recent annual report and listing prospectus available at www.wegamining.com.

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