Brilliant Mining Corp.

Brilliant Mining Corp.

March 24, 2005 18:48 ET

Brilliant Announces $600,000 Brokered Private Placement


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: BRILLIANT MINING CORP.

TSX VENTURE SYMBOL: BMC

MARCH 24, 2005 - 18:48 ET

Brilliant Announces $600,000 Brokered Private Placement

EDMONTON, ALBERTA--(CCNMatthews - March 24, 2005) - Brilliant Mining
Corp. (TSX VENTURE:BMC) (the "Corporation") announces that Pacific
International Securities Inc. (the "Agent") has agreed to act as
exclusive agent to complete a private placement offering ("Offering") on
a best efforts basis of up to 3,000,000 units ("Units") at a price of
$0.20 per Unit for gross proceeds of up to $600,000.

An aggregate of 1,500,000 Units ("FT Units") will each consist of one
common share of the Corporation ("Common Share") which will be issued as
a "flow-through" share and one-half of a non-transferable share purchase
warrant ("Warrant") and the remaining 1,500,000 Units will each consist
of one Common Share and one Warrant. Each whole Warrant will entitle the
holder to acquire one additional Common Share for a period of two years
from closing at an exercise price of $0.25 per Common Share.

The Units will be offered to qualified purchasers in British Columbia,
Alberta and such other jurisdictions as may be agreed upon between the
Corporation and the Agent, in reliance upon exemptions from the
prospectus requirements of such jurisdictions. The Offering is subject
to certain conditions, including regulatory approval. The proceeds from
the offering of the FT Units will be used to incur expenditures on the
Corporation's properties which qualify as Canadian Exploration Expenses.

The Agent will receive a commission equal to 10% of the gross proceeds
of the Offering, which it may elect to receive in cash or in whole or in
part, in non-FT Units together with non-transferable compensation
options which will entitle the Agent to acquire Common Shares equal to
10% of the number of Units sold at an exercise price of $0.25 per Common
Share within two years of closing. In addition, the Corporation has
agreed to pay the Agent a corporate finance fee of $20,000 and to pay
the Agent's reasonable costs and expenses related to the Offering.

Insiders of the Corporation may participate in the Offering. No
commission will be paid to the Agent in connection with any Units
purchased by Insiders of the Corporation.

This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The
securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities Act") or
any state securities laws and may not be offered or sold within the
United States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption from
such registration is available.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Brilliant Mining Corp.
    Sean Mager
    President and CEO
    (780)437-6624
    (780) 439-7308 (FAX)
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.