Coral Gold Resources Ltd.
OTC Bulletin Board : CLHRF

Coral Gold Resources Ltd.

October 21, 2008 05:00 ET

Coral Announces Exploration Agreement With Barrick Gold on Norma Sass Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 21, 2008) - Coral Gold Resources Ltd.'s (TSX VENTURE:CLH)(OTCBB:CLHRF)(BERLIN:GV8)(FRANKFURT:GV8) wholly-owned U.S. subsidiary, Coral Resources, Inc. ("CRI") with Levon Resources Ltd. ("Levon") have entered into an exploration, development and mine operating agreement (the "Agreement") with Barrick Gold Exploration Inc. ("Barrick"), wherein Barrick is granted the option to acquire up to a 75% interest in CRI's and Levon's interests in the Norma Sass Property, Nevada, consisting of 36 unpatented mining claims.

Barrick may earn a 60% interest by incurring total exploration expenditures of at least US $3 million in annual installments by December 31, 2014. Barrick may earn an additional 10% (for an aggregate interest of 70%) by incurring an additional US $1.5 million by December 31, 2015. Barrick may earn an additional 5% (for an aggregate interest of 75%) by carrying CRI and Levon through to commercial production.

Alternatively, at the time of earning either its 60% or 70% interest, Barrick may be given the option to buy-out CRI's and Levon's joint interest by paying US $6 million and granting them a 2% net smelter returns royalty.

Coral Gold Resources Ltd. is a natural resources company, primarily engaged in the acquisition, exploration and development of natural resources properties, focusing on gold exploration. Its principal business activities have been the exploration of mineral properties located in Nevada, USA, including the Robertson Property, Norma Sass Property, and Ruf Claims.


David Wolfin, President

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

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