Coral Gold Resources Ltd.
OTC Bulletin Board : CGREF

Coral Gold Resources Ltd.

March 23, 2006 13:45 ET

Coral Gold to Consider U.S. Gold Offer

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 23, 2006) - The board of directors of Coral Gold Resources Ltd. ("Coral Gold") (TSX VENTURE:CGR)(OTCBB:CGREF)(BERLIN:GV8)(FWB:GV8) has met to consider the previous announcement by U.S. Gold Corporation ("U.S. Gold") that it intends to make an offer to acquire all of the issued and outstanding shares of Coral Gold. The formal offer by U.S. Gold has not yet been made.

A special committee of the board of directors of Coral Gold has been established to deal with U.S. Gold's unsolicited offer. The members of the special committee are Gary Robertson, Florian Riedl-Riedenstein and William Glasier.

The special committee has selected Roman Friedrich & Company Ltd. of Vancouver to act as its financial adviser, to assist in responding to U.S. Gold's unsolicited offer and to investigate other alternatives that may be available to maximize shareholder value.

The special committee will fully consider the U.S. Gold offer once it is formally made and will provide its recommendations regarding the offer, or any alternative transaction, to the board of directors in due course. The ultimate recommendation of the board of directors will, thereafter, be communicated to shareholders.

On behalf of the Board of Directors of Coral Gold Resources Ltd.

Louis Wolfin, Director

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

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