Exile Resources Inc.

Exile Resources Inc.

April 05, 2006 11:04 ET

Exile Resources Announces $10 to $11 Million Syndicated Brokered Private Placement

TORONTO, ONTARIO--(CCNMatthews - April 5, 2006) -

Not for dissemination into the United States or through U.S. Newswire Services

Exile Resources Inc. (TSX VENTURE:ERI) ("Exile Resources" or the "Company") today announced that it has entered into an agreement with a syndicate led by Westwind Partners Inc. and MGI Securities Inc (the "Agents"), for a "best efforts" private placement of up to 20,000,000 units at a price of $0.50 per unit for gross proceeds to Exile Resources of $10 million. Each unit shall consist of one common share and one half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share of Exile Resources at a price of $0.75 for 24 months from the closing date.

Exile Resources has also granted the Agents an option, exercisable until 24 hours before the closing of the private placement, to purchase, at the issue price of $0.50, up to 2,000,000 additional units. If the Agent's option is exercised in full, the gross proceeds to Exile Resources from the placement will be $11 million.

Exile Resources will use the net proceeds from the placement for acquisitions in Africa and for general corporate purposes.

The placement will be effected pursuant to prospectus exemptions under applicable securities legislation and is expected to close on or before April 19, 2006, or such later date as the Agents and the Company agree. The placement is subject to receipt of all necessary corporate and regulatory approvals and to the signing of an Agency Agreement. The shares and warrants issued in the placement will be subject to a four-month "hold period" under applicable securities legislation.

About Exile Resources Inc.

Exile Resources Inc. is an oil and gas exploration company with interests in the Brazeau River Project, located 160 km south west of Edmonton, Alberta. The Company is also pursuing oil and gas, exploration and development opportunities in Africa. Exile Resources has 18,760,979 issued and outstanding common shares. Please visit Exile Resource's web site for further information: www.exileresources.com.

To receive press releases from Exile, please email Julia@chfir.com and mention Exile Resources on the subject line.

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

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