International Barytex Resources Ltd.
TSX VENTURE : IBX

International Barytex Resources Ltd.

April 23, 2008 17:02 ET

International Barytex Closes $5.25 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 23, 2008) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES.

Further to its news release dated March 13, 2008, International Barytex Resources Ltd. (the "Company") (TSX VENTURE:IBX) is pleased to announce that its non-brokered private placement was oversubscribed and it is now closed with the issuance of 7,000,000 units at $0.75 per unit to raise proceeds of $5.25 Million. Each unit consists of one common share and one share purchase warrant entitling the holder to purchase an additional share for a period of 24 months at $1.25 per share during the first 12 months and $1.50 per share during the second 12 months. If the closing market price of the common shares of the Company on the TSX Venture Exchange (or such other stock exchange or quotation system on which the common shares of the Company may at any time or from time to time be listed or quoted) is (i) $1.40 or higher over a period of 20 consecutive trading days ending at any time after August 22, 2008 until April 22, 2009 or (ii) $2.00 or higher over a period of 20 consecutive trading days ending at any time after April 22, 2009 until the date of expiry of the Warrants, the Company will be entitled to accelerate the unexercised Warrants upon notice to the holders thereof and the Warrants will then expire on the 20th business day after the effective date of the giving of such notice.

The Company paid as finders' fees an aggregate of $311,063 in cash, and issued 8,750 Finders' Units, each Finders' Unit consisting of one common share and one share purchase warrant, subject to the same terms and conditions as the placees' warrants.

The placees' and finders' shares and warrants, and any shares issued upon exercise of the warrants, are subject to a hold period and may not be traded until August 23, 2008 except as permitted by, and subject to, applicable securities laws and the TSX Venture Exchange.

Proceeds from the private placement will be used primarily to finance the completion of a Feasibility Study on the Company's Shituru copper project in the Democratic Republic of Congo, for working capital and for other general corporate purposes.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any units within the United States. The units will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws.

On behalf of the Board of Directors

INTERNATIONAL BARYTEX RESOURCES LTD.

Leo King, President and Director

Forward Looking Statements: Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to the completion of transactions, the timing and amount of issuances of securities and the uses of proceeds. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the ability to complete contemplated transactions and share issuances and the uses of proceeds.

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