Soho Resources Corp.
TSX VENTURE : SOH

Soho Resources Corp.

December 18, 2008 17:00 ET

Soho Resources Corp. Negotiates $1,000,000 Private Placement Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 18, 2008) - Soho Resources Corp. ("Soho" or the "Company") (TSX VENTURE:SOH) reports that it has negotiated a non-brokered unit private placement with three unrelated Chinese investors. The private placement is to consist of 25 million units priced at $0.04 per unit with each unit consisting of one common share and one transferable share purchase warrant, with each warrant exercisable into one additional common share at a price of $0.05 per share within a period of two years from closing. The maximum number of units to be issued to any one placee will be 10 million, such that there will be no new greater than 10% shareholders resulting from the placement.

Upon closing of the private placement, anticipated near the end of January 2009, the Company will appoint two new directors, one of which will be designated by one of the placee's. The second director to be appointed will be Mr. Yao Sun of North Vancouver, who was instrumental in assisting the Company in arranging the placement.

The proceeds of the placement are to be used to fund the cost of an updated resource report, additional exploration on the Company's Tahuehueto Project, and for general corporate purposes.

"In these very difficult market conditions we are pleased to have negotiated this private placement which ensures Soho will have adequate working capital throughout 2009, at our current vastly reduced burn rate," states Ralph Shearing, President & CEO of the Company, "should market conditions improve such that it allows for additional funding to be achieved at less dilutive rates we intend to accelerate exploration work required to advance the Tahuehueto Project towards economic studies and possible future production."

Upon closing a finder's fee of 6% will be paid in relation to the private placement, as to 50% in cash and 50% in units having the same exercise terms as the unit in the private placement.

The placement is subject to the approval of the TSX Venture Exchange.

WARNING: The Company relies upon litigation protection for "forward-looking" statements. This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of up-coming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Soho Resources Corp. relies upon litigation protection for forward-looking statements.

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

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