Suparna Gold Completes $10 Million Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 4, 2011) - Suparna Gold Corp. ("Suparna" or the "Company") (TSX VENTURE:SUG) is pleased to announce that that it has it completed its previously announced private placement of units (each, a "Unit"). Suparna issued a total of 33,333,334 Units at a price $0.30 per Unit for gross proceeds of $10,000,000.20. Each Unit is comprised of one common share in the capital of the Company (a "Common Share") and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to purchase one Common Share at any time within 12 months of the date of issuance at a price of $0.50 per Common Share. In connection with the completion of this private placement, Suparna paid aggregate cash finder's fees in the amount of $413,738.48 to eligible finders who introduced subscribers to the private placement. All of the securities issued under the private placement are subject to a four month resale restriction.

Suparna intends to use the net proceeds of this private placement, in part, to complete its previously announced acquisition (the "Transaction") of up to 100% of the voting shares of Orion Resources N.V. ("Orion"), a company incorporated under the laws of Suriname. Orion holds a 100% interest in the Sara Creek Property located in the Brokopondo and Sipalilwini districts of east central Suriname, South America. The Sara Creek Property is comprised of two exploration concessions consisting of 56,920 hectares, located approximately 150 air kilometres south of Paramaribo, the capital city of Suriname. The proceeds of the private placement will remain in escrow until the Transaction is completed, which is expected to occur this week.

Reader Advisory

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to timing and completion of the Transaction (including receipt of TSX Venture Exchange approval). Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: general economic conditions in Canada, the United States and globally; industry conditions, including fluctuations in commodity prices; governmental regulation of the mining industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; competition for and/or inability to retain drilling rigs and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for commodities; liabilities inherent in mining operations; changes in tax laws and incentive programs relating to the mining industry; and the other factors described in our public filings available at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.