Zoloto Resources Ltd.
TSX VENTURE : ZR

June 09, 2008 15:40 ET

Zoloto Resources Default Status Report

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 9, 2008) - Zoloto Resources Ltd. ("Zoloto" or the "Company") (TSX VENTURE:ZR), announces today that it continues to make progress towards the completion of its annual consolidated financial statements and related audit for the Company's financial year ended December 31, 2007. However, due to the nature of the procedures required to finalize the consolidation of the Company's assets with Russian assets acquired in 2007, the completion of such financial statements and related audit will not be completed by June 10, 2008, as previously anticipated by the Company, and will require additional time.

The Company continues to work with its auditors to complete the audit of its annual consolidated financial statements for year ended December 31, 2007 as expeditiously as possible and expects this to be completed by June 23, 2008. Management of the Company expects the Company's interim financial statements and management's discussion and analysis ("MD&A") for the Company's first quarter ended March 31, 2008 will also be completed by June 23, 2008.

Pending the filing of its annual audited consolidated financial statements, the interim financial statements for the Company's first quarter ended March 31, 2008 and the related MD&A, the Company intends to satisfy the alternative information guidelines recommended by Ontario Securities Commission Policy 57-603 and Canadian Securities Administrators Staff Notice 57-301 ("CSA Staff Notice 57-301"), including the provisions of Appendix B (Default Status Reports) of CSA Staff Notice 57-301. If the annual audited consolidated financial statements, the interim financial statements for the Company's first quarter ended March 31, 2008 and the related MD&A are not filed by June 29, 2008, applicable securities commissions or regulators may impose a cease trade order. A cease trade order may be imposed sooner if the Company fails to file its Default Status Reports on time.

The Company is not subject to any insolvency proceeding and there is no material change in the information contained in the Company's press releases dated April 29, May 13 and May 26, 2008 or its Notice of Default filed with applicable securities commissions or regulators other than as disclosed herein, and there is no other material information concerning the affairs of the Company that has not been generally disclosed.

About Zoloto Resources

Zoloto is a gold exploration company whose primary focus is to become a mid-tier gold producer through the advancement of its gold exploration properties in the Russian Federation. In addition, Zoloto's management will continue to evaluate acquisition opportunities within the Russian Federation. Zoloto's philosophy is to unlock shareholder value in a socially and environmentally responsible manner.

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, timing of completion of the annual audit, the expected time for filing of the Company's annual audited financial statements, interim financial statements and accompanying MD&A, the imposition of a cease trade order by applicable securities commissions or regulators and the Company's objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

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

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