Mr. David Wolfin of Coral reports

CORAL ENTERS INTO OPTION AND JOINT VENTURE AGREEMENT AND PRIVATE PLACEMENT OF $705,500 WITH BARRICK

Coral Gold Resources Ltd. has entered into an exploration and option to joint venture agreement with Coral Resources Inc. (the company's wholly owned subsidiary), Barrick Gold Exploration Inc. and Barrick Gold Corp., pursuant to which Barrick Gold has been granted an option to earn up to an undivided 60-per-cent interest on the company's Gold Ridge property in Nevada (consisting of a portion of the Robertson property) in consideration for Barrick Gold incurring $12-million (U.S.) in exploration expenditures over a five-year period. In addition, Barrick Gold has the option to increase its interest by an additional 15 per cent for a total undivided 75-per-cent interest by preparing and delivering to the company a scoping study. The option agreement also provides that upon Barrick Gold exercising its option, a 60-per-cent/40-per-cent or a 75-per-cent/25-per-cent joint venture between the parties will be established in order to further explore the Gold Ridge property.

The company also announces that, pursuant to a non-brokered private placement, Barrick has subscribed for 4.15 million common shares of the company at a price of 17 cents per common share for gross proceeds of $705,500. The proceeds of the private placement will be used for exploration and for general working capital.

"I am extremely pleased to have this new agreement in place for the Gold Ridge property, which will be explored by an award-winning exploration team," stated David Wolfin, president and chief executive officer of Coral Gold. "I would like to congratulate Barrick's 25-person Goldrush discovery team for their recent Thayer Lindsay Award recognizing their team for the 14.1-million-ounce world-class Goldrush deposit in the Cortez district, Nevada, located on an adjacent property. We now feel we have the best possible team to explore our Gold Ridge property. I would also like to welcome Barrick as a major stakeholder in Coral Gold, representing 9.9 per cent of Coral Gold's share capital."

The company's Gold Ridge property consists of 107 claims covering approximately 2.5 square miles and is adjacent to the western side of the Robertson claim block located in north-central Nevada on the Cortez gold trend. The Cortez gold mine is one of the world's largest and lowest-cost gold mines, and the surrounding area hosts excellent upside exploration potential. In 2007, Coral drilled two deep holes on the northernmost area of the Gold Ridge property and encountered a lower-plate, Carlin-type formation with anomalous gold intercepts.

The option agreement and private placement are subject to the approval of the TSX Venture Exchange.

Qualified person

Coral's projects are under the supervision of Chris Sampson, PEng, Coral vice-president and director, who is a qualified person within the context of National Instrument 43-101. Mr. Sampson has reviewed and approved the technical data herein.

We seek Safe Harbor.