Mr. Fabio Capponi reports

CB GOLD ANNOUNCES $11 MILLION NON-BROKERED PRIVATE PLACEMENT

CB Gold Inc. has arranged for a non-brokered private placement of 10 million units at a price of $1.10 per unit for gross proceeds of $11-million. The private placement has been fully subscribed by Lumina Capital LP.

Each unit is composed of one common share of the company and one-half of one common share purchase warrant. Each warrant will be exercisable for one common share of the company at a price of $1.40 per share for a period of three years from the date of issuance.

The company has agreed to pay a finder's fee of $330,000, payable in common shares of the company to be issued at market price at the date of closing of the private placement.

CB Gold intends to use the proceeds from the private placement to finance exploration and development at the company's Colombian properties, working capital and general corporate purposes.

"We are very pleased to announce this financing and strengthen our relationship with Lumina, a group with a very successful track record, such as their investment in nearby Ventana Gold. This deal is extremely positive for the company moving forward, and will allow us to continue expanding the newly discovered high-grade zone at Real Minera," commented Fabio Capponi, CB Gold's chief executive officer.

The private placement is subject to approval by the TSX Venture Exchange.

We seek Safe Harbor.