Mr. Gregory Isenor reports

ALMA GOLD UPSIZES PREVIOUSLY ANNOUNCED PRIVATE PLACEMENT AND CLOSES FIRST TRANCHE

As a result of strong investor demand, Alma Gold Inc. has increased the size of its previously announced non-brokered private placement from 15 million units for aggregate gross proceeds of $1.2-million to a total of 18,437,500 units for aggregate gross proceeds of $1,475,000.

The company also announces that it has closed the first tranche of the private placement, raising gross proceeds of $775,000 through the issuance of 9,687,500 units.

The private placement consists of units issued at a price of eight cents per unit. Each unit comprises one common share of the company and one transferable common share purchase warrant. Each warrant entitles the holder to acquire one additional share at a price of 15 cents for a period of five years from the date of issuance.

All securities issued in connection with the private placement are subject to a statutory hold period of four months and one day from the date of issuance. No finders' fees are payable in connection with the private placement.

The proceeds from the private placement will be used for general working capital purposes, including the evaluation of potential strategic initiatives currently under consideration.

Insider participation: One insider of the company participated in the first tranche closing of the private placement and subscribed for an aggregate of 1.25 million units. Such participation constitutes a related party transaction within the meaning of Multilateral Instrument 61-101 -- protection of Minority Security Holders in Special Transactions. The company has relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 set out in sections 5.5(a) and 5.7(1)(a) of MI 61-101, on the basis that neither the fair market value of the securities issued to, nor the consideration paid by, the related party exceeded 25 per cent of the company's market capitalization, as determined in accordance with MI 61-101.

About Alma Gold Inc.

Alma Gold is a gold-focused exploration company based in Bedford, N.S. Alma Gold, through its subsidiary Karita Gold Corp., is exploring the Karita West project in northern Guinea, the Dialakoro project permits under application in the Siguiri basin of Guinea and it owns the Clarence Stream North gold project in southwest New Brunswick, Canada.

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