Mr. Rana Vig reports

BLUE LAGOON ANNOUNCES PRIVATE PLACEMENT

Blue Lagoon Resources Inc. has arranged a private placement financing of units at a price of 11 cents per unit for gross proceeds of up to $250,000.

Each unit will comprise one common share of the company and one transferable common share purchase warrant of the company. Each warrant will be exercisable into one common share of the company at an exercise price of 14 cents per share for a period of two years from the date of issuance.

Proceeds of the offering will be used toward general working capital purposes.

The common shares will be subject to a hold period expiring four months and one day from the date of issuance.

The offering is subject to acceptance by the Canadian Securities Exchange.