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Message: Kinross Gold Corporation has invested $1,000,000 in the Private Placement and wi

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Kinross Gold Corporation has invested $1,000,000 in the Private Placement and wi

posted on Oct 06, 08 05:41AM

October 6, 2008

Underworld Closes First Tranche of Non-Brokered Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 6, 2008) - Underworld Resources Inc. (TSX VENTURE:UW) announces that further to its news release dated September 2, 2008, the Company has closed the first tranche of its non-brokered private placement, issuing a total of 3,727,273 common shares at a price of $0.55, raising proceeds of $2,050,000. All securities distributed under the private placement are subject to a four-month plus one day hold expiring February 6, 2009. A finder's fee of 8% is payable in connection with a portion of the private placement.

Kinross Gold Corporation has invested $1,000,000 in the Private Placement and will hold 9.7% of the company's issued and outstanding shares upon completion of this financing.

Underworld intends to use proceeds from the private placement to advance the Company's projects in Canada and in South America, and for general working capital.

Underworld Resources is a well-structured junior exploration company targeting base and precious metals in the Americas and New Zealand.

ON BEHALF OF THE BOARD OF DIRECTORS

Adrian Fleming, President

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