Electrum Gold Exploration acquires units of Carlin Gold Corporation

Tuesday, Jul 31, 2012

Further to Electrum Gold Exploration LLC's ("Electrum") announcement on June 1, 2012 that it has entered into a definitive agreement with Carlin Gold Corporation ("Carlin") for the sale, on a private placement basis in reliance on the accredited investor exemption (the "Private Placement"), of 21,404,647 units (the "Units") at a price of $0.125 per unit for aggregate gross proceeds of $2.68 million (all figures are in Canadian Dollars), Electrum announces the closing of the Private Placement. Each Unit consists of one common share of Carlin ("Common Share") and one common share purchase warrant ("Warrant"). Each is exercisable for a period of five years after the closing of the transaction at an exercise price of $0.16 per share.

As a result of the completion of the Private Placement, Electrum owns approximately 27% of the issued and outstanding Common Shares and owns approximately 40% of Carlin calculated on a fully diluted basis. Under the terms of the definitive agreement, Electrum will have the right to designate two nominees to Carlin's board of directors and the right of pro rata participation in future financings of Carlin.

The Common Shares and Warrants were acquired for investment purposes and Electrum and/or one or more of its affiliates may, depending on market and other conditions, increase or decrease its beneficial ownership of Common Shares or other securities of Carlin whether in the open market, by privately negotiated agreement or otherwise.

Electrum Gold Exploration LLC is located at 535 Madison Avenue, 12th Floor, New York, NY 10022. A copy of the report relating to this acquisition can be obtained from Michael Williams 646-365-1600 or on Carlin's profile at www.SEDAR.com.

Source: Marketwire