IGRU International Gold Resources Inc (CE)

International Gold Resources, Inc. (IGRU; Pink Sheets) announced today that the Company has closed a private placement with accredited investors, in the aggregate amount of $1.3 million to be used for operational needs in support of IGR�s efforts in Brazil. The Company�s Chairman, David H. Francisco purchased $500,000 of the offering. The Company raised $1.3 million through a private placement with approximately 3.25 million shares purchased at $0.40 per share coupled with one-half of one warrant to purchase one additional share of common stock at an exercise price of $1.00 at any time during the next 12 months (1,625,000 warrants in aggregate). Robert L. Dumont, IGR�s President and CEO stated, �We will use these funds to sustain operational needs while the Company finalizes and files its amended application for its Cupixi mining license and awaits its approval from the Brazilian Department of Mines. We are very pleased to have Dave participating in this financing and his continued support and enthusiasm for our ongoing efforts.� IGR previously announced the discovery of a manganese target at Cupixi, Amapa State, Brazil, along with the timely filing of its original mining license application with Brazil�s National Department of Mineral Production (DNPM). During the first half of 2008, the Company has been performing additional technical evaluation of the work previously performed on the Cupixi project in response to DNPM comments on the Company�s original license application. The work is now complete and the report is being finalized for submission. The Company also reported that it is not a target of the investigations by the Brazilian Federal Police in Amapa State against certain participants in the mining industry there that have recently been reported in the press. The securities offered in the private placement have not been registered under the Securities Act of 1933 or any state securities laws, and unless so registered may not be offered or sold in the United States, except pursuant to an exemption from, or in a transaction subject to, the registration requirements of the Securities Act of 1933 and applicable state securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of the shares of common stock or warrants in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. About International Gold Resources: The vision of International Gold Resources Inc. is to become recognized as one of the premier early stage mineral exploration companies in the world. This news release contains �forward-looking statements� within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include statements that relate to the Company�s expectations with regard to the future impact on the Company as a result of this offering, recent mining exploration results, and government mining permit approvals. Factors that could cause actual results to differ materially from these forward-looking statements include, among others: the uncertainty of operating in foreign countries; the volatility of mineral prices; potential operating risks of mining, development and exploration; the uncertainty of estimates of mineralized material and deposits; environmental and governmental proceedings and regulations, including the mining license approval process and outcome; availability of financing; force majeure events; and other risk factors as described from time to time in the Company�s filings with the Securities and Exchange Commission. These factors are often beyond the Company�s ability to control or predict.