Coral Sea Announces Private Placement

Calgary, Alberta CANADA, November 18, 2008 /FSC/ - Coral Sea Resources Inc. (CSX - TSX Venture), announces a private placement of up to 333,334 units at a subscription price of $0.12 per unit with each unit (a "Unit") consisting of one common share of the Company and one common share purchase warrant ("Warrant").  Each Warrant will entitle the holder thereof to acquire one common share of the Company at $0.16 per share for a period of two years from the date of closing of the transaction.  It is contemplated that 166,667 Units will be subscribed for by officers and/or directors of the Company, their associates or affiliates or entities over which they have control or direction.  The officers or directors of the Company do not currently own, directly or indirectly, or have control or direction over any common shares of the Company.  The effect of participation by officers and/or directors in the private placement will result in their owning or controlling in aggregate of 166,667 common shares and 166,667 Warrants representing 12.5% of the outstanding common shares.

The Company is in serious financial difficulty and the private placement is designed to improve the financial position of the Company and to provide necessary working capital for operations.  The transaction was approved by the independent director of the Company.  The Company is relying on the exemptions from the formal valuation requirements and minority approval requirements of the TSXV Policy 5.9 in sections 5.5(g) and 5.7(e), respectively.  A closing date for the private placement has not been determined however the Company may close the transaction within 21 days of the date hereof in order to access the capital for working capital purposes.

The private placement is subject to the approval of the TSXV.  The TSXV has neither approved nor disapproved of the information contained in this news release.

This press release may contain forward-looking statements, including statements regarding the business and anticipated financial performance of Coral Sea.  These statements are based on the assumptions and beliefs of management of Coral Sea in light of the information currently available to management.  Actual results and events may differ materially from those contemplated by these forward-looking statements due to these statements being subject to a number of risks and uncertainties.  Some of the factors that could cause such differences include general business and economic conditions in geographic areas where Coral Sea has operations; commodity prices and other competitive factors; the actions or inaction of Coral Sea's partners in its properties; legislative or regulatory developments; changes in prevailing interest rates; and the availability and terms of financing.  Coral Sea undertakes no obligations to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise.


For further information please contact:

John Mackay
President
Coral Sea Resources Inc.
200, 1204 Kensington Road NW
Calgary, AB T2N 3P5
Telephone: (403) 218-6509  
Email: jmackay@jmackay.ca


Source: Coral Sea Resources Inc.
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