Amended - Carat Expands Drilling Program at Comparbala Property, Chile, and is Announcing a Financing.



    VANCOUVER, May 31, 2007 as amended June 7, 2007 /CNW/ - Carat is looking
forward to proceed with the second optional program at the Comparbala property
in Chile. In order to speed up the operating process, Carat is negotiating for
a second diamond drilling rig, which is expected to be on the property within
the next few days. Diamond drilling commenced on May 11, 2007. A third RV
drilling rig will be added to the program in the near future.
    Therefore, Carat is announcing a financing of 2,000,000 units consisting
of 1 share and 1/2 warrant at the price of $1.10 per unit. The warrants will
be exercisable at $1.50 for each share and will have a term of one year from
closing. The units will have a hold period of 4 months. There will be finders
fees payable as allowed for in the policies of the TSX Venture Exchange.
    Carat obtained the Comparbala property from BHP Billiton, the largest
diversified resources company in the world, under an option agreement for 50%
project interest. The terms of the agreement are spelled out at the news
release of June 14, 2006.

    On behalf of the Board of Directors

    "C. Katevatis"

    C. (Harry) Katevatis, President

    This document contains certain forward looking statements which involve
known and unknown risks, delays, and uncertainties not under the corporations
control which may cause actual results, performance or achievements of the
corporation's to be materially different from the results, performance or
expectation implied by these forward looking statements.

    This release has been prepared by management - TSX Venture Exchange has
    not reviewed and does not accept responsibility for the adequacy or
    accuracy of this news release.

    %SEDAR: 00021487E




For further information:

For further information: AGORACOM Investor Relations,
www.agoracom.com/IR/Carat, CRZ@agoracom.com

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CARAT EXPLORATION INC.

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