Monroe Minerals Completes $2.8 Million Financing



    CALGARY, Nov. 27 /CNW/ - Monroe Minerals Inc. (TSX Venture: MMX)
("Monroe") is pleased to announce that it has completed the non-brokered
private placement first announced on October 24, 2007. In total, Monroe has
issued 19,393,298 units ("Units") at a purchase price of $0.06 per Unit for a
total of $1.164 million, and 21,844,531 flow-through units ("FT Units") at a
purchase price of $0.075 per FT Unit for a total of $1.638 million,
representing aggregate gross proceeds of $2.802 million. The results of the
first closing were announced on November 9, 2007. At the final closing, Monroe
Minerals Inc. issued 3,376,633 Units and 7,496,200 FT Units.
    Each Unit consists of one common share in the share capital of Monroe
("Common Share") and one common share purchase warrant ("Unit Warrant"). Each
FT Unit consists of one flow-through common share and one warrant
("FT Warrant"). Each Unit Warrant will be exercisable into one Common Share at
a price of $0.10 per Common Share for 12 months from the date of issuance and
$0.12 per Common Share for the following 12 months, subject to earlier expiry
in certain circumstances. Each FT Warrant will be exercisable into one Common
Share at a price of $0.12 per Common Share for 12 months from the date of
issuance and $0.15 per Common Share for the following 12 months, subject to
earlier expiry in certain circumstances. The issued securities are restricted
from resale for 4 months from the date of issue.
    Finders' fees in the amount of $141,000 and non-transferable finders'
options ("Finder's Option") to purchase 3,094,349 finders units at a purchase
price of $0.075 per Finders Unit on or before twelve months from the date of
issue, were paid to arm's length finders in connection with the total
Offering. Each Finder's Unit will consist of one common share and one common
share purchase warrant exercisable into one common share at a price of $0.12
for 12 months from the date of grant of the Finder's Option and at a price of
$0.15 for the subsequent 12 months thereafter, subject to earlier expiry in
certain circumstances.
    MineralFields Group purchased 1,666,666 Units and 13,333,332 FT Units.
    Monroe will use the proceeds of the Offering to work towards the assembly
of a portfolio of uranium properties and exploration thereon, for the
exploration and development of its diamond properties and for general working
capital purposes. Included in the amount allocated for general working capital
will be partial repayment of the current portion of long term debt.

    About MineralFields, Pathway and First Canadian Securities(R)
    -------------------------------------------------------------
    MineralFields Group (a division of Pathway Asset Management) is a
Toronto-based mining fund with significant assets under administration that
offers its tax-advantaged super flow-through limited partnerships to investors
throughout Canada during most of the calendar year, as well as hard-dollar
resource limited partnerships to investors throughout the world. Pathway Asset
Management also specializes in the manufacturing and distribution of
structured products and mutual funds. Information about MineralFields Group is
available at www.mineralfields.com. First Canadian Securities(R), a division
of Limited Market Dealer Inc., is active in leading resource financings (both
flow-through and hard dollar) on competitive, effective and service-friendly
terms, with investors both within, and outside of MineralFields Group.

    About Monroe Minerals Inc.
    --------------------------
    Monroe is engaged in the exploration and development of gem quality
diamond properties in Southern Africa and the assembly of an international
portfolio of uranium projects. Its strategy is well defined: enhancing
shareholder value by combining Monroe's recognized twin strengths of technical
expertise and professional management to advance mining projects to profitable
long term production. Monroe's shares trade on the TSX Venture Exchange under
the symbol MMX. For more information please visit www.monroeminerals.com.

    To receive company news releases via e-mail, please advise val@
    chfir.com and specify "Monroe press releases" in the subject line.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this News Release

    Forward-looking statements: Except for statements of historical fact, all
statements in this news release, without limitation, regarding new projects,
acquisitions, future plans and objectives are forward-looking statements which
involve risks and uncertainties. There can be no assurance that such
statements will prove to be accurate; actual results and future events could
differ materially from those anticipated in such statements.

    %SEDAR: 00007777E




For further information:

For further information: Derek J Moran, President, Monroe Minerals Inc.,
27 82 440 3426; Robin Cook, Account Manager, CHF Investor Relations, (416)
868-1079, robin@chfir.com

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MONROE MINERALS INC.

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