EURO Ressources S.A. Receives Rights Offering Proceeds

    PARIS, November 22 /CNW/ - EURO Ressources S.A. (TSX: EUR; Euronext of
the Bourse de Paris: EUR) today announced that it has now received from BNP
Securities, gross proceeds from the rights offering of EUR 7,573,932,
representing 100% subscription of the rights offered to existing shareholders.
Following the rights issue, there are 60,591,460, common shares outstanding in

    James H. Dunnett, Directeur-General of EURO commented:"We are very
pleased with the strong support from our shareholders and thank them for their
confidence. It is gratifying that we have not needed to call upon the
underwriting assistance from either Macquarie Bank or Golden Star and that the
issue was fully subscribed by the broad majority of our shareholders.

    "The proceeds of the issue will provide in excess of US$11 million. This
is more than we had anticipated due to the favourable movement in the exchange
rate between the US Dollar and the Euro and gives us added liquidity.

    "At the same time, and at our request, we anticipate that Golden Star
will now agree to a deferment until 2008, on favourable terms, of the payments
otherwise due to them in regard to the Rosebel Royalty and their subordinated
loan. If we are successful in these negotiations, the deferment will provide
added liquidity to EURO and allow us to better reduce our gold hedge position.
We expect we may repay our loan from Macquarie Bank as part of this
re-arrangement of our finances. Discussions remain ongoing but are expected to
conclude after the US Thanksgiving Holiday."

    About EURO

    EURO is a French company, presently focused on acquiring and holding
mineral royalties and similar interests on operating gold mines. Additionally,
EURO continues to hold certain exploration and development mineral rights,
principally gold, in French Guiana, which are the subject of joint venture

    EURO has approximately 60.6 million shares outstanding.

    Statements Regarding Forward-Looking Information: Some statements
contained in this news release are forward-looking statements. Investors are
cautioned that forward-looking statements are inherently uncertain and involve
risks and uncertainties that could cause actual results to differ materially.
Such statements include comments regarding the Company's intentions regarding
the acquisition of other corporations and additional royalty or mineral
interests as well as the operations and results of the Rosebel gold mine.
There can be no assurance that future developments affecting the Company or
the Rosebel gold mine will be those anticipated by management.

    Not for distribution to United States newswire services or for
dissemination in the United States. The securities referred to herein have not
been registered under the US Securities Act of 1933 and may not be offered or
sold in the United States or to a US person absent registration or an
applicable exemption from registration.

    Additional information relating to EURO Ressources S.A. is available on

    Further requests for information should be addressed to:

    James H. Dunnett,                Susanne A. Hermans
    Directeur-General                Vice-President Finance
    Tel: +1 604 710 2242             Tel: +1 303 204 7771
    Email:         Email:

For further information:

For further information: EURO Ressources S.A. James H. Dunnett,
Directeur-General +1 604 710 2242 or Susanne A. Hermans
Vice-President Finance +1 303 204 7771

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