Monroe Minerals closes first tranche of $2.5 million financing

    CALGARY, Nov. 9 /CNW/ - Monroe Minerals Inc. (TSX Venture: MMX)
("Monroe") is pleased to announce that it has completed $2.04 million of the
non-brokered private placement announced on October 24, 2007. Monroe has
issued 16,016,665 units ("Units") at a purchase price of $0.06 per Unit for a
total of $961,000, and 14,348,331 flow-through units ("FT Units') at a
purchase price of $0.075 per FT Unit for a total of $1.08 million. Monroe has
received expressions of interest exceeding the remainder of the original
proposed $2.5 million financing and, accordingly, is increasing the total
offering to $2.95 million, comprising $1.3 million Units and $1.65 million FT
Units, subject to the receipt of necessary regulatory approval. A second
closing is scheduled for mid November.
    MineralFields Group purchased 1,666,666 Units and 13,333,332 FT Units.
    "This private placement allows Monroe to advance its status as a junior
uranium explorer and to reorganize its diamond resource holdings", said Derek
J. Moran, President and CEO of Monroe. "We are also pleased to commence a
relationship with MineralFields Group, with whom we look forward to working as
we develop our uranium holdings in Canada".
    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 until March 8, 2008.
    Finders' fees in the amount of $84,000 and non-transferable finders'
options ("Finder's Option") to purchase 2,084,999 finders units at a purchase
price of $0.075 per Finders Unit on or before November 8, 2008, were paid to
arm's length finders in connection with the 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.
    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. With the increase in the size of the offering, included in
the amount allocated for general working capital will be partial repayment of
the current portion of long term debt.
    Monroe also announced that its Board of Directors has granted options
over 2.635 million common shares at an exercise price of $0.10 per share to
seven directors, employees and consultants (closing price on November 7, 2007
was $0.075 per share). The expiry date is November 5, 2012 and one quarter of
the options will vest annually. Mr Moran commented, "The directors have
expressed their confidence in the future of the Company by adding a
requirement that Monroe's shares trade over $0.12 per share before these
options can be exercised. That is a premium of 100% over today's Unit
financing and 20% over the financing completed in April 2007. Monroe now has
10,860,000 options outstanding under its Option Plan, at an average exercise
price of $0.15 per share."

    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 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

    To receive company news releases via e-mail, please advise
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)

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