Uracan Resources Ltd. announces private placement


    Trading Symbol: (TSX - V): URC

    VANCOUVER, Oct. 23 /CNW/ - Uracan Resources Ltd. (the "Company") is in
process of completing a non-brokered private placement of 18,220,000
flow-through units (the "FT Units") at $0.25 each and 1,250,000
non-flow-through units (the "NFT Units") at $0.20 each. Each FT Unit consists
of a share and a half of a warrant to purchase an additional share for 18
months at $0.50 per share. Each NFT Unit consists of a share and a half of a
warrant to purchase an additional share for 18 months at $0.40 per share. The
private placement is expected to close within 2 business days and the
securities issued will be subject to a hold period expiring on or about
February 25, 2009.
    Proceeds of the private placement of $4,805,000 ($4,555,000 of which are
flow though) will be used to fund the ongoing exploration programs at the
Company's North Shore project in Quebec and its Pipewrench Lake project in
Saskatchewan, as well as for working capital. Closing is subject to acceptance
by the TSX Venture Exchange.

    The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. The foregoing
information may contain forward-looking statements relating to the future
performance of Uracan Resources Ltd. Forward-looking statements, specifically
those concerning future performance, are subject to certain risks and
uncertainties, and actual results may differ materially. These risks and
uncertainties are detailed from time to time in the Company's filings with the
appropriate securities commissions.

For further information:

For further information: Gregg J. Sedun, President and CEO, OR John
Sutherland, CFO, (604) 345-6641; Keith Schaefer, Vanguard Shareholder
Solutions Inc., (604) 608-0824, www.vanguardsolutions.ca

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Uracan Resources Ltd.

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