Zoloto Resources non-brokered private placement update

    VANCOUVER, Aug. 29 /CNW/ - Zoloto Resources Ltd. ("Zoloto" or the
"Company") (ZR - TSX-V), announces that, due to adverse market conditions, it
will not proceed with a second closing of the non-brokered private placement
(the "Private Placement") previously announced in the Company's June 11 and
July 4, 2008 press releases. An aggregate of 8,250,000 common shares were sold
under the Private Placement, which raised aggregate proceeds of CDN$4,125,000.

    About Zoloto Resources

    Zoloto is a gold exploration company whose primary focus is to become a
mid-tier gold producer through the advancement of its gold exploration
properties in the Russian Federation. In addition, Zoloto's management will
continue to evaluate acquisition opportunities within the Russian Federation.
Zoloto's philosophy is to unlock shareholder value in a socially and
environmentally responsible manner.

    Tim Petterson

    This news release contains forward-looking information which is not
comprised of historical facts. Forward-looking information involves risks,
uncertainties and other factors that could cause actual events, results,
performance, prospects and opportunities to differ materially from those
expressed or implied by such forward-looking information. Forward looking
information in this news release includes, but is not limited to, the
Company's objectives, goals or future plans. Factors that could cause actual
results to differ materially from such forward-looking information include,
but are not limited to, those risks set out in the Company's public documents
filed on SEDAR. Although the Company believes that the assumptions and factors
used in preparing the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such information, which
only applies as of the date of this news release, and no assurance can be
given that such events will occur in the disclosed time frames or at all. The
Company disclaims any intention or obligation to update or revise any
forward-looking information, whether as a result of new information, future
events or otherwise, other than as required by law.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.

    %SEDAR: 00005077E

For further information:

For further information: Alan Tenenbaum, Investor Relations, Zoloto
Resource Ltd., Phone: (604) 608-0223, Fax: (604) 608-0344

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