Private placement financing and board change

TORONTO, Feb. 8 /CNW/ - Coniagas Resources Limited ("Coniagas" or the "Company") (TSX-V: "CNY") announces that it has agreed, subject to regulatory approval, to enter into a private placement with two arm's length investors for 1,000,000 Units at a purchase price of $0.15 per share. Each Unit will comprise one common share and one common share purchase warrant ("Warrant"). Each Warrant will entitle the holder to purchase one common share of the Company at an exercise price of $0.175 per share for a period of two years after the closing date. The funds will be used for corporate working capital.

Coniagas further announces with regret of the passing of one its long time directors, Mr. Samuel Hughes. "Mr. Hughes was a colleague, friend and director of Coniagas for many years," said Mr. Warren Armstrong, President and CEO. "He will be truly missed."

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release.