Usha Resources Provides Update on Private Placement

Each Unit is issuable at $0.20 per Unit and consists of one common share (a “ Share ”) of the Company and one-half of one transferable common share purchase warrant (each whole warrant a “ Warrant “). Each Warrant entitles the holder to acquire an additional Share for a period of 2 years at an exercise price of $0.30 per Share, provided that in the event that the closing price of the Company’s Shares on the TSX Venture Exchange (the “ TSXV ”) (or such other exchange on which the Company’s Shares may become traded) is $0.75 or greater per Share during any thirty (30) consecutive trading day period at any time subsequent to four months and one day after the closing date, the Warrants will expire at 4:00 p.m. (Vancouver time) on the 30th day after the date on which the Company provides notice of such accelerated expiry to the holders of the Warrants (the “ Accelerated Expiry Provisions ”).

Each FT Unit is issuable at $0.25 per FT Unit and consists of one flow-through common share in the capital of the Company and one-half of one transferable Warrant, with each whole Warrant exercisable at $0.35 per Share for a period of 2 years subject to the Accelerated Expiry Provisions.

All securities issued in the Private Placement will be subject to a four month and one day hold period plus the TSXV hold period.

The net proceeds from the Private Placement will be used for exploration at Usha’s Lost Basin and Nicobat projects and for working capital and general corporate purposes.

Closing of the Private Placement is subject to the approval of the TSXV.