Private Placement

Announcement

Arakan Resources Limited

Arakan Resources Limited (Arakan) announces it has signed an agreement to
undertake a private placement with Global Resources Investments Limited (GRIL).
Arakan is seeking to raise $4,000,000 usd through the sale of 20,000,000 shares
at $0.20 cents per share.

GRIL has been established to exploit investments worldwide in the junior mining
amd natural resources sector, with an objective to generate medium to long term
capital growth. GRIL will re-register as a public company and be constitured as
an investment trust with the name Global Resources Investment Trust Plc (GRIT)
and seek admission of its ordinary shares on the main market for listed
securites on the London Stock Exchange.

In consideration for acquiring shares in Arakan, GRIT will issue and deliver to
Arakan 2,438,000 shares at £1.00 a share. Arakan will then sell the GRIT shares
through the facilities of the London Stock Exchange to realize the private
placement proceeds.

In addition Arakan will enter into a convertible loan note with GRIT for
$5,000,000 and will receive 3,047,500 shares in GRIT which will be sold in the
same format to realize additional proceeds.

Closing of the transaction is subject to a number of conditions precedent
including approval of the GXG markets and GRIT successfully listing on the
London Stock Exchange.