CORAL GOLD RESOURCES LTD.

400 – 455 Granville Street

Vancouver, B.C. V6C 1T1

Tel: (604) 682-3701 Fax: (604) 682-3600

www.coralgold.com

ir@coralgold.com

May 18, 2007 

Trading Symbols: TSX Venture – CGR

 OTCBB – CGREF

 Berlin and Frankfurt – GV8

Coral Gold Resources Ltd. (the “Company”) announces that it has closed the non-brokered private placement of 1,410,000 units at a price of $3.00 per unit, each unit consisting of one common share and transferable share purchase warrant.  Each warrant will entitle the investor to purchase one additional share at a price of $3.50 until May 18, 2008.

The hold period for all securities issued under the private placement expires on September 19, 2007.

The net proceeds of the placement will be used for additional exploration and development work on the Company's Robertson Property, Nevada and for general working capital requirements.

Coral has been exploring a portfolio of strategically located claim blocks along the Battle Mountain-Eureka/Cortez gold trend in north-central Nevada. These properties are situated in the active Crescent Valley region, site of the large Cortez (Pipeline) gold mine.

On behalf of the Board of Directors

of Coral Gold Resources Ltd.

“Louis Wolfin”

Louis Wolfin

Director

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