updated 4/26/2011 5:46:31 PM ET 2011-04-26T21:46:31

TORONTO, April 26, 2011 (GLOBE NEWSWIRE) -- BUCCANEER GOLD CORP. ("Buccaneer" or the "Company") – (TSX-V:BGG) is pleased to announce the completion of a non-brokered private placement (the "Offering") for aggregate gross proceeds of $5,669,800 as a result of the Offering being over-subscribed from the $5.0 million financing announced on April 1, 2011. The Company received acceptance of the Offering by the TSX Venture Exchange.

In connection with the Offering, the Company issued 14,174,500 units (the "Units"), sold at a price of $0.40 per Unit, with each Unit being comprised of one common share (a "Share") and one common share purchase warrant (a "Warrant") for an aggregate of 14,174,500 Shares and 7,087,250 Warrants. Each whole Warrant entitles the holder to purchase one Share at a price of $0.65 per Share for a period of 15 months from the closing date (the "Warrant Term"). In the event that the closing price at which the Shares trade equals or exceeds $0.85 for 20 consecutive trading days following the closing date, the Company may accelerate the Warrant Term to the date which is 30 days following the date that a news release is issued by the Company announcing the reduced Warrant Term and by the Company providing notice to the holders thereof within five trading days of such 20 day period whereupon the Warrants will expire on the 30th calendar day after the date on which such notice is given. A cash finder's fee of $453,584 was paid to qualified finders.

Buccaneer has 32,704,167 Shares issued and outstanding following completion of the Offering.

Grant of Stock Options

The Company has granted to an officer of the Company 50,000 incentive stock options to purchase common shares at an exercise price of $0.45 per share with an expiry date of April 25, 2014. The total number of stock options outstanding as of the date hereof is 1,250,000.

About Buccaneer

Buccaneer is a mineral exploration company whose long-term objective is to build a diversified company focused on the acquisition, exploration and development of mineral properties. Additional information about the Company is available on SEDAR at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed this news release and neither accepts responsibility for the adequacy or accuracy of this news release.

CONTACT: Paul Zyla
         President and Chief Executive Officer
         
         Kevin Swanborough
         Chief Financial Officer
         (416) 366-4227
         buccaneergold@yahoo.com.

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

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