Balmoral Increases Flow-Through Private Placement to $4,015,000

Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX VENTURE:BAR) announces that it has entered into a revised agreement with Canaccord Genuity Corp. (the "Agent"), under which the Agent has agreed to increase from $3,025,000 to $4,015,000, the offer in securities of the Company to be placed on a "commercially best efforts" flow-through private placement basis (the "Revised Offering"). The Revised Offering will consist of up to 3,650,000 flow-through common shares of the Company at a price of $1.10 per flow-through common share. The share price of the Offering represents a 21% premium to the 20-day VWAP of Balmoral's common shares for the period preceding the signing of the agreement and a 15% premium to the October 13, 2011 closing price.

The proceeds raised from the Offering will be used to continue the exploration of the Company's Canadian gold projects, including the Martiniere, Grasset, Fenelon and Detour East Projects, located along the Detour Gold Trend in the province of Quebec. Closing of the Offering is anticipated to occur on or before November 3, 2011. Closing of the Offering is subject to receipt of regulatory approvals, including the approval of the TSXV for the Offering, and the entering into by the Company and the Agent of a definitive agency agreement. The securities issued will be subject to a four month hold period under applicable securities laws in Canada.

In consideration of the Agent's services, the Company has agreed to pay the Agent a cash commission of 6% of the gross proceeds of the Offering.

This news release does not constitute an offer to sell or a solicitation to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to the benefit of a U.S. person absent an exemption from the registration requirements of such Act.

About Balmoral Resources - www.balmoralresources.com

Balmoral is a Vancouver-based precious metal exploration and development company focused on district scale gold opportunities in North America. With a philosophy of creating value through the drill bit and with a focus on proven productive precious metal belts, Balmoral is following an established formula with a goal of maximizing shareholder value through discovery.

On behalf of the board of directors of BALMORAL RESOURCES LTD.

Darin Wagner, President and CEO