Forest Gate Amends previously announced Private Placement

Montreal, QC - May 29, 2008 - Forest Gate Resources Inc. (the "Company") announces today that it has amended its brokered private placement agreement with Northern Securities Inc. ("Northern") whereby Northern will act as lead underwriter in a private placement of an aggregate of $1,750,000 in Flow-Through Units and Units, with a bought deal commitment provided by Northern Financial Corporation. The revised terms of this private placement replace the terms of the brokered private placement originally announced on April 11, 2008 and amended on May 1, 2008.

Under the revised terms, each Flow-Through Unit, priced at $0.09 per Flow-Through Unit, will consist of one common share and one half of a common share purchase warrant. Each such whole warrant will be exercisable into one common share for a period of two years from closing at an exercise price of $0.10 per share.

Each Unit, priced at $0.07 per Unit, will consist of one common share and one common share purchase warrant. Each such warrant will be exercisable into one common share for a period of two years from closing at an exercise price of $0.10 per share.

The Flow-Through Units and Units will be issued pursuant to applicable prospectus and registration exemptions and will be subject to a four-month hold period.

The Company will grant Northern an over-allotment option, exercisable until closing to purchase up to an additional 20% of the number of Units and Flow-Through Units issued on closing, at a price equal to the Unit issue price and Flow-Through Unit issue price respectively.

The Company will also pay Northern 8% of the aggregate gross proceeds of the Offering, payable at closing. In addition, the Company will pay Northern a work fee of $20,000 and issue to Northern broker warrants equal to 10% of the number of Units and Flow-Through Units sold pursuant to the offering. Each broker warrant will be exercisable into one Unit at the Unit issue price at any time prior to the date that is 24 months from closing.

It is anticipated that the financing will be completed in one or more closings with the first closing occurring on or before the close of business on May 30, 2008. This financing is subject to the usual regulatory approvals.

The Company intends to utilize the proceeds from the private placement for general working capital purposes and its ongoing projects in Canada.

About the Company
Forest Gate Resources Inc. is an international oil & gas exploration company. The company is seeking to increase shareholder value through participation and development of oil & gas exploration and production projects in Ireland and Canada. The Company's shares trade under the symbol FGT on the TSX Venture Exchange.

For more information please contact:

Robert Kramberger,
V-P, Investor Relations
1-866-666-3040
rkramberger@forestgate.ca
www.forestgate.ca

Forward-Looking Statements
This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf.

The TSX Venture Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this news release.