Forest Gate Closes $1.33 Million Brokered Private Placement

Montreal, QC - June 2, 2008 - Forest Gate Resources Inc. (the "Company") announced today that it has completed its first closing of the amended brokered private placement announced May 29, 2008 and has issued 2,222,221 Flow-Through Units at a price of $0.09 per Flow-Through Unit, and 16,111,430 Units at a price of $0.07 per Unit, for total gross proceeds of $1,327,799.99. Conditional Acceptance to this private placement was issued by the TSX Venture Exchange on May 29, 2008.

Northern Securities Inc. ("Northern") acted as lead underwriter for this private placement, with a bought deal commitment provided by Northern Financial Corporation. The revised terms of this private placement replaced the terms of the brokered private placement previously announced on May 1, 2008.

Under the revised terms, each Flow-Through Unit consists of one common share of the Company and one-half of one common share purchase warrant. Each such whole warrant is exercisable into one common share for a period of two years from closing at an exercise price of $0.10 per share. Each Unit consists of one common share of the Company and one common share purchase warrant. Each such warrant is 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 were issued pursuant to applicable prospectus and registration exemptions and the underlying common shares and warrants are subject to a four-month hold period.

The Company also granted Northern an over-allotment option, exercisable until the final closing to sell up to an additional 20% of the number of Units and Flow-Through Units issued on the closings, at a price equal to the Unit issue price and/or Flow-Through Unit issue price respectively.

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

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.