Salmon River Increases Previously Announced Private Placement

Salmon River Resources Ltd. ("Salmon River" or the "Company") (TSX VENTURE:SAL)
is pleased to announce that the part and parcel private placement announced on
November 4, 2011 has been increased from up to $1,500,000 to up to $2,100,000
(the "Private Placement"). The Company may issue up to 7,000,000 common shares
at $0.30 per common share. The net proceeds of the Private Placement will be
used primarily for legal and other expenses expected to be incurred in
connection with the Investment Framework Agreement and the Treppo Grande Option
described in the press release of the Company dated November 4, 2011. In
connection with the Private Placement, Salmon River may pay finders' fees to
certain finders, including cash commissions in an amount equal to 8% of the
proceeds from the sale of the common shares to subscribers and options to
acquire that number of common shares equal to 8% of the number of common shares
sold to subscribers. Such options will be exercisable for 18 months following
their date of issue.


The common shares issued in the Private Placement will be subject to a
four-month hold period in accordance with the policies of the TSX Venture
Exchange and applicable securities legislation.


The Private Placement remains subject to the approval of the TSX Venture Exchange.

The Private Placement was announced concurrently with the announcement of a
non-binding Memorandum of Understanding (the "MOU") with General Steel Holdings
Inc. Readers should refer to the full text of the press release of the Company
dated November 4, 2011 for more information on the MOU.


About Salmon River Resources Limited (TSX VENTURE:SAL)

Salmon River Resources Limited is a mineral exploration company engaged in the
exploration for and development of commercial deposits of iron ore in Western
Australia. It holds an exclusive option to acquire the Mt. Manning project
located in the Yilgarn region of Western Australia, approximately 210 kilometres
northwest of Kalgoorlie. Salmon River believes the project has the potential to
be a world-class iron ore deposit with early development potential. The shares
of Salmon River are listed on the TSX Venture Exchange under the symbol "SAL".
For further information see our website at www.salmonriverresources.com.


On behalf of the Board of Directors of SALMON RIVER RESOURCES LTD.

J.G. Stewart, President

Forward-Looking Statements: This press release and the press release dated
November 4, 2011 and referred to herein contains forward-looking statements that
are based on the beliefs of management and reflect Salmon River's current
expectations. This press release and the press release dated November 4, 2011
relate to the execution of the non-binding MOU and the Private Placement only,
and are not intended to create legally binding relationships. The
forward-looking statements in this press release and the press release dated
November 4, 2011 also include information relating to the intended commitments
by GS Group, the Company's intention to fund certain development expenses and to
fund development of the Treppo Grande Project, and to the Private Placement. The
forward-looking statements are based on certain assumptions, which could change
materially in the future, including the assumption that the non-binding MOU will
lead to definitive agreements, that the transactions contemplated in the MOU
will be completed, that the Company will exercise its rights under the Treppo
Grande Option and that the Company will close the Private Placement. By their
nature, forward-looking information involves known and unknown risks,
uncertainties and other factors that may cause actual results, performance or
achievements to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking information. Such
factors include the risk that the MOU may be terminated, that the transactions
contemplated in the MOU may not result in a binding agreement, that any
agreement may have terms and conditions different from those contemplated in the
MOU, that any agreement may not be completed, that GS Group may not invest a
portion, or any, of the amount contemplated, that the Company may not exercise
its rights under the Treppo Grande Option, and that the Private Placement may
not close. There can be no assurance that forward-looking information will prove
to be accurate, as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, investors should not place
undue reliance on forward-looking information. Forward-looking information is
provided as of the date of this press release, and the Company assumes no
obligation to update or revise them to reflect new events or circumstances,
except as required in accordance with applicable laws.
Salmon River Resources Ltd. (TSXV:SAL)
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