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Brilliant Mining Provides Details on Acquisition of Ivory Resources

Brilliant Mining Corp. (TSX VENTURE:BLT) has announced the closing of a private placement previously announced in a news release dated December 1, 2010, subject to final TSX Venture Exchange approval.

The Company is also pleased to announce several updates regarding the proposed acquisition of Ivory Resources Inc. also previously announced in the December 2010 News Release.

Closing of Private Placement

Brilliant has closed a private placement of units of Brilliant (the "Units") at CDN$0.27 per Unit (the "Private Placement"), subject to final TSX-V approval. Each Unit consists of one common share of Brilliant (a "Common Share") and one Common Share purchase warrant of Brilliant (a "Warrant"). Each Warrant will entitle the holder thereof to acquire one Common Share (a "Warrant Share") upon the payment of CDN$0.45 per Warrant Share at any time until 24 months following the date of issuance. Insiders of Brilliant have participated in the Private Placement.

The Private Placement was originally for up to 70,370,370 Units for gross proceeds of up to CDN$19,000,000. The gross proceeds were intended to be used principally to fund an airborne geophysical survey (the "Aerial Survey") being conducted by Ivory Resources Inc. ("Ivory") in the Republic of Equatorial Guinea.

Certain investors originally planning to participate in the Private Placement have advanced funds directly to Ivory by way of loans instead. The loans will be converted into shares of Ivory and subsequently exchanged for Units of Brilliant. Such investors did not invest in Brilliant by way of the Private Placement. Irrespective of whether investors participated by way of the Private Placement or by way of loan, there will be Units issued in exchange for $23,000,000 invested by investors as contemplated by the original Memorandum of Understanding as described in the December 2010 News Release.

Update on Acquisition of Ivory Resources Inc.

The TSX-V has conditionally approved Brilliant's proposed acquisition of Ivory. The Company is working on various acquisition agreements and should be in a position to close, subject to final TSX-V approval, in the next few weeks.

Ivory, through a wholly-owned subsidiary, has acquired an agreement with the government of the Republic of Equatorial Guinea (the "Government") whereby Ivory will fund and conduct the Aerial Survey on behalf of the Government. As compensation for financing the costs of the Aerial Survey, Ivory will have certain preferential rights to choose areas within the survey area (with the exclusion of any reserved areas of the State) to request mining and/or oil concessions for a period beginning from the initiation of the Aerial Survey and ending two months following conclusion of the data acquisition operations.

Once the Aerial Survey has been concluded and the data interpreted, such results will be delivered to the Government at which time Ivory will be in a position to exercise its preferential rights.

Fugro Airborne Survey Corp. ("Fugro") has been contracted by Ivory to complete the Aerial Survey over the Rio Muni area of Equatorial Guinea defined geographically by the international borders with Gabon, Cameroon and the Atlantic Ocean. The Aerial Survey will consist of acquisition and analysis of magnetic, MEGATEM, and radiometric data along approximately 68,832 line kilometers at a line spacing of 400m. The survey will be conducted utilizing a specially modified Dash 7 aircraft at a nominal height of 120m above ground. It is estimated that the Aerial Survey will take 165 clear flying days to complete.

Fugro has commenced the Aerial Survey. The aircraft and crew has been mobilized to Equatorial Guinea and is stationed in the city of Bata. To date 11,043 line kilometers or approximately 16% of the survey has been completed.

Source: Brilliant Mining Corp.

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