Volta Closes CDN$8,314,045 Bought Deal Private Placement

TORONTO - Volta Resources Inc. (”Volta” or the “Company”) (TSX:VTR) announces that the Company has closed its previously announced “bought deal” private placement entered into with a syndicate of underwriters (the “Underwriters”), led by Wellington West Capital Markets Inc. and includes Cormark Securities Inc., M Partners Inc. and Dundee Securities Corporation, pursuant to which the Underwriters have purchased, or found substitute purchasers to purchase from Volta, 15,200,000 subscription receipts (”Sub Receipts”) at a price of CDN $0.33 per Sub Receipt for gross proceeds of CDN $5,016,000 (the “Offering”). The Underwriters also exercised their option to purchase an additional 9,994,075 Sub Receipts for additional gross proceeds of CDN $3,298,045.

Each Sub Receipt will be automatically converted without any further action on the part of the holder thereof and will entitle the holder to acquire, at the Escrow Release Time (as defined herein), for no additional consideration and subject to adjustment, one common share of the Company (each an “Underlying Share”). The Sub Receipts and the Underlying Shares will be subject to a four month and one day hold period pursuant to Canadian securities laws.

The gross proceeds from the sale of the Sub Receipts (the “Escrowed Funds”) have been deposited into escrow with an escrow agent. Subject to the satisfaction by the Company of certain customary conditions, the Escrowed Funds will be released from escrow to the Company (after deducting the Underwriters’ Commission (as herein defined) and applicable expenses) as soon as practicable after the closing of the previously announced acquisition (the “Acquisition”) by the Company of the Kiaka Gold Project, located in Burkina Faso, from Randgold Resources Limited (the “Escrow Release Time”) (please see Volta release dated October 16, 2009). It is currently anticipated that the Acquisition will be completed on, or about, November 13, 2009.

At the Escrow Release Time, the Company will pay to the Underwriters a cash commission equal to 6% of the gross proceeds raised under the Offering (the “Underwriters’ Commission”), and issue to the Underwriters such number of non-transferable compensation options (the “Compensation Options”) as is equal to 6% of the aggregate number of Sub Receipts sold under the Offering . Each Compensation Option shall be exercisable at any time to acquire one common share of the Company (a “Broker Share”) at a price of $0.38 for a period of 12 months from the date of the closing of the Offering. The release of the Escrowed Funds to Volta and the conversion of the Sub Receipts into the Underlying Shares will be conditional upon Volta receiving approval therefor from its shareholders.

Volta intends to use the net proceeds of the Offering to fund the Acquisition and for general corporate and working capital purposes.

In the event that the Escrow Release Conditions are not satisfied before 5:00 p.m. (Toronto time) on November 30, 2009, the Escrowed Funds, plus any accrued interest earned thereon, shall be returned pro rata to each holder of Sub Receipts, and the Sub Receipts shall be cancelled.

Volta is a mineral exploration company primarily focused on becoming a leader in the identification, acquisition and exploration of gold properties in West Africa. The Company is committed to West African exploration and is Canadian-based with its head office in Toronto, Ontario and operations offices in Accra, Ghana and Ouagadougou, Burkina Faso.

Forward Looking Information Caution:

This press release presents “forward-looking statements” within the meaning of Canadian securities legislation that involve inherent risks and uncertainties. Forward-looking statements include, but are not limited to, statements with respect to the proposed offering of subscription receipts by Volta, the future price of gold and other minerals and metals, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the capital expenditures, costs and timing of the resources, the realization of mineral reserve estimates, the capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, ” might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Volta to be materially different from those expressed or implied by such forward looking statements, including but not limited to: risks related to the successful completion of the acquisition of the Kiaka Project, risks related to international operations; risks related to the integration of acquisitions; risks related to joint venture operations; actual results of current exploration activities; actual results of current or future reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold and other minerals and metals; possible variations in ore reserves, grade or recovery rates; failure of equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although the management and officers of Volta believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and have attempted to identify important factors that could cause actual results to differ materially from those contained in forward- looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Volta does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.

For further information: please refer to our website www.Voltaresources.com or contact: Kevin Bullock, P. Eng., President & CEO, Tel: +1-647-388-1842, Fax: +1-416-867-2298, Email: kbullock@voltaresources.com

Source: Volta Resources Inc.

For further information: please refer to our website https://www.Voltaresources.com or contact: Kevin Bullock, P. Eng., President & CEO, Tel: +1-647-388-1842, Fax: +1-416-867-2298, Email:
kbullock at voltaresources.com