LAVAL, CANADA -- (MARKET WIRE) -- 07/18/2006 -- Typhoon Exploration Inc. (TSX VENTURE: TOO) is pleased to announce that it has closed on July 17, 2006 a private placement of 800,000 units at a price of $ 0.40 per unit. Each unit consists of one common share and one warrant which entitles the holder to acquire one common share at a price of $ 0.55 for a period of 18 months following the issuance of the warrants.

Canaccord Capital Corporation has received a commission of 8 % of the gross proceed from this placement, of which $ 6,416 in cash and $ 21,744 by the issuance of 54,360 units. The net proceed from the placement will be used to finance the Company's exploration work at Fayolle and Aiguebelle-Goldfields Properties and for its general purpose. The securities issued are subject to a four month hold period expiring on November 18, 2006

The Company modified its stock option plan and increased it from 1,575,699 to 4,466,650 shares which is the maximum the plan can allow.

The common shares of Typhoon Exploration are listed on the TSX Venture Exchange under the symbol "TOO".

Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward-looking statements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.