1846 – West 14th Avenue,Vancouver, BC V6J 2J9

Telephone: 604-733-4830




July 23, 2007                                                                      Issued and outstanding shares: 11,680,405

The Company is pleased to announce further progress on the Company’s reactivation plan and prospectus offering. On July 20, 2007, the Company has been conditionally listed on the TSX Venture Exchange, subject to it meeting the minimum listing requirements of the TSX Venture Exchange.

The Company advises that in connection with the reactivation plan and prospectus offering, the Company has filed on July 20, 2007, amended audited financial statements and amended Management’s Discussion and Analysis on SEDAR for the years ended June 30, 2004, 2005 and 2006. In addition, the Company has also filed amended unaudited interim financial statements and amended Management’s Discussion and Analysis for the interim periods ended September 30, 2006 and December 30, 2006. The restatements were issued to reflect an impairment in the value of acquisition costs and deferred exploration expenses incurred on the Company’s mineral properties until June 30, 2003. Following comments from, and discussions with, regulatory authorities, the Company decided the write down was required to reflect the relative lack of exploration and development activity with respect to the Company’s mineral property interests from 1988 until June 30, 2003.

The Company also advises that they have filed their unaudited financial statements and Management’s Discussion and Analysis for the interim period ended March 31, 2007. The Company, following discussions with the British Columbia Securities Commission, had decided to postpone the filing of the March 31, 2007 interims documents until after the issue of the presentation of the Company’s financial statements had been resolved to each party’s satisfaction.

The Company has also filed the corresponding certifications for each of the financial periods as prescribed by in MI 52-109 Certification of Disclosure in Issuer’s Annual and Interim Filings.

                          ON BEHALF OF THE BOARD OF DIRECTORS

                                                                                    Bryan Glen