November 30, 2007 10:56 ET

Baltic Announces Special Meeting of Shareholders to Approve Merger

TORONTO, ONTARIO--(Marketwire - Nov. 30, 2007) - Baltic Resources Ltd. (TSX VENTURE:BLR) announces that further to the joint news release with PhosCan Chemical Corp. (TSX VENTURE:FOS) dated October 29, 2007 a special meeting of shareholders will be held on January 14, 2008. The purpose of the meeting is to approve the merger between Baltic and PhosCan to combine their interests in the Martison Phosphate Project, in which they each currently hold an equal joint-venture interest. The record date for shareholders entitled to vote at the special meeting is December 14, 2007.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements with respect to the merger transaction, transactions related to the merger transaction, and matters concerning the business, operations, strategy, and financial performance of Phoscan and Baltic. These statements generally can be identified by use of forward-looking words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue" or the negative thereof or similar variations. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the transaction contemplated herein is completed. Forward-looking statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, the ability of PhosCan and Baltic to obtain TSXV approval for the merger transaction and related transactions. Unless otherwise stated, all forward looking statements speak only as of the date of this press release and neither PhosCan or Baltic undertakes any obligation to update such statements except as required by law.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.

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