Bluerock Resources Ltd.
TSX VENTURE : BRD

Bluerock Resources Ltd.

October 30, 2007 09:30 ET

Bluerock Resources Signs Five Agreements to Purchase 100% of Utah Uranium Projects

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 30, 2007) - Bluerock Resources Ltd. (TSX VENTURE:BRD) (the Company) announces it has signed option agreements with Blue Bird Partners (BBP) and Randy Mecham (Mecham) to earn 100% interests in five uranium projects in the San Rafael Swell and Temple Mountain Uranium Districts, Utah, USA. The acquisition of these mineral claims in the historically important San Rafael Swell and Temple Mountain Uranium Districts gives Bluerock a solid base from which to develop uranium resources in south central Utah.

The Sinbad Head, On Strike, Herbie, Big Fish and Little Fish Projects are comprised of both Bureau of Land Management claims and state leases, encompassing a total of 5,778 acres of uranium exploration ground. The projects have seen historical development ranging from uranium mining to grass roots conceptual exploration.

The Sinbad Head and the On Strike Projects both target Chinle Formation channel hosted uranium mineralization on the strike extensions to the historic Sinbad and Lucky Strike #1 mines (as well as Chinle channel targets parallel to these past producers. These two projects cover approximately 5,179 acres of prospective Chinle Formation targets. A 1973 United States Geological Survey (USGS) report indicated the Sinbad Mine had a grade(i) of 0.25% U3O8. While this mine is not with the boundary of the Company's land package, Bluerock intends to explore for the strike extension of the host paleochannel system. The On Strike Project covers the strike extension of the historic Lucky Strike #1 Mine where historic grades(i) of 0.21% U3O8 are reported in 1954 USGS reports.

Located in the San Rafael Swell, the Herbie Project encompasses 227 acres, including the past producing "Wickiup Mines #1, #2 and #3, where uranium mineralization is hosted in the Chinle Formation. A 1973 USGS report indicates that the Wickiup #1 hosted(i) 45,000 insitu tons at a grade of 0.2% U3O8 (a non N.I. 43-101 compliant resource estimate). While it is uncertain what, if any, uranium mineralization is left from this non-compliant resource, it is indicative of the tenor and scale of mineralization in this area.

(i) The historical data and information stated herein is not N.I. 43-101 compliant and a qualified person has not done sufficient work to classify the historical estimate as current mineral resources, the issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.. The Company intends as part of its work program to verify the same using methods and calculations recognized under N.I. 43-101.

The Big Fish and Little Fish Projects encompass 372 acres of prospective uranium ground in the Temple Mountain Uranium District. These projects target collapse breccia pipe uranium mineralization similar to the Arizona Strip type uranium deposits which host up to 3 million lb deposits and grade in excess of 1% U3O8. Information from local sources suggests that uranium mineralization has been previously encountered in drilling on the Little Fish project at a relatively shallow depth of 300 feet (100 metres).

Planning and execution of an exploration strategy has begun and will include ground geophysics, outcrop and underground mapping and sampling followed by RC and core recovery drill programs.

President Michael Collins commented:

"Bluerock is committed to developing shareholder value in the near term through toll milled production in Colorado, in the medium term with the development of resources and a mill in Utah, and in the long term, through the development of large minable resources through our Mongolian exploration. The acquisition of these five projects addresses our medium term goal to build sufficient uranium resources in Utah to support a 1200 ton per day Utah mill."

Under the terms of the agreement (which is subject to regulatory approval), the Company can acquire 100% the Sinbad Head Project by:

- issuing to BBP 480,000 common shares of the Company;

- issuing to BBP 477,000 common shares of the Company on the first anniversary of the date of the option agreement;

- completing US$550,000 in exploration work on the project over a period of three years;

and making advanced royalty payments of:

- $158,000 on exchange approval;

- $239,250 on the first anniversary of the date of the option agreement;

- $40,700 on the second anniversary; and

- $40,700 on the third anniversary.

- Any production from these projects is subject to a net smelter royalty of 4% on U3O8, and V2O5, and a payment of US$0.75/lb on U3O8 reserved or mined.

Under the terms of the agreement (which is subject to regulatory approval), the Company can acquire 100% the On Strike Project by:

- issuing to BBP 50,897 common shares of the Company and pay 33,600 within 5 days of exchange approval;

- issuing to BBP 152,692 common shares of the Company on or before January 5, 2208;

- completing US$550,000 in exploration work on the project over a period of three years;

and making advanced royalty payments of:

- $50,900 on the first anniversary of the date of the option agreement;

- $8,653 on the second anniversary; and

- $8,653 on the third anniversary.

- Any production from these projects is subject to a net smelter royalty of 4% on U3O8, and V2O5, (excepting production in state leases) and a payment of US$0.75/lb on U3O8 reserved or mined.

Under the terms of the agreement (which is subject to regulatory approval), the Company can acquire 100% the Herbie Project by:

- issuing to BBP and Mecham 15,125 common shares of the Company and pay US$9,983 within 5 days of exchange approval;

- issuing to BBP and Mecham 45,375 common shares of the Company on or before January 5, 2208;

- completing US$425,000 in exploration work on the project over a period of three years;

and making advanced royalty payments of:

- $15,125 on the first anniversary of the date of the option agreement;

- $2,571 on the second anniversary; and

- $2,571 on the third anniversary.

- Any production from these projects is subject to a net smelter royalty of 4% on U3O8, and V2O5, and a payment of US$0.75/lb on U3O8 reserved or mined.

Under the terms of the agreement (which is subject to regulatory approval), the Company can acquire 100% the Big Fish Project by:

- issuing to BBP and Mecham 12,250 common shares of the Company and pay US$8,250 within 5 days of exchange approval;

- issuing to BBP and Mecham 37,500 common shares of the Company on or before January 5, 2208;

- completing US$325,000 in exploration work on the project over a period of three years;

and making advanced royalty payments of:

- $12,500 on the first anniversary of the date of the option agreement;

- $2,125 on the second anniversary; and

- $2,125 on the third anniversary.

- Any production from these projects is subject to a net smelter royalty of 4% on U3O8, and V2O5, and a payment of US$0.75/lb on U3O8 reserved or mined.

Under the terms of the agreement (which is subject to regulatory approval), the Company can acquire 100% the Little Fish Project by:

- issuing to BBP and Mecham 10,000 common shares of the Company and pay US$6,600 within 5 days of exchange approval;

- issuing to BBP and Mecham 30,000 common shares of the Company on or before January 5, 2208;

- completing US$325,000 in exploration work on the project over a period of three years;

and making advanced royalty payments of:

- $10,000 on the first anniversary of the date of the option agreement;

- $1,700 on the second anniversary; and

- $1,700 on the third anniversary.

- Any production from these projects is subject to a net smelter royalty of 4% on U3O8, and V2O5, and a payment of US$0.75/lb on U3O8 reserved or mined.

Paul D. Gray, P.Geo. is the Qualified Person with respect to the Bluerock Resources uranium properties and has reviewed and approved this press release.

Bluerock Resources Ltd. is a uranium exploration company focused on developing tomorrow's energy today through the acquisition and development of conventional uranium resources.

ON BEHALF OF THE BOARD OF DIRECTORS

Michael Collins, CEO, President and Director

Statements contained in this document that are not historical facts are forward looking statements as that term is defined in the private securities litigation reform act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed in the Company's filing with the B.C. Securities Commission. We seek Safe Harbour.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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