Anglo Swiss Resources Inc.
OTC Bulletin Board : ASWRF

Anglo Swiss Resources Inc.

January 26, 2007 15:08 ET

CORRECTION FROM SOURCE-Anglo Swiss Resources Inc.: Kenville Mine Law Suit-Private Placement Closes

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 26, 2007) - Correction for the press release issued earlier today. The last paragraph of the release has been replaced. The corrected release follows:

Anglo Swiss Resources Inc. (TSX VENTURE:ASW)(OTCBB:ASWRF)(BERLIN:AMO) announces that it has filed a Statement of Defence in response to a lawsuit commenced in Supreme Court of British Columbia File No. S068401 by Tracer Enterprises Ltd., Babylon Enterprises Ltd., Foaming Holdings Ltd., and Glacial Holdings Inc. (the "Optionees").

Anglo Swiss Resources Inc. ("Anglo Swiss") entered an Option Joint Venture Agreement (the "OJVA") with the Optionees on September 5, 2002. Under the terms of the OJVA, the Plaintiffs could earn a 70% interest in mineral rights associated with Anglo Swiss's Kenville Mine property, located near Nelson, B.C. (the "Property") and could form a joint venture with Anglo Swiss. The Plaintiffs subsequently assigned 88% of their potential interest in the Property to Gold Standard Resources Corp. ("Gold Standard").

In order to exercise their option, the Optionees were required to incur $700,000.00 worth of expenditures in exploring and developing the Property. The OJVA established an audit procedure to determine if the Optionees had fulfilled their obligations to Anglo Swiss.

Pursuant to the OJVA, Anglo Swiss has appointed Peter J. de Visser, B.Comm., C.A., of DeVisser Gray, Chartered Accountants, to audit the exploration expenditures alleged by the Optionees.

In its Statement of Defence, Anglo Swiss denies the allegations contained in the Optionees' Statement of Claim. In Particular, Anglo Swiss says that the claim is without merit as it has been brought before the audit has determined whether the Optionees are entitled to exercise their option. A claim to have a joint venture declared at this stage would be an attempt to avoid the audit procedure that Anglo Swiss and the Optionees agreed to when they entered the OJVA. Further, Anglo Swiss has denied the Optionees' allegations of breach of contract or breach of duty of good faith as being without basis.

Anglo Swiss has retained Farris, Vaughan, Wills & Murphy LLP as counsel in this matter.

December 2006 Private Placement Closed

The Company has distributed 850,000 common shares through a private placement announced on December 4, 2006. The private placement consisted of 850,000 Units consisting of 850,000 flow through common shares at $0.10 per share, plus 850,000 warrants to purchase an additional 850,000 flow through common shares at $0.15 per share until December 29, 2007. The common shares and warrant shares will bear a restrictive legend to prohibit trading until
April 30, 2007.

On behalf of the Board,

Len Danard, President & CEO

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

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