Front Street Resource Performance Fund Ltd.

Front Street Resource Performance Fund Ltd.

October 18, 2007 17:52 ET

Front Street Resource Performance Fund Ltd. Closes $48,146,000 Offering

TORONTO, ONTARIO--(Marketwire - Oct. 18, 2007) - Front Street Resource Performance Fund Ltd. (TSX:FRE.UN) is pleased to announce the closing yesterday of its offering of 4,525,000 Units at a price of $10.64 per Unit for gross proceeds of $48,146,000. Each Unit consists of one equity share of the Fund and one full equity share purchase warrant. The offering was led by National Bank Financial Inc. The other members of the agents' syndicate are CIBC World Markets Inc., RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., Scotia Capital Inc., TD Securities Inc., Tuscarora Capital Inc., Blackmont Capital Inc., Canaccord Capital Corporation, Raymond James Ltd., Richardson Partners Financial Ltd., Dundee Securities Corp., GMP Securities L.P., HSBC Securities (Canada) Inc., MGI Securities Inc. and Wellington West Capital Inc. The Fund has granted the agents an over-allotment option to acquire additional units which is exercisable at any time during the next 60 days.

The Fund's investment objective is to maximize capital appreciation by investing on a long/short basis in small and medium-sized business entities in a range of natural resource sector industries, including base and precious metal mining and exploration, and energy-related industries.

The Fund's portfolio consists primarily of equity and equity-related securities, although the Fund may also invest in preferred shares and corporate and government debt securities (which debt securities may be unrated or rated below investment grade).

Front Street Resource Performance Fund Ltd. is a fund managed by Front Street Capital 2004 and advised by Front Street Investment Management Inc. The Units of the Fund are listed in the Toronto Stock Exchange under the symbol FRE.UN.

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