March Resources Corp.

March Resources Corp.

January 31, 2007 09:15 ET

March Resources Corp. Receives Supreme Decrees on Chilean Project

CALGARY, ALBERTA--(CCNMatthews - Jan. 31, 2007) - March Resources Corp. ("March") (TSX VENTURE:MCF) is pleased to announce that they have received the executed Supreme Decrees from the Chilean government in regards to the previously announced award from the Ministry of Mining and Energy of Chile. That award granted approval to March to have exclusive oil and gas exploration and development rights to two blocks in Northern Chile in the Tamarugal Basin. The Pica North and Pica South blocks in this basin consist of a total of approximately 9,500 square kms (2,500,000 acres). The Supreme Decrees shall be published in Official National Gazette during this week and it is expected that the definitive Special Operations Contracts ("SPOC") for each of these areas will be finalized shortly. The SPOC outlines the exploration and development rights on the blocks, which are valid for a period of 35 years and will detail the work commitments that are required for each of the two blocks.

With the receipt of the Decrees, March has begun the work to prepare to spud the initial exploration wells as soon as practical after the execution of the SPOC. In conjunction with these developments, March is pleased to announce that Mr. Alan Albertson has joined March as Manager of Drilling Operations. Mr. Albertson is a professional engineer who brings over 15 years experience in the oil and gas industry. Recently Mr. Albertson has been involved Brazalta Resources Corp. and was instrumental in its initial drilling program in Brazil. In addition, Mr. Albertson has done work with both private and public oil and gas companies in over ten countries on five different continents. Mr. Albertson's experience in South American exploratory operations will be a valuable asset as March continues with its exploration project in Northern Chile.

In addition, March is granting a total of 340,000 options at a price of $0.45 per common share for Mr. Albertson and one other consultant involved in the Chilean project.

The Exchange has in no way passed upon the merits of the transaction and has neither approved nor disapproved the contents of this press release. The Exchange does not accept responsibility for the adequacy and accuracy of this information.

Contact Information