Winfield Resources Limited

Winfield Resources Limited

January 10, 2008 20:22 ET

Winfield Resources Limited: Ras Lanuf EPMC Refinery Proposal

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 10, 2008) -


WINFIELD RESOURCES LIMITED (NEX:WWF.H) announces it has made a proposal for its own account; to build, own and operate a new 300,000 bbl/day oil refinery at the Port of Ras Lanuf, in the Great Jamahiriya of Libya.

By letter dated September 20, 2007 the Company was invited to put forward a detailed proposal to the Libyan National Oil Company (NOC) for the installation of a new stand alone oil refinery at Ras Lanuf.

Based on such invitation, the Company engaged KBC Process Technology Ltd. ( of Surrey, UK, under a Services Agreement (dated November 12, 2007), to provide consulting services and technical support to include Refinery Configuration Review; Refinery Product Yields and Qualities; Marketing Plans; Technology Selection and Licensor Selection; Energy Efficiency Review; Project Design Basis Document review and Project Schedule strategy review. To date the Company has paid KBC $120,000 under the Service Agreement.

Representatives of the Company and KBC met with NOC representatives November 28, 2007, and presented a technical presentation on the proposed refinery configuration, product yields and technology. The Company now awaits a formal response from the NOC as to whether it will grant the Company conditional approval to its Ras Lanuf EPMC Refinery proposal. If conditional approval is granted by the NOC, the Company will move forward to investigate sources of crude oil feedstock and financing.

The Company wishes to confirm that it has not entered into, settled or negotiated any agreements (oral or written), or any agreement in principle, and that a Change of Business has not yet been triggered (as such term is defined in section 1.1 of TSX-V Policy 5.2). It must also be noted that with respect to the proposed refinery at Ras Lanuf, the Company has no firm commitment from the NOC, and the Company is only at the stage where it is investigating the opportunity. There is no assurance the Company will receive conditional or final approval from the NOC to construct and operate a refinery at Ras Lanuf on terms acceptable to the Company, or at all. There is also no assurance the Company will be able to source crude oil feedstock or financing for such refinery project.

On behalf of the Board

Robert Michael Foley, President and CEO

Certain statements herein may constitute "forward looking" statements that involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results expressed or implied by such forward looking statements. These statements relate to future events and reflect the expectations of management regarding business prospects and opportunities. Such forward looking statements reflect current beliefs of management or of the third parties to which they are attributed and are based on information currently available to us. In some cases, the statements use such words as "may", "will", "intend", "should", "expect", "believe", "plan", "anticipate", "estimate", "predict", "potential", "continue" or the negative of these terms or other similar terminology. These statements reflect current expectations regarding future events and speak only as of the date hereof, or in the case of third party statements as of the date on which they were made. Forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future results, and will not necessarily be accurate indications of whether or not such results will be achieved, and there can be no assurance that actual results will be consistent with these forward looking statements.

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

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