Anglo Swiss Resources Inc.
OTC Bulletin Board : ASWRF

Anglo Swiss Resources Inc.

December 04, 2006 11:30 ET

Anglo Swiss Resources Announces Flow Through Private Placement

Receives 5 Year Drilling Permit on the Fry Inlet Diamond Property

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 4, 2006) - Anglo Swiss Resources Inc. (TSX VENTURE:ASW)(OTCBB:ASWRF)(BERLIN:AMO) is proposing a flow-through financing via a non-brokered private placement of shares utilizing the CRA Flow-Through Share Program. The corporation intends to raise $500,000 with the proceeds being used primarily to drill the Fry Inlet Diamond Property, Lac de Gras, NWT. The exploration expenditures incurred are renounced back to the participating investors as an Investment Tax Credit for their 2006 taxation year. This placement is subject to regulatory approval.

Each Private Placement Unit will consist of one (1) Flow Through Common Share (at $0.10 per Common Share), and one (1) Flow Through Warrant. Each whole Warrant will entitle the holder to acquire one (1) additional Flow-Through Common Share at an exercise price of $0.15 for a period of 12 months from the closing date. There is no finder's fee payable in respect to this private placement, the shares and warrants will be subject to a minimum hold period, restricted from resale for four months from the closing date of the Offering.

The Company has received a Type "B" Land Use Permit for a period of five years for an initial 15 drill holes on the Fry Inlet Diamond Property and is targeting the LI-201 diamondiferous kimberlite and the associated "cluster-like" assemblage of 7 nearby geophysical anomalies.

Recent work on the Fry Inlet Diamond Property in 2006 included an airborne geophysical survey which was followed with another round of till samples. These programs identified over 112 targets of which the Company considers 12 to be "high priority" drill targets. These drill targets lie at the northern end of the Lac de Gras kimberlite cluster (Ekati and Diavik Diamond Mines) and include the Company's LI-201 kimberlite body which proved significantly diamondiferous in a previous drill program.

Seven of these high priority targets surround and include the LI-201. Two prior drill holes produced 280 kilograms of kimberlite and the rock produced 60 diamonds larger than a 0.15-millimetre cut-off. The size distribution was encouragingly coarse as three stones sat on a 0.5-millimetre screen; 14 macro diamonds and 46 micro diamonds were counted. Anglo Swiss believes the body is a kimberlite "lobe" trailing away from a larger body possibly contained within the "cluster-like" assemblage. The latest geophysical data provides a likely target for that larger pipe.

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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