October 18, 2007 15:48 ET

Baltic and Partners Acquire Noront Ni-Cu-PGE Discovery Area Properties

TORONTO, ONTARIO--(Marketwire - Oct. 18, 2007) - Baltic Resources Inc. (the "Company") (TSX VENTURE:BLR) is pleased to announce that it and MacDonald Mines Exploration Ltd. ("MacDonald") and Temex Resources Corp. ("Temex") have completed the initial claim acquisition in connection with a joint venture ("Joint Venture") to be formed between the Company, MacDonald and Temex pursuant to a letter agreement. The properties acquired are located in the area of the James Bay Lowlands in and around the Noront Double Eagle Ni-Cu-PGE Discovery.

Pursuant to the Joint Venture, the properties, which represent 3 separate parcels of land comprising over 50 claim blocks which correspond to approximately 13,600 hectares, will be shared on a 50/25/25 basis between the Company, MacDonald and Temex, respectively, and all costs associated with the acquisition and exploration of the properties will be shared on the same basis. MacDonald will be the Operator for the Joint Venture.

In addition, the Company continues its staking efforts of additional target areas in and around the area of the Noront Double Eagle Ni-Cu-PGE with other parties.

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

Contact Information

  • Baltic Resources Inc.
    Don McKinnon
    President, CEO
    (705) 268-9000
    Baltic Resources Inc.
    Gordon McKinnon
    Manager Corporate Development
    (705) 268-9000
    (705) 268-5532 (FAX)