BF Minerals Ltd.

April 30, 2008 15:22 ET

BF Minerals Ltd. Announces Acquisition of Zambian Mineral Assets and Debt Conversions

TORONTO, ONTARIO--(Marketwire - April 30, 2008) - BF Minerals Ltd. (the "Company") announced today that it has acquired the Northcore and Lunga mineral projects in Zambia and issued common shares in satisfaction of certain debt owing by the Company effective on April 8, 2008. The transactions are intended to reactivate the Company's business, which going forward will consist of the exploration and development of the acquired mineral projects.

The Acquisition

The Company acquired from Mukuba Resources Limited ("Mukuba") and certain minority shareholders all of the outstanding shares of Abbeygate Resources Limited ("Abbeygate") and Lunga Resources (BVI) Limited ("Lunga"), which hold directly or indirectly certain mineral rights in Mukuba's Northcore and Lunga mineral projects in Zambia and $800,000 of debt owing by Mukuba (the "Acquisition"). In consideration for the acquisition of Abbeygate and Lunga, the Company issued an aggregate of 48,491,837 common shares from treasury to the selling shareholders.

The Company also announced that, as part of these transactions, the Company intends to seek the approval of its shareholders for a consolidation of its outstanding share capital on the basis of 15,000,000 post-consolidation shares for 61,480,438 pre-consolidation shares. Shareholders will also be asked to approve the change of the Company's name to Mukuba Resources Limited.

As a result of the completion of the Acquisition, Mukuba holds 37,161,968 common shares, representing approximately 60% of the issued and outstanding shares of the Company. Mukuba acquired its shares of the Company for investment purposes. Mukuba may, subject to market conditions and Mukuba's ongoing evaluation of its investment in the common shares of the Company, make additional investments in or dispositions of securities of the Company, including additional purchases or sales of common shares.

Debt Conversions

The Company also issued 6,225,681 common shares in satisfaction of, and release from, the debt assumed by the Company from Mukuba, in accordance with the terms of the indebtedness. Pursuant to a previous agreement, the Company also issued 2,822,093 common shares in satisfaction of, and release from, a debt of $362,639 owing by the Company to a creditor.

Directors and Officers

The Company also announced that Terry Duffy, John Tuzyk and Loucas Pourlouis have resigned as directors of the Company and were replaced by Trevor Richardson, Mike Smyth and John Hawkrigg. The Company's officers are Trevor Richardson, Chief Executive Officer, Kelly Ehler, Chief Financial Officer, Justin Longley, Chief Operating Officer, Chris Meyer, Vice-President Exploration and Eric Lowy, Secretary. Paul Sadler also resigned as acting Chief Financial Officer.

About the Company

The business of the Company now consists of the exploration and development of two contiguous greenfield exploration projects (the Northcore Project and the Lunga Project) in the Central African Copperbelt region of northern Zambia:

- The Northcore Project area encompasses approximately 9050 square kilometres of geologically prospective ground on the eastern limb of the Copperbelt. The Northcore Project is licensed for copper and cobalt.

- The Lunga Project area adjoins the south-west margin of the Northcore Project area, and is licensed for copper, cobalt, and other base metals. The property encompasses 480 square kilometres of ground and contains a 10 kilometre strike of geochemically delineated copper and zinc anomalies, which extend into the Northcore area. If the Company invests up to the completion of a preliminary feasibility study, the Company will earn an 80% interest in the Lunga property through a farm-in agreement.

The Central African Copperbelt is the world's largest and highest-grade sediment hosted stratiform copper province and includes both the Zambian Copperbelt ('ZCB') and the Congolese Copperbelt to the north in the Democratic Republic of Congo. Over 95% of the known Zambian copper reserves occur in the Lower Roan Group, or in the adjacent basement complex.

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