Blue Pearl Mining Ltd.
TSX : BLE
FRANKFURT : A6R
TSX : BLE.WT.A

Blue Pearl Mining Ltd.

April 16, 2007 17:01 ET

Blue Pearl Announces a New Measured and Indicated Resource of 464 Million Pounds of Contained Molybdenum at Endako Mine

TORONTO, ONTARIO--(CCNMatthews - April 16, 2007) - Blue Pearl Mining Ltd. (TSX:BLE)(TSX:BLE.WT.A)(FRANKFURT:A6R), the world's largest publicly traded, pure molybdenum producer, today announced an updated measured and indicated molybdenum resource estimate for its producing Endako Mine near Fraser Lake, British Columbia. The updated resource estimate was calculated by the Vancouver office of Wardrop Engineering Inc. to the specifications of National Instrument 43-101 and in accordance with the CIM Standards. The effective date of the new estimate is April 15, 2007.

"The new resource estimate is the first step in our program of updating resource and reserve estimates at the Endako and Thompson Creek mines where such updates had not been a priority when the mines were privately owned," said Ian McDonald, Executive Chairman. "We plan to release additional resource and ultimately reserve estimates as they become available during 2007 from the consulting firms that are producing them.

"The Endako Mine currently processes approximately 10 million tonnes of ore per year and its existing mine plan extends to 2013. However, the new resource estimate indicates there is the potential to extend the mine life. The calculation of mine life along with a reserve estimate will be part of the next stage of work by Wardrop," Mr. McDonald stated.

The Endako Mine, which has produced molybdenum for more than 40 years, is operated as a joint venture with Blue Pearl having a 75% interest and Japan-based Sojitz Corporation having a 25% interest.

At a cut-off grade of 0.02% molybdenum (Mo), Wardrop estimates measured and indicated Mo resources at the Endako Mine of 492 million tonnes with an average grade of 0.043% Mo and contained Mo of 464 million pounds (75% of which are to Blue Pearl's account). Measured resources are 138 million tonnes at an average grade of 0.05% Mo and indicated resources are 354 million tonnes at an average grade of 0.04% Mo. In addition, the property contains inferred resources of 76 million tonnes at an average grade of 0.033% Mo.



------------------------------------------------------------------------
Class Cut-off Mo% Tonnes Mo % Contained
Mo lb
------------------------------------------------------------------------
Measured greater than 0.02 138,000,000 0.050 152,200,000
------------------------------------------------------------------------
Indicated greater than 0.02 354,100,000 0.040 311,800,000
------------------------------------------------------------------------
Measured +
Indicated greater than 0.02 492,100,000 0.043 463,900,000
------------------------------------------------------------------------
Inferred greater than 0.02 76,200,000 0.033 56,200,000
------------------------------------------------------------------------


At a cut-off grade of 0.03% Mo, Wardrop estimates measured and indicated Mo resources at the Endako Mine of 331 million tonnes with an average grade of 0.051% Mo and contained Mo of 375 million pounds (75% of which are to Blue Pearl's account). Measured resources are 108 million tonnes at an average grade of 0.057% Mo and indicated resources are 223 million tonnes at an average grade of 0.049% Mo. Inferred resources are 36 million tonnes at an average grade of 0.043% Mo.



------------------------------------------------------------------------
Class Cut-off Mo% Tonnes Mo % Contained
Mo lb
------------------------------------------------------------------------
Measured greater than 0.03 108,000,000 0.057 135,500,000
------------------------------------------------------------------------
Indicated greater than 0.03 223,200,000 0.049 239,300,000
------------------------------------------------------------------------
Measured +
Indicated greater than 0.03 331,200,000 0.051 374,800,000
------------------------------------------------------------------------
Inferred greater than 0.03 36,300,000 0.043 34,300,000
------------------------------------------------------------------------


At a cut-off grade of 0.04% molybdenum (Mo), Wardrop estimates measured and indicated Mo resources at the Endako Mine of 211 million tonnes with an average grade of 0.061% Mo and contained Mo of 283 million pounds (75% of which are to Blue Pearl's account). Measured resources are 78 million tonnes at an average grade of 0.065% Mo and indicated resources are 133 million tonnes at an average grade of 0.058% Mo. Inferred resources are 16 million tonnes at an average grade of 0.053% Mo.



------------------------------------------------------------------------
Class Cut-off Mo% Tonnes Mo % Contained
Mo lb
------------------------------------------------------------------------
Measured greater than 0.04 78,200,000 0.065 112,500,000
------------------------------------------------------------------------
Indicated greater than 0.04 132,800,000 0.058 170,300,000
------------------------------------------------------------------------
Measured +
Indicated greater than 0.04 211,000,000 0.061 282,800,000
------------------------------------------------------------------------
Inferred greater than 0.04 16,200,000 0.053 19,100,000
------------------------------------------------------------------------


The new mineral resource estimates at the Endako Mine were estimated by Greg Mosher, P.Geo., of Wardrop Engineering Inc., a qualified person as defined in National Instrument 43-101, using industry standard three-dimensional block modeling software with Mo grades estimated using inverse distance weighted to the second power. Blocks that were within one bench height of the current pit bottom were classified as measured mineral resource, blocks that contained at least 8 composites within 100 feet were classified as indicated mineral resource and all other interpolated blocks were classified as inferred mineral resource. Mr. Mosher has reviewed and consented to the disclosure of resource information in this news release.

A previous resource estimate was provided by Scott Wilson Roscoe Postle Associates Inc. (SWRPA) in a Technical Report on the Endako Mine filed at SEDAR (www.sedar.com) on September 8, 2006. The SWRPA estimate was prepared by Richard E. Routledge, M.Sc., Applied, P.Geo., Consulting Geologist with SWRPA, and John T. Postle, P.Eng., Consulting Mining Engineer with SWRPA, who are qualified persons under National Instrument 43-101. Using a cut-off grade of 0.04% Mo, SWRPA estimated indicated resources at the Endako Mine of 51.8 million tonnes at an average Mo grade of 0.07% and contained Mo of 80.4 million pounds as of September 30, 2005. SWRPA's estimate, which included only in-pit resources, is not strictly comparable with the Wardrop estimate announced today because the Wardrop estimate represents a broader estimation that includes additional diamond drilling data from areas surrounding the current Endako, East Denak and West Denak pits as well as block modeled resources to depth below the pits.

Wardrop will now proceed with an estimation of mineral reserves and detailed pit design as part of a new mine plan at Endako, incorporating updated operating costs and a long-term molybdenum price assumption of US$10 per pound. The previous reserves estimates and existing mine plan extending to 2013 assumed a long-term molybdenum price of US$3.50 per pound.

As part of its review, Wardrop is examining the feasibility of constructing a super-pit, unifying the three existing pits into a large single pit, and of increasing mine production to 50,000 tonnes per day from approximately 30,000 tonnes per day, with a proportionate increase in roasting capacity.

In 2007, Blue Pearl estimates that the Endako Mine, which includes a mill and roasting facility, will produce 11.3 million pounds of molybdenum (8.5 million pounds to Blue Pearl's account). In 2008, the Company expects production to increase to 13.3 million pounds of molybdenum (10 million pounds to Blue Pearl's account).

About Blue Pearl Mining Ltd.

Blue Pearl is the world's fifth-largest molybdenum producer. In October 2006, the Company purchased the Thompson Creek open-pit molybdenum mine and mill in Idaho, a 75% share of the Endako open-pit mine, mill and roasting facility in northern British Columbia, and a metallurgical roasting facility in Langeloth, Pennsylvania. Blue Pearl is also developing the Davidson high-grade underground molybdenum project near Smithers, B.C. The Company has more than 700 employees. Its head office is in Toronto, Ontario. It also has executive offices in Denver, Colorado (including sales and marketing) and Vancouver, British Columbia. More information is available at www.bluepearl.ca.

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the future financial or operating performance of Blue Pearl, its subsidiaries and its projects, the future price of molybdenum, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital, operating and exploration expenditures, costs and timing of the development of new deposits, costs and timing of future exploration, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation expenses, title disputes or claims and limitations of insurance coverage. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Blue Pearl and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, general business, economic, competitive, political and social uncertainties; the anticipated benefits of the acquisition not occurring in the expected time frame or at all; the actual results of current exploration activities; actual results of reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of molybdenum; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability, insurrection or war; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled "Risk Factors" in Blue Pearl's annual information form for the year ended December 31, 2006 which is available on SEDAR at www.sedar.com.
Although Blue Pearl has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and Blue Pearl disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Blue Pearl undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

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