Bluerock Resources Ltd.

Bluerock Resources Ltd.

June 24, 2008 08:30 ET

Bluerock and Uranerz Sell Mongolia Assets to Jindal Steel & Power for USD $2.6 Million

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 24, 2008) - Bluerock Resources Ltd. ("Bluerock") (TSX VENTURE:BRD) and Uranerz Energy Corporation ("Uranerz") (or jointly "the Companies") announce that they have arranged for the sale of 100% of their Mongolian Joint Venture project to Jindal Steel & Power (Mauritius) Limited ("Jindal") for USD $2.6 million. The Mongolian JV assets were deemed to be noncore by both Bluerock and Uranerz as they focus on their respective near term production development projects in the continental USA.

The sale includes all Mongolian uranium exploration projects and existing material assets the Companies maintain in Mongolia. Jindal has until August 26th, 2008 to conduct its due diligence review and close the agreement. Significant technical and financial review has already been completed by Jindal.

Bluerock has been acting as the operator of the Mongolian JV with Uranerz for the past three (3) years and was materially involved in the negotiation of this transaction with Jindal. Under the terms of the JV, Bluerock holds a 60% ownership and Uranerz holds the remaining 40% (See the Company News Release of April 1, 2008). Bluerock spent the 2006 and 2007 seasons advancing the Mongolian JV Project, which resulted in several significant discoveries (See News Release of January 22, 2008).

"The sale of Bluerock's Mongolian exploration arm is a timely step for Bluerock as it allows the Company to monetize the exploration results over the last two field seasons and redirect these funds towards Bluerock's main focus, our Southwest US uranium mining projects," President Michael Collins commented. "Bluerock remains focused on building production, and in the ground resources in Colorado and Utah to support the Company's on-going plan of becoming the next uranium producer in the United States."

Bluerock Resources Ltd. is a uranium mining company focused on developing tomorrow's energy today through the acquisition and development of conventional uranium resources.


Michael Collins, President and CEO


Certain of the statements made and information contained herein is "forward-looking information" within the meaning of the Ontario Securities Act and the Alberta Securities Act, including statements concerning our plans at our mineral projects, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, failure to establish mineral resources; delays in obtaining or failure to obtain required governmental, environmental or other project approvals; changes in national and local government legislation or regulations regarding environmental factors, royalties, taxation or foreign investment; political or economic instability; terrorism; inflation; changes in currency exchange rates; fluctuations in commodity prices; delays in the development of projects; shortage of personnel with the requisite knowledge and skills to design and execute exploration programs; difficulties in arranging contracts for drilling and other exploration and development services; dependency on equity market financings to fund programs and maintain and develop mineral properties; risks associated with title to resource properties, particularly in Mongolia, and difficulties of determining the validity of certain tenures and other risks and uncertainties, including those described in each management discussion and analysis. In addition, forward-looking information is based on various assumptions including, without limitation, the expectations and beliefs of management; the assumed long-term price of U3O8; the availability of permits and surface rights; access to financing, equipment and labour and that the political environment within Canada, the United States of America and Mongolia will continue to support the development of environmentally safe uranium mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

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

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