Bluerock Resources Ltd.
TSX VENTURE : BRD

Bluerock Resources Ltd.

March 13, 2009 17:02 ET

Bluerock Business Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 13, 2009) - Bluerock Resources Ltd. (TSX VENTURE:BRD) (the "Company").

NOT FOR DISSEMMINATION IN THE UNITED STATES OR VIA US NEWSWIRE SERVICES

As a result of the continuing negative economic and market conditions, the Company has been forced to make some difficult business decisions over the past few months. The Company will be taking advantage of the TSX Venture Exchange's temporary relief measures in an attempt to restructure its business interests.

Termination of Agreements with Denison

The Company has entered into a Settlement and Release Agreement dated March 11, 2009 with Denison White Mesa LLC (a U.S. subsidiary of Denison Mines Corp.) ("Denison") with respect to its Toll Milling Agreement and Ore Purchase Agreement (together, the "Agreements") both dated January 1, 2008. Due to current market conditions, the Company has been unable to fulfill its obligations under the Agreements. The Company and Denison have mutually agreed to settle the Company's liability to Denison (to be in excess of USD$500,000 accrued to December 2009) through the issuance of common shares equal to 19.75% of its issued capital at the time of issuance, at a deemed price of $0.015 per share.

The settlement is subject to approval of the TSX Venture Exchange.

Special Meeting - Name Change and Consolidation

The Company announces that it will be calling a special meeting of its shareholders to approve the consolidation of its issued and unissued common shares on the basis of up to 15 old shares for one new share. In connection with the share consolidation, the Company will also change its name to "BlueRock Minerals Ltd." or such other name as management of the Company may determine.

The share consolidation and change of name are subject to acceptance by the TSX Venture Exchange.

Bluerock Resources intends to continue operating as a mineral exploration company, building and acquiring significant resources.

ON BEHALF OF THE BOARD OF DIRECTORS

Michael Collins, President and CEO

FORWARD LOOKING INFORMATION DISCLAIMER

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 to settle debts and consolidate our shares. Each of these activities 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. Risks include delays in obtaining or failure to obtain required TSXV or shareholder approvals. There is no assurance the Company will be able to find or acquire mineral properties of the nature desired. 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.

Contact Information