Bluerock Resources Ltd.

Bluerock Resources Ltd.

June 20, 2008 08:30 ET

Bluerock Completes LOI for Patti Ann Uranium Stock Pile

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 20, 2008) - Bluerock Resources Ltd. (TSX VENTURE:BRD) (the "Company") is pleased to announce that a Letter of Intent (LOI) was signed with Uranium One Inc. to exploit the Patti Ann uranium mine surface stockpile, Lisbon Valley, Utah. This material will be included in Bluerock's White Mesa Milling Agreements with Denison Mines Corp.

Uranium One payment terms (pending exchange approval) include 100,000 Bluerock shares and 20% of the net revenue of the Patti Ann uranium stockpile. The Company must complete the first shipment to the White Mesa Mill within one year to maintain the lease in good standing.

"The Patti Ann LOI has reduced Bluerock's production and cost risk profile and will provide the Company with increased flexibility for delivery into its White Mesa Milling Agreement," said Bluerock President & CEO Michael Collins. "Bluerock's access to the only operating conventional uranium mill in the USA has uniquely benefited the Company's ability to add near term production assets to its existing portfolio."

The Patti Ann uranium stockpile contains a historic resources of 92,000 tons of uranium enriched broken rock with an average grade of 0.09% U3O8 (as reported by US Energy Corp. (pre-2001)). Preliminary uranium grade and distribution analysis of the stockpile has begun and a test sample was provisionally deemed acceptable for processing at the White Mesa Mill. (A qualified person has not done sufficient work to classify the historical estimate as current mineral resources, the issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.)

The Patti Ann Mine and stockpile are located on Federal land approximately 60 miles from the White Mesa Mill in the Lisbon Valley, southwest Utah. Bluerock has started permitting exploitation of the stockpile for material assessment and transport to the White Mesa Mill.

Paul D. Gray, P.Geo. is the Qualified Person with respect to the Patti Ann Lease Project and has reviewed and approved this press release.

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.

Contact Information