Bluerock Resources Ltd.

Bluerock Resources Ltd.

April 17, 2008 08:15 ET

Bluerock Executes Definitive Milling Agreement and Provides Update on US South West Operations

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 17, 2008) - Bluerock Resources Ltd. (the "Company") (TSX VENTURE:BRD) announces that definitive toll milling and ore purchase agreements have been signed with Denison Mines (USA) Corp. ("Denison") and reports on the development progress at the Company's Utah and Colorado operations.

Definitive Toll Milling and Ore Purchase agreements have been signed with Denison which secure for Bluerock Resources available capacity to process 60,000 tons of uranium ore in 2008 and 100,000 tons per year in 2009 and 2010 (see News Release dated January 16th, 2008). With these agreements in place the company will accelerate the development of mining projects in Colorado and Utah to support the annual tonnage allotments.

Activities in Colorado and Utah:

- Work accelerating at the J-Bird Uranium Mine with the progress now occurring on multiple mine headings, a second mining shift added, expanding day shift crew, and initiation of an underground exploration drill program

- Bulk sampling program at the Neilson Portal, Cone Mountain Uranium Project to begin this week

- Drilling underway on the Sunbeam Uranium Mine project and a Bulk Sample Permit pending

- Bluerock advances uranium mill plan via the acquisition of Mancos Resources

"Spring 2008 is a very busy time for Bluerock," stated Bluerock President & CEO, Michael Collins. "The Company has spent the winter planning and permitting extensive operations in Colorado and Utah. With the snow off the ground and key employees in place, work is advancing at the J-Bird Uranium Mine and the Company is on track to reactivate and operate four uranium mines in the Uravan Uranium District in 2008. Bluerock is moving to take full advantage of its Toll Milling and Ore Purchase agreement with Denison Mines (USA), and become the next uranium producer in the Americas."

Development at the J-Bird Uranium Mine was hindered by heavy snow and related access challenges over the winter but with a warm dry spring the Company is accelerating development of the project through the addition of a fully equipped night shift and a second day shift. An underground drilling program is being implemented to augment surface drilling in the near mine environment.

The Company has mobilized equipment to the Cone Mountain project, Mesa County, Colorado, to begin development of the Neilson Portal under a Bulk Sampling Permit. This will allow the company to develop the historic uranium mine plan originally authored by Atlas Minerals Corp. in the 1980's and consequently make a production decision.

Drilling has started on a 99-hole drill program at the Sunbeam Uranium Mine, Montrose County, Colorado. This drilling will help to define and support historical resource data as the Company moves towards a bulk sample program and a production decision on the redevelopment of the Sunbeam Uranium Mine.

Drill permits have been submitted for the Tramp Uranium Mine, where a production decision will be made in the summer of 2008. Drill permits have also been submitted for the US Grants Uranium Project and the Donna-K Uranium Project, all in Montrose County, Colorado.

The acquisition of Mancos Resources has advanced the Company's goal of establishing its own uranium mill in Utah. The status of Utah as an "Agreement State", which devolves federal permitting authority and allows for a stream permit process, as well as the location selected for the mill site, is expected to streamline the permitting processes timeline for a new standalone 1,200 ton per day milling complex. The Mancos Uranium Mill Project, Green River, Utah is in the permitting/design phase with an estimated start-up date of mid-2011. Public consultation, baseline environmental, and geotechnical assessments are underway and the selection process for design/build engineering firms has commenced (See News Release April 10th, 2008).

The due diligence period for the Pine Ridge Mine Project, San Juan County, Utah has expired and the Company has elected to not pursue the project at this juncture.

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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