Bluerock Resources Ltd.
TSX VENTURE : BRD

Bluerock Resources Ltd.

October 27, 2006 14:59 ET

Bluerock Resources Ltd.: Closing of Brokered and Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 27, 2006) -

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

Bluerock Resources Ltd. (TSX VENTURE:BRD) (the "Company") announces that, further to its news release of September 25, 2006, it has closed its financing comprised of both a brokered and non-brokered private placement and issued an aggregate 5,556,000 units ("Units") at a price of $0.45 per Unit for gross proceeds of $2,500,200. Each Unit consists of one common share ("Share") and one share purchase warrant ("Warrant"). Each Warrant is exercisable for a period of two years at a price of $0.70 per share. 4,026,000 Units were sold pursuant to the brokered portion; and the balance of 1,530,000 Units were sold pursuant to the non-brokered portion.

Pacific International Securities Inc. acted as agent for the brokered private placement (the "Agent"). The Agent received an 8% commission, paid as $46,910.25 in cash and 216,235 Units. In addition the Agent received 400,600 Agent's compensation options, each entitling the holder to acquire one common share of the Company at a price of $0.50 per share for a period of two years from the date of issuance and a $15,000 corporate finance fee.

With respect to the non-brokered private placement, the Company paid $12,000 and issued an aggregate 88,800 common shares as finder's fees.

All securities issued with respect to the private placement are subject to a hold period expiring February 28, 2007.

The proceeds of this financing will be used primarily for exploration expenses on the Company's Skull Creek Uranium Project in Skull Creek Colorado, securing additional exploration projects through purchase and/or joint venture options, and for general working capital.

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

ON BEHALF OF THE BOARD OF DIRECTORS

Michael Collins, CEO, President and Director

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from registration is available.


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

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