Bluerock Resources Ltd.
TSX VENTURE : BRD

Bluerock Resources Ltd.

September 12, 2008 11:49 ET

Bluerock, Uranerz Closes Sale of Mongolian JV Interests

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 12, 2008) - Bluerock Resources Ltd. ("Bluerock" or the "Company") (TSX VENTURE:BRD) and Uranerz Energy Corp. (Uranerz) have closed the sale of their jointly owned Mongolian joint venture company, Rolling Hills Resources LLC (RHR), to Jindal Steel & Power (Mauritius) Limited (See News Release of June 24, 2008). The Mongolian joint venture assets had been previously deemed to be non-core to the Company's primary focus of developing near term uranium production in Colorado and Utah, USA.

In February 2006 Bluerock entered into an option agreement with Uranerz to explore for, and develop uranium resources on the RHR licenses. In March 2008 Bluerock demonstrated that it had fulfilled the requirements of the option agreement, and was vested with a 60% interest in the Mongolian JV.

The divestiture included all Mongolian uranium exploration licenses, equipment, receivables and other existing material assets maintained by RHR in Mongolia, and was completed after an extensive due diligence review by Jindal and its representatives. Bluerock has agreed not to compete in uranium exploration in Mongolia for a period of five years. The divestiture provides Bluerock with an overall gain on the sale of approximately US$1,400,000. Bluerock no longer has any property interests in Mongolia.

Bluerock Resources Ltd. is a uranium mining company focused on developing tomorrow's energy today through the acquisition and development of conventional uranium 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 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 U308; the availability of permits and surface rights; access to financing, equipment and labour and that the political environment within Canada and the United States of America 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