Boulder Mining Corporation

Boulder Mining Corporation

October 24, 2006 08:30 ET

Boulder Mining Completes Acquisition of Opal Energy Inc.

Ron Oligney Appointed CEO and Director

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 24, 2006) - John H. McAdam, President of Boulder Mining Corporation ("Boulder")(TSX VENTURE:BDR), is pleased to report that the acquisition of Opal Energy Inc. ("Opal"), a private Texas oil and gas company led by the dynamic and talented Mr. Ron Oligney has been completed on the terms as reported in the Company's press release dated July 18, 2006. In addition, Mr. Oligney has been appointed Chief Executive Officer ("CEO") and a director of Boulder.

As previously reported, Boulder intends to change its name to Opal Energy Corp. at a meeting of shareholders on November 16, 2006.

Company CEO Ron Oligney is enthusiastic about the new corporate structure and comments, "Investors will have the benefit of over 100 man-years of experience and a reputation for brilliant strategic vision combined with strict technical competence. We intend to build Opal into a substantial oil and gas production company by establishing a low risk South Texas production profile upon which will be superimposed some remarkable growth opportunities. Opal has attracted a talented technical team which gives the group full spectrum exploration and operational capabilities."

Funding agreements are being finalized for an initial $US16 million South Texas exploration package, which calls for drilling 10 low-risk wells and completing a proprietary 3-D seismic shoot over the next 9 to 12 months. The seismic shoot is ultimately expected to uncover dozens of new high-quality drilling prospects.

Opal is actively generating other, potentially significant opportunities in South Texas, which will expand the scope of the South Texas exploration package or be funded independently. For further information please contact B & D Capital at (604) 685-6465. The Company will be updating its website.

On behalf of the Board of Directors

Boulder Mining Corporation

John H. McAdam, President and Director

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

Contact Information