Boulder Mining Corporation
TSX VENTURE : BDR

Boulder Mining Corporation

August 15, 2006 08:30 ET

Boulder Mining Corporation: Britanco Well Re-Entry Under Way

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 15, 2006) - John H. McAdam, President, is pleased to announce that Boulder Mining Corporation ("Boulder") (TSX VENTURE:BDR) and Opal Energy Inc. ("Opal"), of Houston, Texas have agreed to co-fund and have mobilized a completion rig, to the Britanco Aunt Audrey #1 well re-entry project located in Bee County, Texas. This is a low cost, low risk undertaking in a productive fieldwhich should be completed within two weeks.

The BritancoAudrey prospect is a re-entry of an old well on a Britanco lease that was drilled in 1979. There are three potentially productive Wilcox sands as identified by log analysis that present workover opportunities in the well for which it is hoped that production can be established. There is a packer stuck in the Britanco well at 6,922' which must be retrieved in order to re-complete the well in the deeper Wilcox objectives. The objective Wilcox traps are high side fault closures.

Boulder and Opal, together, are funding 100% of the project; contributing 86.5% and 13.5% respectively. The cost of drilling and completing the BritancoAudrey well has been estimated at US$175,000 and Boulder will pay Opal a Prospect Fee and Management Fee totaling $25,000. In return for funding the project, Boulder and Opal will together receive a 50% Working Interest, net of gathering costs, royalties and state excise taxes which will be assigned to Boulder and Opal in the ratio of 86.5% and 13.5% respectively. The ratio 86.5%:13.5% is reflective of the percentage of shares of Boulder that existing and Opal shareholders respectively, will own of the total, after giving effect to the issuance of shares of Boulder for the Opal acquisition as announced July 19, 2006. In other words, this re-entry project has a neutral impact to the acquisition agreement and as such, there is no intent to amend the acquisition agreement as presented. As an update on the Opal acquisition, final regulatory approval is still pending but no major issues are anticipated.

On behalf of the Board of Directors

Boulder Mining Corporation

John H. McAdam, President and Director


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