SOURCE: Brownstone Resources Inc.

November 26, 2007 08:30 ET

Brownstone CEO Comments on Recent Elliot Lake Uranium Acquisition

TORONTO--(Marketwire - November 26, 2007) - Brownstone Resources Inc. (PINKSHEETS: BWNR), a junior mineral resource exploration and development company, comments on recent acquisition of the Elliot Lake uranium mining claims.

The Elliot Lake mining camp was once known as "the uranium capital of the world" and has produced more than 270 million pounds of U3O8 since the 1950s. The town of Elliot Lake is located on what is known as the "Canadian Shield" or "Pre Cambrian" shield and geologically is considered to be one of the world's richest known areas for mineral depositions of both base and precious metal ore bodies. The surrounding areas are also well known for the rich mining history and major discoveries of nickel, gold, copper, silver and uranium.

"Since initially identifying and then targeting what was to become our acquisition outside of Elliot Lake, we have witnessed a significant surge in mining activity and prospecting by some very large mining companies. The recent appreciation in uranium prices, coupled with the uranium supply side squeeze should bode well for the future and the prospects of this the newest addition to the Brownstone group of properties," said Ken Lamb.

"Most of the mines in the area were closed down in 1996 due to low uranium prices; we are living in very different times and the future prospects for uranium prices and for more discoveries in the area are very promising. The area is stable politically and is very mining friendly, boasting some of the worlds brightest and best in the industry. We are seeing companies like Cameco Corp., Denison Mines, and a host of other energy related mining and resource companies staking new claims, and revisiting some of the old workings. We wait with great anticipation on the data and news that will be coming out in the months to come," said Ken Lamb.

The company is currently doing some preliminary geophysical work on the properties and is expected to release the results in earl 2008.

Please visit the company website for more information:

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