Chilco River Holdings Inc.
OTC Bulletin Board : CRVH

Chilco River Holdings Inc.

August 24, 2006 09:15 ET

Chilco Raises Over $500,000

LOS ANGELES, CALIFORNIA--(CCNMatthews - Aug. 24, 2006) - CHILCO RIVER HOLDINGS INC. (OTCBB:CRVH) is pleased to announce that the company has received in excess of $500,000 from the exercise of share purchase warrants (see August 23, 2006 news release). Proceeds will be used for general working capital and renovation of the Bruce Hotel and Casino in Lima, Peru. The Bruce facility is currently undergoing a major expansion and upgrade which will feature 60 luxurious guest rooms and suites, a state-of-the-art casino with 24 gambling tables and over 300 slot machines, including the company's proprietary Vision Slot Machines.

About Chilco River Holdings Inc.

Chilco River Holdings Inc. owns and operates the Bruce Hotel and Casino in Lima, Peru. The Bruce Hotel and Casino is a "destination" hotel and casino location for visitors traveling to the Republic of Peru. The Bruce Hotel and Casino business consists of a hotel, restaurants, and gaming casino. For additional information please visit www.chilcoriverholdings.com.

CHILCO RIVER HOLDINGS INC.

Tom Liu, Chief Executive Officer

The information presented in this press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements regarding interest in Chilco's proprietary line of slot machines and conditional orders for the installation of those slot machines.

These forward-looking statements involve known and unknown risks, uncertainties, and other known and unknown factors that may cause actual results and performance to materially differ from any future results or performance expressed or implied by these forward-looking statements. These risks and factors include, without limitation: the impact of general economic conditions in Peru and throughout South America where interested parties do or may operate; industry conditions, including competition; business strategies and intended results; our ability to integrate acquisitions into our operations and management; risks associated with the hotel industry and real estate markets in general; legislative or regulatory requirements; access to capital markets and other factors over which Chilco River Holdings Inc. has little or no control.

Chilco cannot guarantee that it can raise or will have sufficient working capital to manufacture and install the slot machines, that it will be able to retain its license for the proprietary slot machines moving into the future, or that the conditional orders will result in profits from the actual installation of slot machines.

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