Consolidated Beacon Resources Ltd.

Consolidated Beacon Resources Ltd.

March 31, 2006 22:00 ET

Consolidated Beacon Resources Ltd.: Private Placement Closed

CALGARY, ALBERTA--(CCNMatthews - March 31, 2006) - Consolidated Beacon Resources Ltd. (TSX VENTURE:KBC) (the "Company") is pleased to announce it has closed the previously announced private placement for $600,000 CDN in unsecured convertible debentures. This financing consists of 24 debentures, each holding a value of $25,000 CDN, paying an interest rate of 8% per annum. The principal amount is convertible into units at a price of $0.40; each unit contains one common share and one non-transferable warrant. Each warrant is convertible into common stock at an exercise price of $0.50, with a two year expiry term. Closing of this financing is subject to TSX Venture Exchange approval.

Proceeds from this financing will be used to continue development in its two primary projects; Nova Scotia and the San Joachin Basin in California. The Nova Scotia project is focused on completing its evaluation of the existing two-dimensional survey, with a goal of initiating a comprehensive three-dimensional survey during the second quarter of 2006. The San Joachin Basin project is currently focused on identifying targets on the 2,500 section parcel of land for seismic programs.

Consolidated Beacon Resources Ltd. is a Calgary, Alberta based corporation in the business of evaluating and acquiring oil and natural gas properties, exploring for petroleum substances, principally in the Provinces of Alberta, Saskatchewan and Nova Scotia, the Northwest Territories, and the United States.

The TSX Venture Exchange has not reviewed this release and it does not accept responsibility for its adequacy or accuracy.

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