Crazy Horse Files Technical Report on a Mineral Resource Estimate and Preliminary Economic Assessment of the Taysan Project

MANILA, PHILIPPINES--(Marketwire - April 28, 2011) -Crazy Horse Resources Inc. (TSX VENTURE:CZH) announces the SEDAR filing of a technical report pursuant to National Instrument 43-101 relating to a Mineral Resource Estimate and Preliminary Economic Assessment of its Taysan Project, Bantangas Province, Philippines following announcements made by the Company in news releases dated March 10, 2010 and March 11, 2011.

Highlights of the Taysan Project:

A National Instrument 43-101 compliant technical report by of Mining Associates dated effective March 11, 2011 and entitled "Mineral Resource Estimate and Preliminary Economic Assessment Taysan Project" has resulted in defining Inferred category resources totalling 944 Mt @ 0.23% Cu and 0.11g/t Au for a contained 4,720 Mlb Cu and 3.3 M oz Au using a 0.10% copper cut off for reported blocks. The increase in tonnes over the historical resources is a result of maintaining a shallower dip to the east at depth (cross-sections from historical resource estimates depicted the ore-body steepening at depth) and inclusion of a lower grade halo below and at depth. The following is the grade-tonnage curve for the Inferred resource (please click on the following link to view the graph): http://media3.marketwire.com/docs/czh-toncurve.pdf.

In addition, the preliminary economic assessment managed by AMEC Minproc Limited of Australia indicates that the Taysan Project has a Net Present Value ("NPV") at a 10% discount rate of US$526M for the base case of US$3/lb Cu and US$1,000/oz Au. The internal rate of return ("IRR") is 19.4% for the base case that does not include any credit for silver or magnetite.

On March 10 and 11, 2011, the Company released results that included a modeled recovery of silver and magnetite (recovered grades of 0.54g/t and 2.7% respectively) from the assaying and metallurgical testing completed as part of the recent scoping study drill program. The company is continuing its feasibility drilling campaign and expects to be in a position to report the silver and magnetite in an updated 43-101 compliant resource and updated technical report later in Q3 2011. These recoveries could significantly enhance the NPV of the Taysan Project without a significant increase in the low capital cost of the currently modeled recovery of gold and copper at US$1,009M thereby increasing the IRR. Magnetite and silver recoveries are not included in the current economic model as neither product has been included in the inferred resources reported in the NI 43-101 report.

The Taysan Project remains sensitive to copper prices as shown in the table below.

The Taysan Project is estimated to produce payable 3,100 Mlb Cu and 1.5 M oz Au over the twenty-four (24) year mine life. Annual average production for years 1-4 is estimated at 173 Mlb Cu and 79,400 oz Au. Average annual payable production over the life of mine is 129 Mlb Cu and 62,000 oz Au.

As reported on March 10, 2011, the capital cost estimate of US$1,009M is slightly higher than originally estimated (US$914M) due to an aggressive pre-strip plan, additional mining fleet and a general increase in cost of materials.

The C1 cost, net of by-product credits is low at US$0.99/lb Cu for years 1-4 and US$1.51/lb Cu over the 24 year mine life. The C1 cost could be lowered with the addition of silver and magnetite credit once the company releases an updated NI 43-101 compliant requiring further drilling, which is ongoing. Unit cost is estimated at US$8.24/t of ore processed and is driven by the low waste to ore ratio (0.7:1); proximity to port (20km); and low freight costs to expected market (China, Japan and Korea).

Mineral resources that are not mineral reserves do not have demonstrated economic viability. The Preliminary Economic Assessment is preliminary in nature, and is based on inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the preliminary assessment will be realized.

The 18-months combined pre-feasibility and bankable feasibility study has commenced and is ahead of schedule.

Qualified Person

The information in this press release relating to mineral resource estimates and preliminary economic assessment is based on information compiled under the direction of Ian Taylor and Grahame Binks. Ian Taylor is a consultant geologist and Professional Geoscientist holding a B.Sc (Hons Econ Geol) with specialist experience in resource evaluation in, along others, Copper (porphyry) resource projects in a wide range of geological environments. Mr. Binks is a consultant Professional Metallurgical Engineer holding a B.Eng (Hons Metallurgical) and M. Eng Sci (Chem) with specialist experience in the evaluation and engineering of along others, copper projects in a range of operating environments. Mr. Taylor and Mr. Binks are both Qualified Persons ("QP") as defined in the "Canadian Institute of Mining, Metallurgy and Petroleum, CIM standards on Mineral Resources and Reserves" and NI 43-101. Both Mr. Taylor and Mr. Binks have reviewed this press release and consents to the inclusion in the press release of the matters based on his information in the form and context in which this appears.

For exploration work, Brian Lueck P.Geo, the Chairman of the Board of the Company, is the appointed QP.

Quality Control and Sample Preparation

The Company has a rigorous quality control program (QCP) inserting a minimum 5% standards, blanks and duplicates into the sample stream. The Company employs independently owned and managed laboratories for all of its assay requirements. Drilling of the Taysan Project was and continues to be carried out by Quest Exploration Drilling (Philippines) Inc. using Edson 3000 and LF70 drill rigs and a triple tube diamond core drilling system. All holes are started in PQ (150-200m) then continued in HQ. All core is split using a diamond-bladed drill-core saw and always sampled from the (true) left side of the core. The remaining half of the core is sealed in plastic bags in a nitrogen atmosphere and stored in a covered, guarded core shed. Core samples are bagged in new polyethylene, UV stable plastic bags, sealed with a plastic tie, numbered outside and have a tag placed inside the bag. All samples are accompanied by Asian Arc personnel from site to the McPhar Laboratory under secure "Chain of Custody" procedures. Samples are crushed to 85% <2mm then 1kg is split out and pulverised in an LM2 Puck and Bowl Pulveriser to 90% <75um. Gold is assayed by Fire Assay (50g charge) with AAS finish (PM6). Cu, Ag, As, Pb, Zn, Mo, Al, Ca, Fe, K and S are assayed by 4 Acid Digest (HCl / HNO3 / HClO4 / HF) Ore grade analysis with ICP-AES finish (ICP-3). Sample rejects are returned from the McPhar Laboratory under secure "Chain of Custody" procedures by Asian Arc staff and also stored in the core shed in heat sealed plastic bags in a nitrogen atmosphere. McPhar Geoservices (Phil), Inc. is ISO 17025:2005 accredited and is a member of the International Intertek Laboratory Group.

About the Taysan Project

The Taysan Project contains a drill defined copper-gold porphyry deposit, and is comprised of two mining exploration permits and three mining exploration permit applications (permits: EP-IVA-005 and EP-IVA-016, and permit applications: EPA-IVI-108, EPA-IVI-111 and EPA-IVA-081) over five contiguous claim blocks covering a combined total area of 11,254 hectares. The Taysan Project hosts a large and only partly explored copper-gold porphyry deposit similar to other copper-gold porphyry deposits previously mined in the Philippines. The Taysan Project is located in southern Luzon, Philippines in a well-developed mining province and readily accessible by road located 20km east of the provincial capital and deep-water commercial port of Batangas City.

Brian Lueck, Chairman of the Company, is the qualified person who has reviewed the geological data summarized in this news release on behalf of the Company.

ON BEHALF OF THE BOARD

Johan Raadsma, President, CEO and Secretary

This press release includes "forward-looking statements" including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Crazy Horse Resources Inc. Statements regarding mineral exploration development and production operations and objectives are subject to risk, including, but are not limited to, exploration and geologic risk, inflation and costs of goods and services, mineral ore pricing, production risks (including production delays, processing costs and unknown environmental issues) property title issues and regulatory approvals. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. There is no assurance that the Company will be successful in developing the Taysan Project or producing mineral ore at the rates or at the costs set out in this news release. Crazy Horse Resources Inc. does not assume the obligation to update any forward-looking statement, except as required by applicable law.