Curlew Lake Resources Inc.

Curlew Lake Resources Inc.

March 22, 2007 09:15 ET

Curlew Lake Resources Inc. Announces Signed Contract to Drill Gold Property and License Submission for Follow-Up Oil Well in Fosterton

LANGLEY, BRITISH COLUMBIA--(CCNMatthews - March 22, 2007) - Curlew Lake Resources Inc. (the "Company") (TSX VENTURE:CWQ)(PINK SHEETS:CWLXF) announces it has signed an agreement with E. Caron Diamond Drilling of Whitehorse to complete a diamond drilling program on the Typhoon Gold property in the Yukon. Plans provide for work to commence in late May and be completed in about a month and a half. The program will be coordinated and supported by Aurora Geosciences of Whitehorse, who have signed an agreement to provide a camp, a crew to complete an IP survey, and geological support prior to and in conjunction with the drill program.

The Company is also pleased to announce that a license application has been submitted for a second oil well on our Fosterton project in Saskatchewan. Curlew Lake has a 25% Working Interest in the initial well and a 15% Working Interest in all follow-up wells. The operator also informed the company that a pump has been installed on the initial Fosterton location. The initial well on the Fosterton Project in Saskatchewan was successfully tested and completed with a flow rate averaging 167 barrels of medium gravity oil per day. The test was conducted over a 4 day period, with an average 13/16-inch choke, 912 KPA tubing pressure and 3,072 KPA casing pressure. Actual production data will be available after the well has produced under pump for a couple of months.

Curlew Lake Resources has been informed by Metis Moccasin Resources Inc. that final paperwork from the local Metis Council is still in progress. Although a Master Development Agreement has been signed with the Metis General Counsel, some issues apparently remain with respect to local surface access. We are now advised drilling will not occur prior to spring breakup, which could take approximately 2 months.

The Company is also pleased to report that Aidan Capital has contacted the Company to finalize terms of the Curlew Lake Subsidiary split. Under the new terms Curlew Lake shareholders will receive free trading shares in the new company. The new company will be launched with a portfolio including real estate assets. Once the ticker symbol has been approved by the NASD Curlew Lake Resources Inc. will receive a certificate for 9.9% of the outstanding shares of new Company. Curlew Lake Resources Inc. in turn will establish a record date with our transfer agent to distribute these shares to the holders of Curlew Lake Resources Inc. Curlew Lake Resources Inc. will subsequently receive and retain a 5.1% interest in the new company.

Additional information will be forth coming in the next couple of weeks.

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On Behalf of the

Board of Directors

Robert B. Pincombe, President

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

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