November 11, 2008 08:30 ET

Ditem: Sinosteel Suspends Agreement

BEIJING, CHINA--(Marketwire - Nov. 11, 2008) - Ditem Explorations (TSX VENTURE:DIT) announces that Sinosteel Mining Company, a wholly owned subsidiary of Sinosteel Corporation, has advised that it has suspended proceeding with the proposed master joint venture agreement. In a letter to Ditem, Sinosteel stated that because of the current financial crisis, they are suspending until the investment environment turns positive.

It will be remembered that Ditem and Sinosteel signed an MOU in December of 2007 and a Letter of Intent in April 2008. In September, a Sinosteel delegation came to Montreal for final discussions and property visits. A general master agreement was approved in principle by both parties and a signing date for the master joint venture agreement was tentatively proposed for early November, either before or during the China Mining Conference.

"We are disappointed that the Sinosteel project has been suspended," said Ditem president and CEO, Mr. Raymond Savoie. "However, and in the meantime, the Company plans to move ahead with its projects and new opportunities. We have sufficient funds, excellent properties, new projects and we believe that the agreement with Sinosteel may resume when it is possible for them to do so."

Ditem Explorations (52 M issued shares) is a uranium exploration and development Company with properties in the Athabasca Basin in Saskatchewan (Beartooth Island Project and Cree Lake Property for a total of 1,067 km2) and the Otish Basin (Otish Uranium 258 km2 and Otish South 381 km2) in Quebec.

The TSX Venture Exchange has neither approved nor disapproved the information contained in this press release.

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