Homeland Energy Group Ltd.
TSX : HEG

Homeland Energy Group Ltd.

May 01, 2008 14:35 ET

Homeland Energy Group Ltd. Votes in Favour of Altona Resources Share Issue to Tongjiang of Hong Kong

As a significant shareholder of Altona Resources, Homeland Energy supports involvement of Tongjiang

TORONTO, ONTARIO--(Marketwire - May 1, 2008) - Homeland Energy Group Ltd. (TSX:HEG) ('Homeland' or 'the Company') is pleased to announce that it will be supporting the motion put forward by the management of Altona Resources Ltd. (ASX:ANR) ("Altona") to issue 240 million common shares of Altona to Tongjiang International Energy Co. Ltd ("Tongjiang"), a Hong Kong-based investment company.

Homeland Energy, a significant shareholder in Altona Resources, believes that there is significant merit to Altona's Ackeringa coal project in South Australia and that Homeland' shareholders will benefit from this exposure to one of the last sizeable undeveloped energy sources in the world. The Company feels that Tongjiang's investment and its influence on the strategic direction of Altona will add value and be a positive development in Altona's evolution.

Homeland Energy Group Ltd. is a public company trading on the Toronto Stock Exchange under the symbol "HEG" and is focused on energy exploration and development in Southern Africa. Homeland owns three advanced development and pre-development coal projects in South Africa and a number of early-stage exploration properties in the provinces of Mpumalanga and Kwa-Zulu Natal. The Company is currently negotiating to acquire interests in a number of additional coal properties in eastern South Africa and neighbouring countries. Homeland is also a significant shareholder in Homeland Uranium Inc., a Canadian uranium exploration and development company focused on projects in Niger and the United States, and has a several other global strategic investments. Homeland Energy Group Ltd. began trading on the Toronto Stock Exchange on March 5, 2008 and has 145,001,117 shares outstanding.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This release contains certain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. Except for statements of historical fact relating to the Corporation, certain information contained herein constitutes "forward-looking statements". Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other ecological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors. Circumstances or management's estimates or opinions could change. The reader is cautioned not to place undue reliance on forward-looking statements.

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