Kobex Resources Ltd.

Kobex Resources Ltd.

April 05, 2007 14:52 ET

Kobex Executes Definitive Agreement With U.S. Energy Corp., Crested Corp. and U.S. Moly Corp. For the Lucky Jack (Mt. Emmons) Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 5, 2007) - Kobex Resources Ltd. ("Kobex") (TSX VENTURE:KBX) is pleased to announce the signing of a definitive Exploration, Development and Mine Operating Agreement with U.S. Energy Corp., Crested Corp. and U.S. Moly Corp. on April 3, 2007 in respect of the Lucky Jack Molybdenum Project (previously known as the Mt. Emmons Project) located near Crested Butte, Colorado, USA (the "Project"). The agreement sets out the terms that were previously announced on October 10 and December 7, 2006, with some minor amendments, whereby Kobex will operate the Project, and Kobex has the option to earn from U.S. Energy and Crested Corp., up to a 65% interest in the Project. In addition, Kobex may be required to purchase, through the issuance of up to 50% (but not 50% or greater) of the issued share capital of Kobex, 100% of the Project through a newly formed wholly owned subsidiary of U.S. Energy Corp., all upon certain terms and conditions being met.

The agreement is subject to TSX Venture Exchange approval, and upon such approval, U.S. Energy Corp. and Kobex plan to issue a comprehensive project update.

In addition Kobex has received a National Instrument 43-101 ("NI 43-101") compliant technical report dated March 23, 2007 on the Lucky Jack Project prepared by Robert Cameron, Mark A. Anderson, Ralph W. Crosser and John Reis of Behre Dolbear & Company, Inc. Dr. Cameron and Mr. Anderson are "qualified persons" as defined under NI 43-101 and independent to Kobex. Kobex plans to file this report on SEDAR upon finalizing the report with Behre Dolbear. Kobex has also retained Greenspirit Strategies Ltd. to assist in providing environmental and community relations advice in respect of the Project.

Roman Shklanka, Kobex's Chairman, commented that, "The definitive agreement and the receipt of the 43-101 report, will allow filing for Exchange approval to permit the project to move forward aggressively. We also welcome having Patrick Moore, a cofounder and former leader of Greenpeace, together with his Greenspirit team help us in our efforts to present a balanced approach of our endeavors to the local community."

"We are pleased to have signed an operating agreement that will govern the further exploration, development and ultimate operations of the Lucky Jack molybdenum property with Kobex," stated Mark Larsen, President of U.S. Energy Corp. He added, "Kobex has been a tremendous partner to work with since signing our Amended Letter Agreement in December 2006. We look forward to continuing our work hand in hand with them and the local communities well into the future and to providing the market with a comprehensive update on the project in the near future."

This news release includes certain statements that express management's expectation or estimates of future performance and may be deemed "forward-looking statements". These forward-looking statements include plans, estimates, forecasts and statements as to management's expectations concerning Kobex and its proposed acquisition of an interest in the Lucky Jack Project, including, among other things, Kobex's plans to earn a 65% interest in the Project, the requirement to purchase 100% of the Project and Kobex's plans to finalize the Behre Dolbear technical report and file it on SEDAR. These forward-looking statements involve assumptions, risks and uncertainties and actual results may vary materially. For these reasons shareholders should not place undue reliance on such forward-looking information.

United States residents are cautioned that some of the information that may be published by Kobex may not be consistent with United States Securities and Exchange Commission disclosure rules and may be materially different from what the Company is permitted to disclose in the United States and therefore United States residents should not rely on such information.

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

Contact Information