Kobex Resources Ltd.

Kobex Resources Ltd.

October 17, 2007 08:00 ET

Kobex Resources Ltd.: Open Houses Gather Input From Public; Poll Says Residents Believe Mining Can Be Done in Environmentally Responsible Way

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 17, 2007) - Kobex Resources Ltd. (Kobex) (TSX VENTURE:KBX) and its partner, U.S Energy Corp. (NASDAQ:USEG) (the Companies) recently held open houses in Crested Butte and Gunnison, Colorado where mining and environmental experts working on the Lucky Jack Molybdenum Project provided information, answered questions and gathered public input.

The purpose of the open house meetings was to allow residents of Gunnison County to get first-hand information from expert consultants in the areas of transportation, socioeconomics, hydrology, siting and development of the Plan of Operations for the proposed mine.

"Public attendance at the open houses provided an opportunity for the County residents to learn about the project and provide important input that will be considered for the Plan of Operations, which is now estimated to be submitted to the U.S. Forest Service in the first quarter of 2008. We strongly believe this project is going to bring significant economic and social benefits to Gunnison County and we look forward to continuing communication with the community. We sincerely want to encourage residents to help us make this a world class example of how mining can be done in an environmentally responsible manner," said Maurice Tagami, Chief Operating Officer of Kobex.

A September poll conducted for the Lucky Jack Project found that 64 percent of Gunnison County residents polled said that mining in the County "can be done in an environmentally responsible way." In addition, 66% of the respondents indicated agreement with the idea that "the community should work with the partners of the Lucky Jack Project, Kobex Resources and U.S. Energy, instead of working against them."

The national opinion research firm, Public Opinion Strategies, conducted the survey of 300 residents throughout Gunnison County, Colorado. The margin of error associated with a sample of this type is plus or minus 5.66 percent. A summary of the findings from the poll are available on the following websites: www.kobexresources.com; www.luckyjack.us; and www.usnrg.com.

In other news, the Town of Crested Butte has issued a temporary moratorium on development activities within its watershed that were not ongoing at the effective date of the moratorium. The Companies believe the Lucky Jack Project should not be affected by this moratorium and they are continuing all ongoing activities while reviewing and evaluating this matter.

The Companies recognize local concerns and are committed to the continuation of ongoing efforts to collaborate with the local stakeholders to address important issues affecting the Project and the County. "Public input is and will continue to be a very important element in the development of the Lucky Jack Project. The community meetings were held as part of the Companies' effort to develop the Lucky Jack Project in an environmentally responsible manner," stated Leo King, Chief Executive Officer of Kobex.

Keith Larsen, Chief Executive Officer of USEG, said, "We're encouraged to know the County residents are willing to work with us to ensure an approach that protects the environment while providing significant economic and social opportunities to the residents of this region."

The Lucky Jack Project is a proposed exploration and mining project located in Gunnison County, Colorado which is managed and owned by Kobex Resources Ltd. and U.S. Energy Corp.

On behalf of the Board of Directors

H. Leo King, President

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 regarding the Lucky Jack Project. 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

  • Kobex Resources Ltd.
    Leo King
    President and Chief Executive Officer
    (604) 484-6228
    Kobex Resources Ltd.
    Maurice Tagami
    Chief Operating Officer
    (604) 484-6228
    Kobex Resources Ltd.
    Ivan Bebek
    Manager, Investor Relations
    (604) 484-6228
    (604) 688-9336 (FAX)
    Email: investor@kobexresources.com
    Website: www.kobexresources.com