Logan Resources Ltd.

Logan Resources Ltd.

February 01, 2006 10:08 ET

Logan Resources Ltd. Private Placement Completed

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 1, 2006) - Logan Resources Ltd. (the "Company") (TSX VENTURE:LGR)(PINK SHEETS:LGREF) is pleased to announce the closing of the private placement described in the news release dated December 16, 2005. The Company has issued (on December 29, 2005) 1,213,000 flow-through units ("FT Units") and 940,000 non-flow-through units ("NFT Units"), all at a price of $0.25 per unit, for total proceeds of $538,250. Each NFT Unit consists of one common share in the capital of the Company and one share purchase warrant (a "Warrant"), and each FT Unit consists of one flow-through common share and one-half of one Warrant. One whole Warrant entitles the holder to buy one additional common share in the capital of the Company for a period of twelve (12) months at a price of $0.35 per share, subject to early exercise in the event that the closing price of the shares is $0.60 or more for a period of ten days. The Company paid $16,938 and issued 67,500 common shares as finders fees in connection with the private placement. The proceeds from the sale of the FT Units will be used to explore the Company's properties in Yukon and B.C. and the proceeds from the sale of NFT Units will be used for general exploration and general working capital.

The Company also announced the grant of 625,000 incentive stock options to certain directors, officers, employees and consultants which are exercisable at $0.50 per share for a period of 2 years. All securities issued pursuant to the private placement and the options are subject to a four month hold period.

Logan Resources Ltd. is a mining exploration company engaged in the acquisition, exploration and development of mineral properties. The Company currently owns five precious and base metal properties in British Columbia, Yukon Territory and a uranium property in Saskatchewan. For more information on the properties and Logan Resources Ltd. please visit www.loganresources.ca and SEDAR and EDGAR websites.


Seamus Young, President, CEO

Statements contained in this news release that are not historical facts are forward-looking statements, which are subject to a number of known and unknown risks, uncertainness and other factors that may cause the actual results to differ materially from those anticipated in our forward looking statements. Although we believe that the expectations in our forward looking statements are reasonable, actual results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.

The TSX Venture Exchange has neither approved nor disapproved the information contained herein.

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