Nirek Resources Inc.

March 18, 2008 02:00 ET

Nirek Signs Letter of Intent to Acquire Sarah Lake Multi-Mineral Deposit of 20 Plus Million Tonnes Estimated

ONTARIO, CANADA--(Marketwire - March 18, 2008) - Nirek Resources Inc.("Nirek") (FRANKFURT:3N6) (Gold Warrant: CA6546411175) is pleased to announce they have signed a Letter of Intent (LOI) to earn 100% interest over 3 years of the northern Quebec property Sarah Lake. The property is 90 kilometres south of Wabush, 35 kilometres from the Pekan River copper/nickel deposits.

Sarah Lake is a 200 metres hill of dark colored magnesium-rich intrusive rock covering an area of 1.1 kilometres by 1.5 kilometres, approximately 80,000 square metres. Historic geology since the 1990's has established probable reserves of 20.5 million tonnes.

This property is exciting to Nirek based on two exploration techniques that proved successful in identifying mineralization covered by the shallow soil layer:

a) Induced Potential Surveys which identified concentrations of metallic mineral particles

b) MMI (Metallic Mineral Ion) measurements which detected concentrations of base metals beneath soil cover both shallow and deep. These techniques have been applied to less than 2% of the favorable intrusive mass.

Diamond drilling has been carried out on the ultramafic sill which has been mapped for a width of 150 metres with a length in excess of 500 metres. Historical assay data confirmed a rich deposit that one published report pegged at .62% copper (13 pounds per tonne) and .35% nickel (7 pounds of nickel per tonne).

However, it is the precious metal potential of gold and the platinum group which has attracted the attention of Nirek.

Eighty per cent of the historic samples that have been assayed contained gold. New exploration would include the lower sill where the probability of locating higher gold and platinum group values is thought to be more likely. The historic data indicated gold, chromium, cobalt, platinum, palladium and rhodium values of up to 1.5 grams per ton are recoverable.

The location and infrastructure of the project lends itself to low cost mining and exploration. Work by different companies has previously estimated significant mineralized tonnage on the West Zone only: 13.2 million ton (Fonteneau Resources); 20.2 tonnes (Diadem Resources); 64 million tonnes (F. Scott Management). To establish tonnage, a 20 hole-drill program has been recommended.

A second phase drill program to the east would assess if the mineralization continues and if so, to what extent the potential tonnage would be increased.

Nirek expects to have an NI 43-101 prepared once the transaction is complete.

Nirek is preparing a formal report on the exploration needs to establish the inferred resources. In addition, estimates of the gross metal value per tonne of the copper/nickel, gold and platinum group will be assessed to determine the economic viability of mining the property.

About Nirek Resources Inc.

Nirek Resources Inc. ("Nirek") is a Canadian exploration company focused on exploring for precious and base metals in US and Canada. The company is focused on acquiring gold and precious metal properties with proven reserves through a series of joint ventures, mine and property acquisitions. It is the company's ambition to fulfill drilling requirements necessary to estimate a NI 43-101 compliant resource.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the Company's filings.

Outstanding Shares: 16,952,220

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