Outlook Resources Inc.

Outlook Resources Inc.

July 12, 2007 09:25 ET

Outlook Resources Inc.: Corporate Update

TORONTO, ONTARIO--(Marketwire - July 12, 2007) - Outlook Resources Inc. ("Outlook" or the "Company")(TSX VENTURE:OLR) wishes to announce that following the final closing of the brokered and non brokered financings announced on June 29, and July 11, 2007 the Company has now begun the process of refurbishing its aquaculture production facility at its Gunton, Manitoba Arctic char farm.

Specialized bio-filtration and water treatment equipment to allow for increased capacity is now on order from the manufacturers and is expected to arrive on-site within the next 10 to 12 weeks. Modifications and refurbishing of the existing infrastructure is underway in the interim. Additionally the grow-out farm being constructed at Dugald, Manitoba is also nearing completion at the time of this writing and is expected to begin receiving its first fingerlings from Agassiz Aqua Farms in early August.

Once the modifications are completed in 2 to 3 months and after giving time to grow the existing fingerling inventory to market size (6 to 8 months) the combined yearly production of the two farms will be approximately 150 metric tonnes of antibiotic free Arctic char yielding about 90 metric tonnes of fresh, filleted product on an annual basis.

Through the existing distribution channels the Company has already established, combined annual sales will generate revenues in the region of $1.3 million dollars with roughly one third ($357,000) of the total being paid to the grow out farm operators.

Discussions are now underway with other potential grow out farm operators and the Company is also looking into expanding its brand offering to include yellow perch and an "organic" trout.

Outlook is dedicated to environmentally conscientious developments in all of its business activities and will continue to follow best practices focussed on sustainable, environmentally friendly operations.

Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. The use of the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by the Company with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as productivity of the Company's Aquaculture Operations, changes in demand for and prices for the products of the Company or the materials required to produce those products, labour relations matters, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements. Shareholders are cautioned not to put undue reliance on such forward-looking statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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