Piper Resources Ltd.

August 15, 2008 11:53 ET

Piper Resources Ltd. Announces Petition for Receiving Order and Resignations of Board Members

CALGARY, ALBERTA--(Marketwire - Aug. 15, 2008) - On August 14th Piper Resources Ltd. ("Piper" or the "Company") received notice of a Petition for Receiving Order that Piper be adjudged bankrupt, scheduled to be heard on August 18th. As previously announced, Piper was granted protection under the Companies Creditors' Arrangement Act (Canada) ("CCAA"). By various court orders the CCAA protection was extended, and currently this protection will expire on August 18, 2008.

As announced on August 6th, on August 5, 2008 the Court extended Piper's stay of protection under CCAA until August 18, 2008. The extension order provided the Company further time to attempt to finance the activities under a Farm In Agreement disclosed in a news release dated July 23, 2008. The Company was not able to secure this financing and the Farm In Agreement has terminated. As a result, the Company has no assets and will not be able to carry on operations past August 18, 2008.

Also, Piper has received notice of the resignations of all of the remaining members of its' Board. On August 7th Messrs. Greg Cave, Robert Chiasson and Boyd MacDonald each tendered notice of their resignations from their positions as directors and officers of Piper. On August 14th Mr. Michael Thackray, the sole remaining director of Piper, also resigned as a director.

The materials filed to date in the CCAA proceedings are available on the Receiver's website of www.deloitte.ca under the Insolvency and Restructuring link (the "Website") or by contacting the Receiver directly at (403) 298-5999 or by email at piper@deloitte.ca.

Certain information regarding the Company contained herein may constitute forward looking statements. These statements relate to future events or future performance of the Company. When used in this release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", believe", "estimate", "predict", "seek", "propose", "expect", "potential", "continue", and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company's current view with respect to certain events, and are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance, or achievements to vary from those described in this presentation. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this release as intended, planned, anticipated, believed, estimated, or expected.

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