PROFILE RESOURCES INC.

PROFILE RESOURCES INC.

February 28, 2005 13:26 ET

Profile Acquires Option on Significant Copper Property


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: PROFILE RESOURCES INC.

TSX VENTURE SYMBOL: PFL

FEBRUARY 28, 2005 - 13:26 ET

Profile Acquires Option on Significant Copper Property

CALGARY, ALBERTA--(CCNMatthews - Feb. 28, 2005) - Profile Resources Ltd.
(TSX VENTURE:PFL) is pleased to announce that its wholly owned
subsidiary, Profile (US) Inc. ("Profile US") has executed an option
agreement with MLD ENTERPRISES LLC (the "Vendor") to acquire a 100%
interest in the Moffat-Johnston copper property (the "Property") located
in the Twin Peaks area of Montana, USA, subject to regulatory approval.
The Moffat - Johnston property consists of five patented quartz lode
mineral claims (approximately 110 acres).

Moffat - Johnston Property:

The Property is located in the Tidal Wave mining district, Madison
country, Montana approximately 9 miles northeast of the town of Twin
Bridges. The Property is accessible by dirt road. The patented mineral
claims that comprise the Property were located about 1900.

The Property is underlain by Paleozoic calcareous sedimentary rocks that
have been intruded by an outlier stock of the Boulder batholith
essentially of quartz monzonite composition. The mineralization on the
Property is of the contact metamorphic type, commonly referred to as
skarn. The skarn developed along the contact between the calcareous
rocks and the quartz monzonite and consists primarily of chalcopyrite
which is found associated with garnet and magnetite and less widely
distributed pyrite and diopside. The mineralization occurs as elliptical
zones of chalcopyrite in massive to granular garnet. The mineralized
zones vary from 30 to 120 feet in width and up to 500 feet long with the
surface portion of the mineralized zone being oxidized. The depth of the
mineralization is a minimum of 600 feet from surface to the level of the
Johnston adit. The extension of the mineralization below the level of
the Johnston adit has not been explored.

Historical Exploration:

None of the following reports were prepared by independent Qualified
Persons, nor has any of the information contained therein been audited
by an independent Qualified Person, and these reports do not conform to
the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM")
standards of reporting pursuant to the requirements under National
Instrument 43-101 and its companion policies. The Corporation has not
attempted to obtain confirmation or verification of the historical
exploration results for the Moffat - Johnston Property.

The Property is developed by two main adits, an inclined shaft and
numerous shallow openings. The earliest recorded production from the
Property is in 1916 when 638 tons of material at an average grade of
2.32% copper, 0.39 ounces silver and 0.018 ounces gold per ton was
shipped to the East Butte smelter at Butte Montana. In 1944, Anaconda
Copper Mining Company shipped 407 tons of material that averaged 2.67%
copper, 0.64 ounces of silver and 0.026 ounces of gold per ton.

In the early 1940's the federal Bureau of Mines investigated the
property and report R.I. 3939 was issued in September 1946.

In 1971, Ne-Mont Enterprises obtained a lease on the property and
conducted diamond drilling (39 drill holes), bulldozer trenching,
mapping and sampling. The work completed by Ne-Mont Enterprises was
summarized in a report prepared by Dr. Harve P. Nelson, Mining Engineer,
who completed a combined oxide and sulfide ore reserve estimate as
follows:



Category Tons Average Grade (% Cu)
-------------------------------------------------------------
Proven 276,048 1.64
Probable 1,459,446 1.50
Possible 28,200 average grade not disclosed


In 1973, Wheeler Properties Inc. completed a preliminary open pit mine
plan on the Property and estimated a mineable reserve as follows:



Category Tons Average Grade (% Cu)
-------------------------------------------------------------
Proven 2,858,943 1.23
Probable 335,165 1.27


The above stated resource and reserve estimations do not conform to the
CIM standards for mineral resource and reserve estimates. The
Corporation has not attempted to classify, nor obtain confirmation or
verification of, the above resource and reserve estimates according to
CIM standards pursuant to National Instrument 43-101 and it should not
be assumed that such resource and reserve estimates will equate to
mineral resources or reserves as such terms are defined under National
Instrument 43-101, nor should they be relied upon.

In 1976, Teck Mining Group completed a total of 93 vertical drill holes
using a combination of rotary and diamond drilling. The sample interval
for the drilling was five feet and all samples were analyzed for %Cu. In
addition, a considerable number of the samples were also analyzed for %
CuOx. Other work completed on the Property included an Induced
Polarization ("IP") and Resisitvity survey, density measurements and
check sampling.

Elmer B. Stewart, MSc. P. Geol., has reviewed and verified the technical
information contained in this news release.

Under the option agreement, Profile US has paid $US 8,500.00
(non-refundable) to acquire a 90 day period (expiring May 15th, 2005) in
which to complete technical and legal due diligence on the property. At
the end of the 90 day period, Profile US may acquire an additional 60
day period (expiring July 15th, 2005) to continue its due diligence on
the Property by making a further cash payment of $US 30,000
(non-refundable, but applicable to the Purchase Price should Profile US
exercise its option to buy the Property).

Profile US may then elect to buy the Property for $US 3.0 million (the
"Purchase Price") with the following payment schedule:

i) payments totalling $US 100,000 within 30 days of electing to buy the
Property;

ii) beginning 30 days after the initial payments, 12 consecutive monthly
payments of $US 30,000 each (for an aggregate amount of $US 360,000);

iii) from the 13th to the 24th month, 12 consecutive monthly payments of
$US
65,000 each (for an aggregate amount of $US 780,000);

iv) from the 25th month, consecutive monthly payments of $US 130,000
each until
the Purchase Price is paid in full;

v) after the first year of payments, interest is payable on the
declining unpaid balance of the Purchase Price at a rate of 5% per
annum; and

vi) Profile US may prepay all or any of the Purchase Price in full
without penalty at any time.

Until the Purchase Price is paid in full, a 1 mile Area of Mutual
Interest ("AMI") from the outer boundary of the patented claims shall
apply. If the Vendor decides not to pay its 50.0% share of the staking
or mining of mineral claims within the AMI, its interest will be
automatically converted to a 5.0% Net Smelter Return on any production
from the AMI.

Except for statements of historical fact, all statements in this news
release - including, without limitation, statements regarding production
estimates, revenue projections and future plans and objectives of the
Corporation - are forward looking statements that involve various risks
and uncertainties, many of which are beyond the Corporation's control.
There can be no assurance that such statements will prove to be
accurate. Actual results could differ materially from those anticipated
in such statements.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Profile Resources Ltd.
    Thomas M. Bender
    President
    (403) 282-3111
    Website: www.profileresources.com
    The TSX Venture Exchange Inc. has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this news release.