Ringbolt Ventures Ltd.
TSX VENTURE : RBV
FRANKFURT : 3OZ

Ringbolt Ventures Ltd.

July 11, 2008 20:41 ET

Ringbolt Ventures Ltd.: Clarification

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 11, 2008) - Ringbolt Ventures Ltd. (TSX VENTURE:RBV)(FRANKFURT:3OZ) -

As a result of a review by the British Columbia Securities Commission, we are issuing the following news release to clarify our disclosure.

The Company wishes to retract its press release dated June 4, 2008 on the basis that the public might infer that the Company has a potash resource on its Utah property. The Company wants to clarify that it does not have a 43-101 resource or a historic resource.

The potential quantity and grade, of the potash on the Companies' property in the Paradox Basin, is conceptual in nature. There has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the targets being delineated as a mineral resource.

A review of oil and gas wells drilled in the Paradox Basin has found 20 drill holes which are summarized below.

The following potash analyses predate NI 43-101 standards and must be viewed as historical in nature.



DRILL HOLE SUMMARY

---------------------------------------------------------------------------
Thick- Thick-
Depth ness K20% Depth ness K20%
to Of For to Of For
Well Bed 5 Bed 5 Bed Bed 9 Bed 9 Bed
Number Township (feet)(feet) 5 (feet)(feet) 9 Method used
---------------------------------------------------------------------------
P- USA-1 SEC 33-29S-24E 4323 8 15.90% 4968 10 10.00% RADIOMETRIC
---------------------------------------------------------------------------
P- A-1 SEC 2-30S-24E 3599 13 18.00% RADIOMETRIC
---------------------------------------------------------------------------
P- C-3 SEC 3-30S-24E 4466 7 8.30% 5151 10 19.70% RADIOMETRIC
---------------------------------------------------------------------------
P- A-2 SEC 10-30S-24E 5544 18 21.60% RADIOMETRIC
---------------------------------------------------------------------------
P- B-1 SEC 14-30S-24E 4634 3 6.40% 5790 75 Trace RADIOMETRIC
---------------------------------------------------------------------------
P- B-2 SEC 14-30S-24E 4571 9 22.20% RADIOMETRIC
---------------------------------------------------------------------------
P- D-2 SEC 13-30S-24E 3551 6.5 16.70% 4357 17 19.20% RADIOMETRIC
---------------------------------------------------------------------------
P- D-1 SEC 24-30S-24E 3887 8 17.10% RADIOMETRIC
---------------------------------------------------------------------------
P- C-2 SEC 3-30S-24E 5520 5 21.60% RADIOMETRIC
---------------------------------------------------------------------------
P- A-814 SEC 14-30S-24E 4514 3 11.40% 5460 13 27.90% RADIOMETRIC
---------------------------------------------------------------------------
S- 47-17P SEC 17-30S-25E 2706 10 33.40% CORE
---------------------------------------------------------------------------
S- 88-21P SEC 21-30S-25E 2380 4 28.00% CORE
---------------------------------------------------------------------------
S- 73-19P SEC 19-30S-25E 3740 3 13.30% CORE
---------------------------------------------------------------------------
S- 75-12P SEC 12-30S-24E 2538 10 22.50% 3404 6 23.70% CORE
---------------------------------------------------------------------------
S- 63-29P SEC 29-30S-25E 2633 4.4 15.90% CORE
---------------------------------------------------------------------------
S- 37-1P SEC 1-30S-24E 2930 6.8 24.50% CORE
---------------------------------------------------------------------------
S- 77-35P SEC 35-29 2826 ? 3771 19 31.09% CORE
1/2S-34E
---------------------------------------------------------------------------
S- 77-1P SEC 1-30S-24E 2900 3.86 29.60% CORE
---------------------------------------------------------------------------
S- 36-29P SEC 29-30S-25E 3854 3.94 14.80% CORE
---------------------------------------------------------------------------
S- 41-7P SEC 7-30S-25E 2928 4.78 33.06% CORE
---------------------------------------------------------------------------


A map showing drill hole locations has been put on the Company's website at: www.ringboltventures.com.

The nature of the potash mineralization, according to the Hite report(The Geology of the Lisbon Valley Potash Deposits, San Juan County, Utah by Robert J. Hite, United States Department of the Interior-Geological Survey, Open-File Report 78-148, 1978), is sylvanite (a mixture of halite and sylvite) with minor carnallite and no other potash minerals identified. His identification is based on analysis of drill core.

The potash beds are contained within the Paradox Evaporate Basin, which has as much as 6,000 feet of salt (halite) contained in 29 separate cycles of salt/clastic material. Eighteen of the cycles contain beds of potash, of which two beds, the no. 5 and no. 9 appear to be the most prospective.

The potash mineralization identified by the 20 wells occurs in the potash beds on the southwest flank of the northwest-trending Lisbon Valley anticline. The dip of the beds is approximately flat in the northwest direction, and is up to 16% in the northeast direction. Published reports indicate that the area is not subjected to the structural complications found on the crest of the Lisbon Valley anticline and on the Cane Creek anticline.

In the 10 wells drilled on the exploration license, potash beds no. 5 and no. 9 were cored and analysis for K2O. The data must be regarded as historical in nature, because it predates 43-101 requirements. Radioimetric logs are also available for these holes; the radiometric data correlates well with the chemical data. The 10 wells on the prospecting permits were logged radiometrically.

The Hite report indicate that the wells were drilled using saturated brine drilling fluid, to minimize solution cavitation. The wells should be re-entered and re-logged, or else re-drilled.

The grade and apparent thickness of the mineralization in the individual holes is shown on the map on the Company website. The true thickness of the mineralized zones is expected to be very close to the apparent thickness, because of the relatively flat nature of the Basin and of the mineralization.

The Company has distributed a research report published on June 4, 2008 by Howlett Research which included a resource estimate for the Paradox Basin. The Company has caused the reference to be deleted from the research report to avoid any confusion.

Stuart Havenstrite, CPG, and Mike Magrum, PEng, both qualified persons under NI 43-101, have approved the technical content of this news release.

RINGBOLT VENTURES LTD.

On behalf of the Board of Directors

Jason Walsh, Director

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this News Release.

Contact Information