Running Fox Resource Corp.
TSX VENTURE : RUN
FRANKFURT : C8Q

Running Fox Resource Corp.

March 23, 2006 11:54 ET

Running Fox Resource Corp.: Corporate Update, Drilling Another Deep Alberta Natural Gas Well

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 23, 2006) - Running Fox Resource Corp. (TSX VENTURE:RUN) (FRANKFURT:C8Q)

Steven Schurman, U.S.Professional Geologist, CEO, Director, reports:

Drillbit Turning in Westcentral Alberta

Running Fox and its partners are currently drilling a 4,000 metre well on the prospect at Section 18, Township 63, Range 4, West of the 6th Meridian, close to the Alberta/BC border. With drilling by Precision Drilling Rig # 645, the goal is to complete in the productive Wabamun formation, with a secondary zone of interest in the Charlie Lake formation (sweet natural gas). Infrastructure is comprehensive in the area, with natural gas sales lines in the vicinity. This new project augments Running Fox's plan to drill lower-risk and high reward natural gas wells and includes further follow-on drilling opportunities.

New Northeast BC Natural Gas Project

Running Fox is negotiating a leasehold participation agreement with a private Calgary oil and gas producer which holds operatorship over a prospective natural gas leasehold project located in Northeastern BC, near the Northwest Territory border. The project encompasses numerous Sections and drilling prospects. The location is confidential at this time for prudent competitive reasons, but will be revealed after suitable agreements and AMI's are entered into. Wells in this area can be very prolific producers and consideration is being given to drilling the first well this summer, following full geologic and seismic analysis. The project is located beside a main road and enjoys good infrastructure and access to natural gas sales lines. Primary target is Keg River Reef.

Pincher Creek Natural Gas Production in Southwest Alberta

Running Fox has been producing natural gas continuously since December 20, 2005, with gross gas sales revenue for Running Fox's interest for 11 days in December of $135,000. January gas sales revenue for Running Fox's interest was $203,000, with similar revenue for February. The Company plans to drill and recomplete further wells this spring and summer on the project and awaits higher gas prices for this long life producing project.

High-Grade Gold Development- Brett Gold Project

Running Fox will participate in the 2006 exploration summer season on its 50% owned Brett Gold Project, located in the Okanagan in Southwest BC. Work this season should include confirmatory drilling to follow-up on previous drillhole # RC93-19, which returned a significant intersection of 16.76 metres grading 35.79 grams Au/tonne (1.045 oz Au/ton) including 3.048 metres grading 57.88 grams Au/tonne (1.69 oz Au/ton) and 4.57 metres grading 107.88 grams Au/tonne (3.15 oz Au/ton) within the main shear zone. (see 43-101 Technical and Assessment Reports available at www.foxgold.ca or on SEDAR) Complete maps, geochem, and drilling history are on the website.

Visit the Running Fox website (updating in progress) at www.foxgold.ca for further information.

Running Fox was recently listed on the Frankfurt Stock Exchange symbol "C8Q"

The Company relies on legislation applicable to forward looking statements, and seeks safe harbour.

Contact Information

  • Running Fox Resource Corp.
    Steve Schurman
    (303) 619-5324
    Website: www.foxgold.ca