Sydney Resource Corporation
TSX VENTURE : SYR

Sydney Resource Corporation
Band-Ore Resources Ltd.
TSX : BAN

Band-Ore Resources Ltd.

March 30, 2006 12:09 ET

Sydney and Band-Ore to Combine Assets and Form Two New Gold Focused Companies; Major New Presence in Canadian Timmins and Mexican Sierra Madre Gold Districts

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 30, 2006) - Band-Ore Resources Ltd. (TSX:BAN) and Sydney Resource Corporation (TSX VENTURE:SYR) announced today that their respective Boards of Directors have agreed to pursue a plan of arrangement to amalgamate and subsequently reorganize the companies' combined assets, establishing two new public exploration and development companies: "West Timmins Gold Corporation" and "Northern Sierra Minerals Corporation". This plan of arrangement is subject to shareholder, court and regulatory approval.

West Timmins Gold Corporation will emerge as the dominant land holder in the West Timmins Gold Camp. The company will control over 105 square kilometres of the western extension of the Timmins Gold Camp, North America's most prolific gold district.

Northern Sierra Minerals Corporation will hold three district scale gold exploration projects in Mexico's Sierra Madre Gold Belt. In addition, Northern Sierra will hold diamond exploration projects in the emerging Wawa diamond district and will partner on a proposed joint venture with Goldcorp Inc. in the Red Lake District, both in Ontario.

"The combination of Sydney and Band-Ore's assets in the West Timmins Camp creates a dominant land position completely surrounding Lake Shore Gold's Timmins West discovery. The scale and scope of the land holdings will allow for an aggressive exploration program on this important extension to the 70 million ounce Timmins Gold District," said Darin Wagner, President of Sydney Resource Corporation. "In addition, the opportunity to focus on the Mexican gold projects by employing Northern Sierra as a new exploration vehicle will ensure shareholders are gaining value from the entire asset pool."

"The management of both new ventures is extremely strong and experienced in mineral exploration, finance and operations. Around the board tables, we will have a wealth of financial and exploration experience," said Wayne O'Connor, President of Band-Ore Resources.

"In order to build strategic land positions and realize economies of scale, the gold industry is undergoing significant consolidation at the producer-level," said Wayne O'Connor. "The plan of arrangement between Sydney and Band-Ore is one of the most logical mergers we've seen at the explorer/developer stage in Canada."

Under the proposed terms of the plan of arrangement, shareholders of each of Sydney and Band-Ore will receive, in exchange for their respective shares in Sydney and Band-Ore, one common share in each of West Timmins Gold Corporation and Northern Sierra Minerals Corporation, for every two shares of Sydney or Band-Ore held. Mailing of a Joint Information Circular respecting the shareholders' meetings to be convened to approve the plan of arrangement is expected to occur within the next month.

The two new companies to be formed by the arrangement are:

West Timmins Gold Corporation which will control a land package of over 105 square kilometres completely surrounding Lakeshore Gold's Timmins West discovery. The property includes 30 known gold occurrences, joint ventures with both Lake Shore Gold Corporation and Placer Dome (CLA) Limited as Manager of the Porcupine Joint Venture - soon to be Goldcorp Inc. There is an existing inferred gold resource of approximately 4 mT grading 3.0 g/t gold (approximately 400,000 contained ounces). See Band-Ore press release of February 20, 2003.

Northern Sierra Minerals Corporation will emerge with the 99 square kilometre Montana de Oro project located in the heart of the Sierra Madre District covering the headwater source area of one of the largest placer gold districts in Mexico. There are currently 12 known zones of gold mineralization on the Montana de Oro project which have yet to be drilled. Northern Sierra will also control exploration rights to the Yoquivo gold district in the Ocampo area of Mexico and an important new joint venture with Goldcorp in the Red Lake District of Ontario.

The management teams and boards of both new companies will combine the existing financial, management and technical expertise of the Band-Ore and Sydney teams.

The proposed West Timmins Gold management team and Board of Directors will include:

- Mr. Darin Wagner, President of Sydney Resources

- Mr. R. Michael Jones, co-discoverer of the Glimmer Mine in Timmins and President and CEO of Platinum Group Metals Ltd.,

- Mr. Frank Hallam, CFO of Platinum Group Metals and MAG Silver Corp.,

- Mr. Wayne O'Connor, current President of Band-Ore with 15 years finance experience,

- Mr. Peter Crossgrove currently a member of the Board of Directors of Barrick Gold Corporation and former Vice-Chairman and CEO of Placer Dome Inc.

- Mr. Thor Eaton, a member of Band-Ore's board since 1996.

The proposed management team and Board of Directors for Northern Sierra Minerals will include:

- Mr. Wayne O'Connor,

- Robert Duess, Band-Ore's current Vice-President of Exploration,

- Mr. James Fairburn CFO of Band-Ore, Dumont Nickel and Black Pearl Minerals.

- Mr. Peter Crossgrove,

- Mr. Darin Wagner,

- R. Michael Jones

- Frank Hallam.

- Thor Eaton

Media Conference

A media conference with Darin Wagner and Wayne O'Connor will be held today, Thursday March 30th, 2006 at the Four Seasons Hotel in Vancouver, B.C. at 9:00am Pacific. For information, please contact Erin Airton at 604-808-6420. Further background information, including b-roll, is available.

Robert Duess, P.Geo and Vice-President, Exploration is the qualified person for Band-Ore Resources Ltd. technical disclosure in this release. Darin Wagner, P.Geo and President is the qualified person for the Sydney Resource Corporation technical disclosure in this release.

For further detail on both Band-Ore and Sydney Resources, please refer to prior disclosure at www.SEDAR.com.

Forward-Looking Statements

This press release contains forward-looking information about the companies after completion of the transactions described herein that are intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Words such as "expect(s)", "feel(s)", "believe(s)", "will", "may", "anticipate(s)" and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services and projects; statements regarding business and financial prospects; financial multiples and accretion estimates; statements regarding anticipated financial or operating performance and cash flows; statements regarding expected synergies and cost savings, including the timing, from the proposed combination of the two companies; statements concerning possible divestitures; and statements regarding strategies, objectives, goals and targets. Such statements are subject to certain risks and uncertainties, many of which are difficult to predict and are generally beyond the control of Sydney and Band-Ore that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements.


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