Uniterre Resources Ltd.
TSX VENTURE : UNT

Uniterre Resources Ltd.

October 13, 2006 15:27 ET

Uniterre and Northern Securities Announce Closing of Escrow Flow Through Units

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 13, 2006) - Mr. Michael H. Altman, President of Uniterre Resources Ltd. ("Uniterre") (TSX VENTURE:UNT), announced today that Uniterre, and Northern Securities Inc. have closed the funding of Flow-Through Units put into escrow by the terms of the sale previously completed on September 29, 2006.

The sale of some 2,240,000 Flow-Through Units for gross proceeds of $1,120,000 was closed in escrow pending completion of Uniterre's acquisition of all of the shares of NaiKun Wind Development Inc. ("NaiKun") and the restructuring of NaiKun's debt. The restructuring was subject to shareholder and TSX Venture Exchange approval. The TSX Venture Exchange has now given its final approval. Shareholder approval was provided at the shareholders' meeting held on September 29, 2006. As a result of the approvals, the escrow conditions of the September 29th sale have been satisfied.

The Flow-Through Units consist of one Flow-Through Common Share and one half Common Share Purchase Warrants at a price of $0.50 per Flow-Through Unit. Each warrant will be exercisable into one Common Share for a period of 24 months from the closing of the Offering at an exercise price of $0.55 per Common Share.

NaiKun, is the developer of the NaiKun Wind Farm which is a five phase 1,750 megawatt ("MW") project proposed for the waters of Hecate Strait between Haida Gwaii (the Queen Charlotte Islands) and the British Columbia mainland near Prince Rupert. Construction of the first phase of the project, which is anticipated to be 320 MW in size, is expected to commence in 2009 subject to, among other things, concurrence of the Haida Power Authority. The funds will be used to finance NaiKun's development activities.

Uniterre Resources Ltd. is a Vancouver-based energy and exploration company that has traded on the TSX Venture Exchange (and its predecessors), since 1967. Its symbol is UNT. Since 2000, Uniterre has focused its main business efforts in renewable energy and has recently focused the majority of its efforts on wind power.

Northern Securities Inc. is an independent, integrated investment bank that offers a full range of investment banking services including corporate finance, retail & institutional distribution, equity research, online trading, online public offerings and online private placements. Northern Securities is a wholly owned subsidiary of Northern Financial Corporation, a public company that trades on the Toronto Stock Exchange under the symbol NFC. Its website can be accessed at www.nfc.ca.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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