Vector Wind Energy Inc.
TSX VENTURE : VWE

Vector Wind Energy Inc.

March 23, 2006 17:59 ET

Vector Creates New Revenue Opportunity

OTTAWA, ONTARIO--(CCNMatthews - March 23, 2006) - Vector Wind Energy Inc. ("Vector")(TSX VENTURE:VWE) announced today that it has entered into a memorandum of understanding with the M'Chigeeng First Nation to help develop their 10 Megawatt 'Mother Earth' wind project on Manitoulin Island in Ontario. The project is expected to be developed under the Standing Offer Contract announced by the Province of Ontario on March 21, 2006. Vector's mandate from the M'Chigeeng includes project design, deployment and operations and is expected to continue through 2007.

"The Standing Offer facility is expected to create a lot of demand from First Nations and community groups who want to create wind projects and need the development and operational expertise that we can provide," said Brian Barr, President of Vector. "The M'Chigeeng mandate is the third consulting mandate that we have received this year," said Mr. Barr. "We believe that these consulting opportunities will produce over $1.0 million in revenues for us during the next 12 months," said Mr. Barr.

In other company news Vector announced that it expects to complete the acquisition of the Royal Road wind development project from TransAlta Corporation on March 24, 2006. The acquisition of Royal Road project located in Prince Edward County near Picton, Ontario was originally announced on February 1, 2006.

Vector is a developer of wind energy projects in Canada. Currently Vector has 23 active projects around the country at various stages of exploration and development. These projects have the potential to support over 1,000 Megawatts of wind energy capacity.

More information on the Company can be obtained at www.sedar.com

Words such as "should" "believes", "expects", "intend", "anticipates", "potential" or similar expressions in this press release are examples of forward looking statements that relate to future events. Future events may not transpire as predicted by such forward looking statements. Please refer to our publicly filed documents for a more complete discussion of risk factors to which our company is subject.

Shares Outstanding: 16,271,632

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

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