Winfield Resources Limited

Winfield Resources Limited

July 16, 2007 13:42 ET

Winfield Resources Limited: Ax Energy Letter of Interest

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 16, 2007) - WINFIELD RESOURCES LIMITED (TSX VENTURE:WWF) is pleased to announce that they have received a non-binding Letter of Interest from AX ENERGY HOLDINGS LTD. to debt finance WINFIELD's proposed new refinery project in the Republic of Tunisia.

AX ENERGY HOLDINGS LTD. has reviewed WINFIELD's proposal to Engineer, Procure, Construct and Manage (EPCM) a new 300,000 barrel per day oil refinery at the Port of Zarzis, Tunisia, on a build, own and operate basis.

Upon subject removal, AX ENERGY HOLDINGS LTD. and its principal Bank: Barclays Bank PLC, have a US$4 Billion Dollar lending capacity.

This US$4 Billion Dollar lending capacity is in addition to the US$4 Billion Dollar lending facility Letter of Interest directed to WINFIELD RESOURCES proposed new oil Refinery in the Great Jamahiriya of Libya, as mentioned in our news release of July 4, 2007.

In furtherance to the LETTER of INTEREST, all parties will negotiate specific terms and conditions which will be ratified by the Boards of WINFIELD RESOURCES LIMITED and AX ENERGY HOLDINGS LTD. and form the basis of a Definitive Agreement.

Cautionary note: financing by any debt instrument requires the preparation of a full Feasibility Report AND acceptance by the Lender, prior to any access to funds.

AX ENERGY HOLDINGS LTD. is involved in the Sale and Purchase of Refined Oil Products, the Processing of Crude Oil and the Development of Oil Refineries.

The Tunisian Authorities have requested three confirmations from WINFIELD RESOURCES LIMITED; 1/. Financial Capacity, 2/. Feedstock Arrangements and
3/. Subcontracting Engineering and Construction References.

The AX ENERGY HOLDINGS LTD. Letter of Interest answers Financial Capacity. WINFIELD RESOURCES LIMITED is presently negotiating a crude oil feedstock arrangement with the National Oil Company of Libya.

On behalf of the Board

Robert Michael Foley, President and CEO

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

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