Winfield Resources Limited

Winfield Resources Limited

June 06, 2008 17:21 ET

Winfield Resources Limited: Libyan Foreign Investment Board Approval

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 6, 2008) -


Winfield Resources Limited (the "Company" or "Winfield") (NEX:WWF.H) announces that, further to its news release of January 10, 2008, it has received approval from the Libyan Foreign Investment Board ("LFIB") with respect to the Company's application to build, own and operate a new 300,000 barrel per day stand alone oil refinery at Ras Lanuf, in the Great Jamahiriya of Libya.

In addition, The Libyan Ministry of Economy, Trade and Investment ("METI") has issued a decree, dated 29/05/2008, granting Winfield the license to refine oil for a term of 25 years.

The Company would like to thank KBC Process Technology Ltd. ( of Surrey, UK, for its assistance in procuring the LFIB approval. KBC is a leading independent consulting and technology group delivering competitive advantage through improvements in business performance and asset value to owners and operators in the oil refining, petrochemical, and other processing industries worldwide.

Based on the receipt of the LFIB approval and the METI decree, the Company will seek to raise additional financing through debt financing or the exercise of outstanding warrants to continue to move the project forward.

CAUTIONARY NOTES: The Company wishes to confirm that notwithstanding receipt of the LFIB approval and the METI decree, construction of the proposed refinery is subject to a number of logistical matters including the sourcing of the crude oil feedstock, site location, feasibility study and project financing. There is no assurance that: (i) the Company will be able to source the necessary crude oil feedstock; (ii) the Company will be able to secure an acceptable site; (iii) a feasibility study will determine that the proposed refinery will be economic; (iv) the Company will be able to raise either interim financing for all pre-construction matters or project financing; or (v) the Company will be able to construct and operate a refinery at the Port of Ras Lanuf on terms acceptable to the Company, or at all.

On behalf of the Board

Robert Michael Foley, President and CEO

Certain statements herein may constitute "forward looking" statements that involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results expressed or implied by such forward looking statements. These statements relate to future events and reflect the expectations of management regarding business prospects and opportunities. Such forward looking statements reflect current beliefs of management or of the third parties to which they are attributed and are based on information currently available to us. In some cases, the statements use such words as "may", "will", "intend", "should", "expect", "believe", "plan", "anticipate", "estimate", "predict", "potential", "continue" or the negative of these terms or other similar terminology. These statements reflect current expectations regarding future events and speak only as of the date hereof, or in the case of third party statements as of the date on which they were made. Forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future results, and will not necessarily be accurate indications of whether or not such results will be achieved, and there can be no assurance that actual results will be consistent with these forward looking statements.

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

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