VANCOUVER, British Columbia, March 14, 2007 (PRIME NEWSWIRE) -- Irwin Resources Inc. is pleased to announce the Company has signed a Letter of Intent (LOI) to Farmin on the Boyne Lake Oil Sands Project located in Alberta, Canada. Under the terms of the LOI, the Company, subject to the signing of a definitive Farmin Agreement, will earn up to a 48% working interest. The Boyne Lake Oil Sands Prospect includes an Area of Mutual Interest equal to nine sections for a total of 5,760 acres.
A discovery well has been drilled on the Boyne Lake Oil Sands Prospect to a depth of about 560 meters (1,836 feet). No information has been made public on the test well as it has been subject to "tight hole" (confidentially) status. The Boyne Lake Oil Sands Prospect is located approximately 110 km (69 miles) north of Edmonton in the Province of Alberta, Canada. Northern Alberta has been the subject of significant interest over the past years where major tar sand oil and Bitumen have been discovered, is currently being refined or in the process of development by oil companies such as Suncor, Syncrude and Synenco.
According to Petroleum Economist, "Although tar sands occur in more than 70 countries, the bulk is found in Canada in four regions: Athabasca, Wabasca, Cold Lake, and Peace River; together covering an area of some 77,000 km squared." In fact, the reserve considered to be technically recoverable is estimated at 280-300 Gb (billions of barrels), larger than the Saudi Arabia oil reserves (optimistically) estimated at 240 Gb. The total reserves for Alberta, including oil not recoverable using current technology, are estimated at 1,700-2,500 Gb.
About Irwin Resources Inc.
Irwin Resources is a junior resource company based in Vancouver, B.C. Irwin Resources engages in the acquisition, exploration and development of resources properties with the intent to prove up mineral deposits. Irwin Resources seeks out low-risk opportunities to develop positive cash flow from proven and probable resource properties where prior exploration has been successful. Irwin Resources plans to grow exclusively through the efficient reinvestment of its internally generated cash flow and through limited external financing, which it plans to utilize to build ancillary businesses.
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