Mr. Christian Timmins reports

PEGASUS RESOURCES ANNOUNCES NEW ADVISORY BOARD MEMBER

Pegasus Resources Inc. has appointed Mike Magrum, PEng, to the company's advisory board.

Mike Magrum, PEng, is a graduate of the Haileybury School of Mines and the University of Alaska with a degree in geological engineering. His professional career spans almost 50 years working in most commodities, particularly uranium. The work has carried him across North America, Central America and South America. He has also worked extensively in the southern countries in Africa.

Mr. Magrum is a former president of the Northwest Territories Chamber of Mines, and a former director of the Prospectors and Developers Association of Canada (PDAC). He has served in senior management, and as a director and officer of a number of Canadian public companies.

He was part of the Terra Ventures Inc. team, which was a partner in the Roughrider uranium deposit discovery in the Athabasca basin in Saskatchewan. The deposit was bought by Rio Tinto and subsequently acquired by Uranium Energy Corp.

He was also the chief operating officer of Xemplar Energy, a significant uranium explorer in Namibia. The company, at its peak, had a market cap in excess of $1-billion.

"We are delighted to welcome Mr. Mike Magrum to our advisory board," stated Christian Timmins, chief executive officer. "With nearly five decades of expertise, especially in uranium exploration, his strategic insights will be invaluable as we navigate and advance our projects at Pegasus. Mr. Magrum's exceptional career and leadership roles speak volumes, and we look forward to his contributions in driving our continued success."

Pegasus also wishes to announce that, pursuant to its stock option plan, the company has granted incentive stock options to certain directors and consultants to purchase a total of 250,000 common shares in the capital stock of the company, exercisable for a period of two years at a price of 21.5 cents per share.

About Pegasus Resources Inc.

Pegasus Resources is a diversified junior Canadian mineral exploration company with a focus on uranium, gold and base metal properties in North America. The company is also actively pursuing the right opportunity in other resources to enhance shareholder value.

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