Mr. Andrew Lau reports

SMITHE RESOURCES CORP. ANNOUNCES TERMINATION OF LETTER OF INTENT WITH INDIE POWER STORAGE CORP.

By mutual agreement, the parties have terminated the letter of intent relating to Smithe Resources Corp.'s proposed acquisition of Indie Power Storage Corp. The parties have determined not to proceed with the transaction as a result of current market conditions. The parties have no further obligations under the letter of intent, except that $25,000 remains owing by Indie Power to Smithe in respect of an initial advance made in connection with the transaction.

About Smithe Resources Corp.

Smithe Resources Corp. is a capital pool company within the meaning of the policies of the exchange that has not commenced commercial operations and has no assets other than cash. The current directors and officers of the company are: Sam Wong (director), Matthew Roma (director), Anthony Balic (director) and Andrew Lau (chief executive officer , chief financial officer and corporate secretary). Except as specifically contemplated in the exchange's CPC policy, until the completion of its qualifying transaction, the company will not carry on business, other than the identification and evaluation of companies, businesses or assets with a view to complete a qualifying transaction.