Mr. Mike Power reports

SILVER RANGE OPTIONS THREE WALKER LANE PROJECTS TO WALKER LANE RESOURCES

Silver Range Resources Ltd. has optioned three properties located in the Walker Lane of western Nevada to Walker Lane Resources Ltd. (formerly CMC Metals Ltd.). All dollar amounts are in United States currency.

Tule Canyon property

Silver Range and Walker Lane have executed a letter of intent (LOI) granting Walker Lane Resources the option to acquire 100 per cent of the Tule Canyon property. Walker Lane Resources has a first option to acquire 80 per cent of Tule Canyon by paying Silver Range an aggregate $480,000 over four years and completing 1,500 metres of diamond drilling by March 8, 2028. A second option to acquire the remaining 20 per cent of Tule Canyon may be exercised by Walker Lane Resources identifying a National Instrument 43-101-compliant measured or indicated resource at Tule Canyon by the end of 2033.

A milestone payment of $10 per ounce of gold (or the equivalent value in other commodities) as contained in the Tule resource will be due to Silver Range within six months of the identification of the Tule resource. Approximately 50 per cent of all cash payments under both option stages may be made in Walker Lane Resources shares.

Lastly, following the acquisition of a 100-per-cent interest in Tule Canyon by Walker Lane Resources, Silver Range will retain a 2.5-per-cent net smelter return royalty (NSR) in the property, which may be reduced to 1.0 per cent by the payment of $500,000 per 0.5 per cent prior to the commencement of commercial production at Tule Canyon.

The Tule Canyon property is 95 kilometres south of Tonopah and 80 km northwest of Beatty, near the Nevada-California border. Mineralization on the property occurs along a five-kilometre-long trend coincident with a major structural inflection in the Sylvania pluton mapped by regional aeromagnetic surveys. Gold mineralization and silver mineralization are hosted in numerous quartz veins with mesothermal textures. Precious metals are associated with hematite, pyrite, yellow plumbo-jarosite or similar lead oxides, rare galena and copper oxides. The western end of the trend covering the Ingall's vein and the China Doll zone are silver dominant, with mineralization returning up to 4,320 grams per tonne silver and up to 31.8 g/t gold. The eastern end of the trend is gold dominant, with assays up to 37.3 g/t Au at surface and 27.6 g/t Au underground. Silver assays from material collected in this area range up to 183 g/t Ag. Mining in Tule Canyon dates from prior to 1848, when Mexican placer miners first began work in the area. Hardrock mining on the property dates from the 1890s at the Dark Secret mine. Mining at the nearby Eastside mine and the Ingalls vein occurred during the late 1900s, with a small heap-leach operation constructed at the latter property. A small open-pit mining operation at the Dark Secret mine during the 1980s reportedly shipped material to Goldfield for processing. In the pit, coalescing veins appear to form a bulk-tonnage target. A chip-trench sample across the bottom of the pit returned 40 m at 0.469 g/t Au, including 20 m at 0.695 g/t Au. Grab samples of vein material in the pit returned up to 14.1 g/t Au. Despite the past history of mining and high-grade surface mineralization on the property, there is little evidence of modern exploration activity and no known drilling.

Cambridge property

Silver Range, Auburn Gold Mining LLC and Walker Lane Resources have executed an LOI granting Walker Lane Resources the option to acquire 100 per cent of the Cambridge property. Walker Lane Resources has a first option to acquire 75 per cent of Cambridge for total consideration of $460,000 over four years, incurring $1.5-million in exploration expenditures and completing 1,500 metres of diamond drilling on the property. A second option to acquire the remaining 25 per cent of the property can be exercise by Walker Lane Resources making an additional aggregate $75,000 to Silver Range and Auburn and by identifying an NI 43-101-compliant measured or indicated resource at Cambridge by the end of 2033.

Up to 48 per cent of all cash payments under both option stages may be paid in Walker Lane Resources shares. Following the exercise of the second option, a milestone payment of $10 per ounce of gold (or the equivalent value in other commodities) as contained in the Cambridge resource will be due to Silver Range and Auburn within six months of the identification of the Cambridge resource. In addition, Silver Range and Auburn will retain a combined 2.5-per-cent NSR on Cambridge, which may be reduced to 1.0 per cent by the payment of $500,000 per 0.5 per cent prior to the commencement of commercial production at Cambridge.

The Cambridge property is located 33 km south of Yerington in Lyon county, Nev. It is a joint venture between Silver Range and Auburn Gold Mining. Gold was first discovered in the area in the 1860s, and intermittent mining at the Cambridge mine is reported between 1878 and 1942. The property is underlain by Cretaceous quartz monzonite locally covered by a thin blanket of Tertiary volcanic rocks. The quartz monzonite is cut by north-trending, steeply dipping faults or shears hosting mesothermal gold mineralization in quartz veins. Mineralization has been traced to a depth 137 metres (450 feet) in workings at the Cambridge mine. The veins contain coarse-grained, ribbon-banded white quartz, together with visible gold, pyrite, galena, pyrrhotite, chalcopyrite, lesser tetrahedrite and amorphous black sulphides in disseminations and clots. Grab and chip samples across the property have returned analyses to 93.8 g/t Au, and trench samples have returned up to 3.2 m at 14.65 g/t Au. Silver from trace to 274 g/t Ag is associated with the gold mineralization. There are three known gold zones on the property, the Cambridge mine, Price Lode and North Trends, which have an aggregate strike length of approximately 2.7 kilometres.

Silver Mountain property

Silver Range and Walker Lane Resources have executed an LOI granting Walker Lane Resources the option to acquire 100 per cent of the Silver Mountain property for total consideration of $200,000, payable in instalments of $5,000 per year until 2034, with a final payment of $150,000 by Aug. 1, 2035. Up to half of the final payment may be made in Walker Lane Resources shares. In addition, Walker Lane Resources would be required to complete 1,000 metres of drilling during the term of the option. A milestone payment of $10 per ounce of gold (or the equivalent value in other commodities) will be due to Silver Range within six months of the identification of an NI 43-101-compliant measured or indicated resource at Silver Mountain. In addition, Silver Range will retain a 2.5-per-cent NSR on the property, which may be reduced to 1.0 per cent by payment of $500,000 per 0.5 per cent prior to the commencement of production at Silver Mountain.

The Silver Mountain property is located in Esmeralda county, approximately 57 kilometres south of Goldfield, near the Nevada-California border. The property covers the Old Cabin and Hidden Gulch showings, each of which was mined on a small scale. Mineralization on the property appears to be mesothermal in character. At the Hidden Gulch showing, underground chip sampling has returned up to 0.6 m at 1,415 g/t Ag and 0.48 per cent copper from a sample across the face of a drift in the Silver Bowl mine, the most significant workings along the principal structure. On surface, chip sampling returned up to 0.4 m at 1,245 g/t Ag from a vein exposed in a pit near the southern end of the principal structure. Mineralization occurs in a 250-metre-long, steeply west-dipping normal fault within a 370 m long structural corridor hosting high-grade silver mineralization. West of the principal fault, at least one east-dipping antithetic fault parallels the main fault in its hangingwall. Sampling across one of these antithetic veins returned 0.65 m at 546 g/t Ag. Previously reported grab sampling along this structure returned assays up to 3,270 g/t Ag. The Old Cabin showing, a mile to the southwest of Hidden Gulch, hosts mineralization is an unusual sequence of numerous stacked, tabular extensional quartz veins, exposed over more than 30 m up a ridge. Grab samples from this zone have returned assays of up to 394 g/t Ag.

The technical information in this news release has been approved by Mike Power, MSc, CPG, president and chief executive officer of Silver Range Resources, a qualified person for the purposes of NI 43-101.

About Silver Range Resources Ltd.

Silver Range is a precious metals prospect generator working in the southwestern United States and Northern Canada. It has assembled a portfolio of 31 properties, 11 of which are currently optioned to others, and also retains eight royalty interests on vended projects. Silver Range is actively seeking other joint venture partners to explore the high-grade precious metals opportunities in its portfolio.

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