Brownstone & Canoro Moving Forward with Indian Projects

Earlier this year, Brownstone entered into a letter of intent with Canoro to farm in to 15% of Canoro's participating interest in the AA-ONN-2003/2 and AA-ON/7 exploration blocks, subject to certain conditions, including the waiver of certain rights of first refusal. On AA-ONN-2003/2, Canoro's partners have waived their right of first refusal. Canoro and Brownstone plan to submit an application to the Government of India shortly to have the 15% participating interest transferred to Brownstone. On government approval, Brownstone will have a 15% participating interest in AA-ONN-2003/2 and Canoro's participating interest will be reduced from 30% to 15%.

For AA-ON/7, after the expiry of the partner's right of first refusal period, Canoro and Brownstone have mutually agreed not to proceed with the farmout of Canoro's 15% interest to Brownstone, leaving Canoro with its 65% participating interest.

Canoro and Brownstone have agreed to bid together for exploration blocks under India's NELP VI (New Exploration Licensing Policy) licensing round. Bids are to be submitted by September 15, 2006. The Government of India anticipates awarding the blocks to the successful bidders early in 2007.

Brownstone Ventures Inc. is a Canadian based, energy focused investment company with equity investments in uranium (through its holdings in Mega Uranium Ltd.) and oil & gas. As well, Brownstone has direct interests in oil and gas exploration projects.


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