TSX - NRG

OTCQX - ANRGF

Calgary, Alberta, November 10, 2009 - (TSX - NRG; OTCQX - ANRGF)- Alter NRG Corp., (“Alter NRG” or the “Company”) is pleased to report on its corporate activities and financial results for the three and nine month period ended September 30, 2009 and announce the appointment of Mr. Kevin M. Bolin to the Board of Directors.

Mr. Bolin is President and CEO of EnerTech Environmental, Inc., a private renewable energy company that converts biomass, primarily municipal sewage sludge, into clean fuel. Mr. Bolin has led the Atlanta-based company since its inception in 1992 and has been involved in all aspects of its growth and development, both domestically and internationally.

In his position at EnerTech, Mr. Bolin has raised over $50 million in corporate equity, negotiated international license agreements, grown the company's intellectual property portfolio, and built strategic relationships that enabled execution of its business plan. Most recently, he was responsible for the successful negotiation of 25-year municipal contracts and contracts for renewable fuel product, which allowed for the $165 million project finance of a first-of-its-kind sewage sludge-to-fuel facility in California.

In addition to his experience in the renewable fuels market, Mr. Bolin's background includes positions as Audit Senior with KPMG Peat Marwick and Sales Account Executive with WAGA-TV (CBS affiliate). Mr. Bolin holds a B.B.A. in Accountancy from the University of Notre Dame and was certified as a Public Accountant in the states of New York and Georgia.

The following are the highlights for the third quarter of 2009 and the period up to November 9, 2009.

Q3 HIGHLIGHTS

• Acquired Clean Energy Developments (CleanEnergy), a leading private company providing geoexchange services in the Canadian commercial, industrial and residential markets. Geoexchange is the industry's term to describe using heat from the ground to provide an environmentally friendly means for heating and air conditioning. Geoexchange systems have lower energy consumption compared to conventional equipment and adoption of this technology has experienced rapid market growth worldwide in recent years. Alter NRG, through CleanEnergy, intends to offer turnkey geoexchange solutions to the market which includes engineering, equipment and installation.

• Completed the construction of Project Lighthouse, a commercial demonstration facility developed by Coskata Inc. (Coskata) that uses the Westinghouse Plasma Gasification (WPC) gasification solution to turn biomass into ethanol. The facility is in operation and represents a significant milestone in the development of cellulosic ethanol from non-food feedstocks and is expected to lower operating costs compared to current ethanol production.

• The NRG Energy Somerset Massachusetts 110 megawatt coal retrofit project using Westinghouse Plasma Technology has been selected to proceed into the detailed due diligence phase of the DOE Loan Guarantee Program. NRG Energy continues to advance the renewable energy project, which will use up to 35% to 100% biomass. The proposed coal retrofit project would provide enough electricity to support approximately 100,000 homes in southeast Massachusetts.

• Continued to advance an agreement in the China market which is expected to include facilities being constructed in 2010. The interest in China and Southeast Asia for the Westinghouse technology has been significant and the central government has aggressive plans to utilize renewable energy solutions.

• Continued discussions in the European market with credible companies, respected engineering firms and governments that are looking for renewable energy alternatives. The European market has very favorable incentives and having operational facilities since 2002 and 2003 using our Westinghouse technology has been a benefit. The Company expects to execute on further strategic alliances in this market in the first half of 2010.

• Signed a MOU for a 75 tonne per day energy from waste project located in Dufferin County, Ontario. Alter NRG submitted into a request for proposal process and was selected as the technology provider for a project expected to start construction in late 2010. Councilor Ed Crewson, Chair of the Community Development Committee for Dufferin County stated, “The selection of Alter NRG to provide the technology for our Energy from Waste facility will result in the generation of green energy through the gasification of our waste. This is a major step forward in creating a sustainable Dufferin County and thereby protecting our environment for our children's benefit.”

• Announced the signing of an alliance agreement with Uhde Engineering Consulting (Shanghai) Co. to provide engineering services, marketing service and jointly pursue business opportunities predominantly in the Asia Pacific region, including China. This alliance agreement provides Alter NRG presence on the ground in China and Southeast Asia through a well respected and capable engineering firm.

• Commissioned the world's largest hazardous waste to energy facility in Pune, India which was developed by SMS Infrastructures, Central India's largest engineering company. The facility is operational and has received the government environmental approvals.

• Focused engineering efforts on the construction of the Coskata Lighthouse facility and the preparation for the testing program of our gasification testing facility in Madison, Pennsylvania. This resulted in lower second quarter revenues as the testing facility was closed and our engineering resources were supporting preparation for the upcoming 50 test program in Q4 of 2009 and into 2010, estimated at approximately $3 million in revenue.

• Advanced 16 projects located worldwide which are at the engineering stage of the project development. If constructed, this would represent over $400 million in plasma gasification equipment sales.

For more information on the Company's activities please visit www.alternrg.com or www.sedar.com to view Alter NRG's 2009 Third Quarter Report.

PRESIDENT'S MESSAGE

Evolution relies on changes that facilitate survival. Successful evolution means proving we can do more than survive. It's been a busy, exciting and positive quarter for Alter NRG. Our company is successfully evolving and by remaining focused on our core values with an unwavering commitment to our shareholders through strategic changes we will continue our evolution and continue our success.

After exploring acquisition opportunities that would be complimentary to our plasma efforts and align with our vision, we announced the successful acquisition of CleanEnergy, a privately owned Canadian Company focused on geoexchange solutions.

This acquisition allows us to grow as a Company and advance toward our vision of commercializing growth technologies through developing environmentally sustainable and economically viable alternate energy projects, by broadening our product offering. We are in a position now to leverage our history of negotiating large commercial projects and strategic alliances in a market that provides faster growth and a more stable base of revenue from year to year through projects that have a shorter sales cycle than larger scale plasma projects.

On the plasma front we have continued our focus of developing and advancing strategic relationships while maintaining tight expenditure controls. By employing a disciplined approach we are seeing traction in a number of areas. Advancing worldwide, the Company currently has over 43 proposed projects that are actively being developed by customers or strategic partners who are sourcing feedstock, site selection, key contracts and other early stage development activities, and 16 projects that are further along in with active engineering work using Alter NRG under a signed engineering services agreement or a broader memorandum of understanding.

The total revenues to Alter NRG to support the 16 projects in the engineering stage would result in over $400 million in engineering, equipment and licensing revenues.

As we advance plasma projects and build a presence in Canada for geoexchange we will make a real environmental difference through our technologies and projects. Our evolution is very much the result of a team effort. Good governance adds value and enhances our operational performance and I would like to acknowledge the directors of Alter NRG. Our directors bring a long-term perspective to strategic decision making that reflects sound business judgment and years of industry experience and whose interests align clearly with those of our shareholders. Our strategic decisions have placed numerous opportunities in front of us leaving us well positioned for significant growth in 2010.

FINANCIAL RESULTS ($)

For more information on the Company's activities please visit www.alternrg.com or www.sedar.com to view Alter NRG's 2009 Third Quarter Report.

MANAGEMENT'S DISCUSSION AND ANALYSIS EXCERPTS

CORPORATE OVERVIEW

Alter NRG provides and pursues alternative energy solutions through plasma gasification and also through geoexchange to meet the growing demand for clean energy in world markets. The Corporation's vision is to commercialize growth technologies through developing environmentally sustainable and economically viable alternative energy projects. Alter NRG has two main operating divisions both of which are wholly owned subsidiaries:

• Westinghouse Plasma Corporation (“WPC”) – Plasma gasification can take renewable feedstocks such as household, commercial or industrial waste, biomass, or combinations of feedstocks and turn them into syngas. The syngas can be used as a replacement to natural gas as fuel or converted into ethanol, diesel fuel or electricity. This provides clean energy that has a lower carbon footprint and lower emissions of other harmful pollutants and provides affordable domestic energy sources.

• CleanEnergy Developments (“CleanEnergy”) – CleanEnergy provides geoexchange solutions for buildings (residential homes, apartments, schools, etc) that use energy from the earth for heating and cooling. This reduces the use of fossil fuels by 60% to 80% in most applications which means a smaller carbon footprint and reduced energy costs.

Alter NRG creates revenues by selling plasma gasification technology and geoexchange services and through participation in projects that fit its strategic growth plan.

Alter NRG's mission is to maximize returns for its investors by participating in financially accretive projects in the emerging alternative energy market, through technology sales and project interests. Alter NRG endeavors to be a leader in innovative gasification related technologies applied to produce profitable and clean alternative energy solutions. The Corporation invests in the skills of its people who will provide the creativity, determination and passion to generate growth in stakeholder value. The Corporation strives to be transparent and fair in its activities and works to form positive relationships with the communities where it operates and with all of its stakeholders.

Initially, the Corporation is focusing its efforts on technology sales and developing a strategic portfolio of customers with the capability to advance projects from internally generated cash flow. The focus will be to increase near term cash inflows by generating operational revenues and reducing capital expenditures.

Plasma Gasification Solutions

The Corporation owns Westinghouse Plasma Corporation (WPC). WPC has proprietary technology that the Corporation believes is an industry leading technology with the following broad advantages:

• Commercially proven – the technology has been commercially applied, for six years, in facilities in Japan for gasification of waste. The plasma torches, which are core to the overall technology, have been commercially used for over 20 years.

• Environmentally responsible – the technology has the capability to reduce emissions significantly as compared to other conventional fossil fuel technologies.

• Flexible technology – the technology can handle a wide range of feedstocks, including many types of waste (municipal, commercial, industrial, and hazardous), biomass, coal and petroleum coke. The flexibility to accept a variety of feedstocks gives the technology a range of uses and markets to which it can be applied.

• Scalable technology – the technology is ideal for projects with total capital between $50 million and $500 million. The technology is larger scale than most other plasma gasification technologies, and has a longer commercial operating history.

The current economic and capital market conditions provide a challenging environment to navigate. To mitigate the challenges, Alter NRG is focusing on technology sales to parties that bring the capital, skill and expertise to develop energy projects. A core part of the corporate strategy is the use of strategic alliances and partnerships to commercialize the technology into different geographic regions and markets.

Geoexchange Solutions

The Corporation owns CleanEnergy, a leading company providing geoexchange services in the Canadian commercial, industrial and residential markets. Geoexchange is the industry's term to describe using heat from the ground to provide an environmentally friendly means for heating and air conditioning using renewable geothermal energy. Geoexchange systems have lower energy consumption compared to conventional equipment, and adoption of this technology has experienced rapid market growth worldwide in recent years. Alter NRG, through CleanEnergy, intends to offer a turnkey geoexchange solution to the market which includes engineering, equipment and installation. Geoexchange has the following benefits:

• For every unit of electricity used in the process, 3 to 5 units of 'free' energy are recovered from the earth

• For an average home a Geoexchange system is the equivalent to planting 750 trees (one acre of trees) or removing 2 cars from the road permanently

• Has payback for a consumer generally in 5 – 6 years for larger installations and replacement of heating oil, electricity, propane, etc.

• In addition to economic & environmental drivers

• Reliable and greater than 20 year life

• Quiet – no outdoor units

• Safe – no combustion, no CO fumes

• Clean – improves internal air quality

The Corporation acquired CleanEnergy on October 2, 2009 and the results from operations will be included in the financial statements after the acquisition date.

HIGHLIGHTS

Acquisitions

Alter NRG acquired Clean Energy Developments, a leading private company providing geoexchange services in the Canadian commercial, industrial and residential markets. Alter NRG, through CleanEnergy, intends to offer a turnkey geoexchange solution to the market which includes engineering, equipment and installation.

Technology Sales

Alter NRG has a strategic focus on technology sales to large waste and energy companies with the ability to advance plasma gasification projects in this challenging market environment. The Corporation is initially focusing on opportunities in North America, the European Union and Southeast Asia. Discussions have advanced with numerous companies with strong balance sheets and a focus on renewable energy solutions. Alter NRG has significant strategic customers and alliances with NRG Energy, a leading independent power producer in the US, Air Products, a world leader in industrial gasses, Coskata Inc., a leading cellulosic ethanol developer, and also credible engineering firms such as Uhde Shanghai, Saipem, and SMS Infrastructures Ltd.

The Somerset Massachusetts 110 MW coal retrofit project using Westinghouse Plasma Technology has been selected to proceed into the detailed due diligence phase of the DOE Loan Guarantee Program. NRG Energy continues to advance the renewable energy project, which will use up to 35% eligible, or Massachusetts Department of Environmental Protection-approved, biomass and if permitted, up to 100% eligible biomass. The proposed 112-megawatt (MW) repowering project would provide enough electricity to support approximately 100,000 homes in southeast Massachusetts.

The Corporation advanced an agreement in the China market which is expected to include facilities being constructed in 2010. The interest in China and Southeast Asia for the Westinghouse technology has been significant and the central government has aggressive plans to utilize renewable energy solutions.

During the quarter, the Corporation continued discussions in the European market with credible companies, respected engineering firms and governments that are looking for renewable energy alternatives. The European market has very favorable incentives and having operational facilities, since 2002 and 2003, using our Westinghouse technology has been a benefit. The Company expects to execute on further strategic alliances in this market in the first half of 2010.

The Corporation signed a MOU for a 75 tonne per day energy from waste project located in Dufferin County, Ontario. Alter NRG submitted into a request for proposal process and was selected as the technology provider for a project expected to start construction in late 2010. Councilor Ed Crewson, Chair of the Community Development Committee for Dufferin County stated, “The selection of Alter NRG to provide the technology for our Energy from Waste facility will result in the generation of green energy through the gasification of our waste. This is a major step forward in creating a sustainable Dufferin County and thereby protecting our environment for our children's benefit.”

The Corporation announced the signing of an alliance agreement with Uhde Engineering Consulting (Shanghai) Co. Ltd. to provide engineering services, marketing service and jointly pursue business opportunities predominantly in the Asia Pacific region, including China. This alliance agreement provides Alter NRG presence on the ground in China and Southeast Asia through a well respected and capable engineering firm.

During the third quarter of 2009, the Corporation focused engineering efforts on the construction of the Coskata facility and the preparation for the testing program of our gasification testing facility in Madison, Pennsylvania. This resulted in lower third quarter revenues as the testing facility was closed and our engineering resources were supporting preparation for the upcoming 52 test program in Q4 of 2009 and into 2010, estimated at approximately $3 million in revenue.

The Company continued to advance 16 projects worldwide, to the engineering stage. A plasma gasification equipment sale would result in approximately $10 million to $100 million of revenues upon successful development.

Construction Projects

Continuing projects that align with Alter NRG's strategic focus include the following:

• In the third quarter of 2009, the Corporation completed the construction of Project Lighthouse, a commercial demonstration facility developed by Coskata Inc. (Coskata) that uses the WPC gasification solution to turn biomass into ethanol. The facility is in the final stages of commissioning and represents a significant milestone in the development of cellulosic ethanol from non-food feedstocks and expected lower operating costs than current ethanol production.

• The Corporation commissioned the world's largest hazardous waste to energy facility in Pune, India, which was developed by SMS Infrastructures, Central India's largest engineering company. The facility is operational and has received government environmental approvals.

Alter NRG Project Development

As a means to reduce Alter NRG's capital requirements the Corporation has adopted a staged approach for internally led projects under development, as described below:

• Fox Creek, Alberta is a coal deposit in Central, Alberta with 468 million tonnes of reserves based on an independent reserve report (filed on SEDAR). Alter NRG has been advancing a coal to liquids project and is currently re-evaluating the project to determine the optimal size and scope of the project in light of the current capital markets. The Corporation expects to expend minimal capital on determining a final scope for the project.

SELECTED FINANCIAL INFORMATION

PLASMA TECHNOLOGY SALES AND SERVICES

Plasma technology sales and service revenues result from engineering services provided for reactor design and process engineering, replacement parts for existing gasification customers and plasma gasification testing services provided at the Corporation's testing centre pilot facility located in the United States (US).

Direct costs of sales relate to direct materials and expenditures for products and services and reflect standard rates. Margins in 2009 are higher than 2008 due to the reduced amount of direct labor spent on engineering products.

Direct costs of sales relate to direct materials and expenditures for products and services and reflect standard rates. Margins in 2009 are higher than 2008 due to the reduced amount of direct labor spent on engineering products.

The Corporation's revenue generating projects are advancing as expected and will generate revenues that vary from one quarter to the next. Revenues for the three months ended September 30, 2009 increased over the same period in prior year by $68,998 as the Corporation added new customers and continued to advance projects.

Revenue for the nine months ended September 30, 2009 decreased by $83,864 over the prior year. This is attributed to the shut down of the pilot facility for third party testing services and allocation of our engineering resources to prepare for Coskata Project Lighthouse. The Coskata Project Lighthouse has contracted to do 52 pilot tests between November 2009 and May 2010 which is expected to generate approximately $3 million in revenues.

Alter NRG anticipates a key revenue stream from equipment sales of a plasma torch or a plasma gasification island. Plasma torches are one component of the plasma gasification island and the sale of torches used in a small scale gasification facility generates approximately $1.5 million to $3 million in revenue. The Corporation plans to sell a full scope gasification solution, the plasma gasification island, to third party project developers which would generate revenues of approximately $25 to $75 million per project. Alter NRG has devoted significant efforts expanding its product offering while completing the engineering studies and product design enhancements required to construct the plasma gasification island.

The Corporation works with project developers worldwide in the early stages of planning and developing plasma gasification projects. Engineering services are required in the preliminary planning phase and equipment is ordered only after a project has received regulatory approval and project financing, thus these sales have a long lead-time.

Since the Corporation purchased WPC it has increased its number of customers. Key customers advancing commercial projects include Air Products, Dufferin County, Coskata, NRG Energy, and SMSIL (see the Highlights section). These companies indicate they expect to order equipment in 2010 to support their development activities. Alter NRG also has 16 engineering sales for customer projects in various stages of development (see the Business Conditions and Risks section).

INTEREST AND OTHER INCOME

Interest income relates to funds invested in high interest accounts with a Canadian chartered bank and decreased by 83% for the nine months ended September 30, 2009 versus the nine months ended September 30, 2008. The decrease reflects a combination of lower average interest rates earned on cash balances and a significantly lower cash balance held in these accounts. Annualized interest rates of approximately 0.6% and 0.7% were earned for the current three month and nine month periods versus the average 3.0% and 3.3% earned on investments for the same periods in 2008.

In July of 2009, the Corporation invested the majority of its cash resources in short-term investments including a government backed mortgage fund in pursuit of a better rate of return without increasing significantly the Corporation's investment risk. The total gain on this investment for the three months ended September 30, 2009 was $434,302 or an 8.7% annualized return.

GENERAL AND ADMINISTRATIVE EXPENSES

Employee costs increased due to the increased number of staff required to enact the Corporation's corporate growth strategy. At September 30, 2009, the team included 49 full time employees, compared to 40 employees at September 30, 2008 as follows:

Office rent and parking expenses for the three and nine months ended September 30, 2009 increased by $89,040 and $208,125, respectively. Both increases are due to increased expenditures for rent costs as the Corporation has increased its leased space to accommodate growth.

Repairs and maintenance and other office expenses for the nine months ended September 30, 2009 increased by $557,184. The increase is due to one-time expenditures related to preparations for Project Lighthouse. The majority of these preparatory expenditures were incurred in the first six months of 2009 and therefore expenses in the three months ended September 30, 2009 decreased by $118,129.

Professional and consulting fees include legal, audit, accounting, external recruiting and engineering consulting fees. For the three and nine months ended September 30, 2009 these fees increased by $523,082 and $488,606, respectively. The majority of the increase is a result of increased legal, accounting and consulting fees incurred as the Corporation develops new strategic partnerships and related to project development efforts, including the NRG Energy Somerset and Coskata Lighthouse projects.

Travel costs for the nine months ended September 30, 2009 increased by $56,360 due mostly to expenditures related to trips to the European Union and China to meet with potential strategic partners.

Other costs include bad debt expense, business development costs, public reporting costs, IT-related costs, advertising, promotion and banking charges. At September 30, 2009 the Corporation has recorded a provision in the amount of $141,397 (September 30, 2008 – $840,861) after the completion of its review of all outstanding accounts receivable to assess whether the amounts are recoverable. The Corporation believes the remaining amounts will be collected. Business development costs for the three and nine months ended September 30, 2009 have decreased by $355,170 and $355,314 respectively. This is attributable to decreased spending related to the Fox Creek coal-to-liquids project. The remaining other costs are mostly consistent with prior periods. IT-related costs have increased in line with the growth in personnel.

Total general and administrative costs for 2009 are expected to be approximately $13 million, which reflects staffing at current levels for a full year and associated costs to support the current activity levels. Should prolonged negative market conditions persist or customer activity decline in a significant way, general and administrative costs will be evaluated and reduced.

FOREIGN EXCHANGE LOSS

US dollar denominated intercompany advances made to the US subsidiary, which are eliminated at consolidation, are revalued at the exchange rate as of the balance sheet date. The unrealized foreign exchange losses recognized during the three and nine months ended September 30, 2009 are the result of the strengthening of the Canadian dollar during these times and relate mostly to the intercompany advances.

DEPRECIATION AND AMORTIZATION

The increase in depreciation for the nine months ended September 30, 2009 over the same period in 2008 reflects a full nine months of depreciation on the US facility upgrade, completed at the end of the first quarter of 2008. No depreciation was recognized on this asset in the first quarter of 2008.

Amortization relates to the intangible assets acquired from the purchase of the US subsidiary in 2007 and on the completed internally generated intangible assets thereafter. The acquired intangible assets are being amortized on a straight-line basis over an estimated useful life of thirty years. The internally generated intangible assets are being amortized on a straight-line basis over an estimated useful life of ten years.

WRITE DOWN OF ASSETS HELD FOR SALE

During the three months ended June 30, 2009, the Corporation determined that it would discontinue development of the Bruderheim property and began to actively market the property and equipment to potential buyers. The property consists of land, a building and a steam turbine.

During the three months and nine months ended September 30, 2009, the Corporation recognized an impairment of $3,043,028 and $4,909,028, respectively to write down the Bruderheim property to its estimated fair value less costs to sell the assets. The write-down was based on an assessment of the latest market conditions for each of the assets held for sale.

LOSS

The increased loss for the nine months ended September 30, 2009 relate primarily to lower interest income earned during the period and a write down of assets held for sale, as well as increases in general and administration costs and depreciation and amortization. Profitability is a function of sales timing, type and margin as described in the “Plasma Technology Sales and Services” section and can be affected by various operating issues as outlined further in the “Business Conditions and Risks” section.

QUARTERLY INFORMATION

The loss in the third quarter of 2009 was more than the loss incurred in the previous quarter. Third quarter revenues, interest and other income increased from the second quarter by $530,439 and the write down of assets held for sale was $3,043,028 in the third quarter compared with $1,866,000 in the prior quarter. The majority of the increase in other income is attributable to the gain on short-term investments.

Capital expenditures in the third quarter decreased from second quarter as Project Lighthouse nears completion.

LIQUIDITY AND CAPITAL RESOURCES

The Corporation's working capital balance was approximately $37.7 million at September 30, 2009, a decrease of $11.7 million from the year ended December 31, 2008 ($49.4 million). Working capital provides funds for the Corporation to meet its operational and capital requirements. These funds are expected to allow Alter NRG to focus on increasing its operational cash flows through sales revenues and prevail through the current economic downturn without relying on raising additional debt or equity financing in a volatile market.

CASH USED IN OPERATIONS

The increase in cash used in operations for the nine months ended September 30, 2009 reflects the growth in the Company operations through its expansion in sales and marketing, engineering and administration personnel, related office operating expenses, costs for public filings and business development activities.

Cash flow used in operations is expected to decrease as Alter NRG secures equipment sales contracts and license revenue. The timing of these cash flows is a function of sales timing, type and margin and can be affected by various operating issues as outlined further in the “Business Conditions and Risks” section.

CAPITAL EXPENDITURES

Internally generated intangible assets consist of internal project development work on the Corporation's plasma gasification island. The majority of these costs are not currently amortized, as the related projects have not reached completion. As individual projects are completed and commercial use or construction begins, the costs associated with that specific project begin to be amortized.

Resource property expenditures for the nine months ended September 30, 2009 include costs incurred for the Fox Creek project which has 468 million tonnes of coal reserves (see the reserve report filed on SEDAR for further details). Property, plant and equipment costs relate primarily to the facility upgrades for the Coskata Lighthouse project.

EQUITY

The number of common shares and options outstanding as of November 5th, 2009 was 61,688,766 and 4,793,234, respectively. The authorized share capital of the Corporation consists of an unlimited number of common shares.

For more information on the Company's activities please visit www.alternrg.com or www.sedar.com to view Alter NRG's 2009 Third Quarter Report.

For additional information please contact:

Mark Montemurro, President and Chief Executive Officer
(403) 806-3877 mmontemurro@alternrg.ca

Daniel Hay, Chief Financial Officer
(403) 806-3881 dhay@alternrg.ca

The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.

Advisory Respecting Forward-Looking Statements:
This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends", "confident", "might" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this news release contains forward-looking information and statements pertaining to the following: currency exchange rate fluctuations; environmental risks; unanticipated reclamation expenses; ability to finance; risk of obtaining regulatory approvals; ability to find joint venture partners; engineering and design risk; fluctuation in commodity prices and other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results of operations or performance. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release.

The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties including but not limited to:, unexpected events during construction, and start-up; variations in feedstock grade,; delay or failure to receive board or government approvals; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of commodities; failure of plant, equipment or processes to operate as anticipated; delays in the completion of development or construction activities, as well as those factors discussed in or referred to under the heading “Risk Factors” in the Company's Annual Information Form dated March 31, 2009 available at www.sedar.com which could cause actual results to differ materially from those anticipated and described in the forward-looking statements. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements.

The Company cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. The forwardlooking information and statements contained in this news release speak only as of the date of this news release, and the Company assumes no obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable securities laws.