Colorado Resources Ltd. and Buckingham Copper Corp. announced that they have signed the binding Arrangement Agreement that will result in the acquisition of Buckingham by Colorado, along with the addition of new Colorado Board members and management, and a minimum $2.5 million concurrent financing. Upon closing, the five-member board of Colorado will be reconstituted by the addition of Michael Cathro and Dr. Fletcher Morgan, and existing Colorado Board members, Cecil Bond, Alastair Still and Bryan Wilson.

Patrick Soares will leave the Board at closing of the transaction and has agreed to remain as the Chairman of the Advisory Board of Colorado. Mr. Shaw, who will also be leaving as both a member of the Board and President & CEO to pursue other interests. As previously announced, upon closing the new Colorado management will consist of CEO Joseph Mullin and recently appointed CFO Eric Casey, with a team of consultants and technical advisors consisting of Justin Himmelright B.Sc, M.Eng., Mark Rebagliati B.Sc., P.Eng.

and Dr. James Oliver, Ph.D. P.Geo.