Challenger Signs LOI for the Sale of its Barito Coal Project

Challenger Deep Resources Corp. ("Challenger" or the "Company") (TSX
VENTURE:CDE) is pleased to announce that it has entered into a binding Letter of
Intent ("LOI") for the sale of its Barito coal project in Central Kalimantan,
Indonesia. Under the terms of the LOI the purchaser, a private Australian
company, will purchase all of the outstanding shares of PT Bestindo Energy, a
wholly-owned subsidiary of Challenger which holds all of the Corporations rights
to the Barito project.


The purchase price under the LOI is $2 million (USD) payable as to $50,000 on
signing of the LOI, $100,000 on signing the formal Conditional Share Purchase
and Sale Agreement ("CSP&SA"), $150,000 within 60 days of signing the CSP&SA,
$500,000 on preliminary forestry permit approval for the project and $1,200,000
on final approval of the forestry permit and commencement of commercial
production. Challenger will also be granted a royalty of $2 (USD) per ton on all
coal produced from the project lands and from lands within a 2 km area of
interest surrounding the project lands in which the purchaser may acquire
further coal rights.


Effective immediately, the purchaser has assumed responsibility for all ongoing
expenses of PT Bestindo Energy and the Barito project.


As a consequence of its significant financial interest in the project going
forward, Challenger will provide such advice to the purchaser in its development
efforts as may be appropriate. Challenger will continue its efforts to finance
or to find a joint venture partner for its Tabang coal project located in East
Kalimantan, Indonesia and will continue to review business opportunities in both
the resource and non-resource sectors.


About Challenger

Challenger Deep Resources Corp. is an exploration company focused on the Asian
coal industry. Challenger's business plan is to acquire, explore and to bring
its viable coal projects into production. Challenger has an experienced
Indonesian exploration and mining team with offices in Calgary, Singapore and
Jakarta.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy of accuracy of this news release.


CAUTIONARY STATEMENT

No stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein. 


READER ADVISORY

Statements in this press release may contain forward-looking information
including, statements regarding exploration and production and marketing
activities. Any statements that are contained in this press release that are not
statements of historical fact may be deemed to be forward-looking statements.
The reader is cautioned that assumptions used in the preparation of any
forward-looking information may prove to be incorrect. Events or circumstances
may cause actual results to differ materially from those predicted, as a result
of numerous known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of Challenger. Factors that could cause the actual
results to differ materially from those in forward-looking statements include,
granting of exploration and mining permits, surface access and other licenses
from Indonesian regulatory authorities, exploration results, the continued
availability of capital and financing, and general economic, market or business
conditions in North America and in the Asia Pacific region. The reader is
cautioned not to place undue reliance on any forward-looking information. There
can be no assurance that the proposed exploration and development programs in
Indonesia or other project acquisitions will be completed or, if completed, will
be successful or that coal production and sale will be achieved. Readers are
cautioned that there has been insufficient exploration to define a mineral
resource on either the ABBR license or the KEM license and that it is uncertain
when or if the Barito Project will be put into production.


The forward-looking statements contained in this press release are made as of
the date of this press release, and Challenger does not undertake any obligation
to update publicly or to revise any of the included forward-looking statements,
whether as a result of new information, future events or otherwise, except as
required by securities law.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Challenger Deep Resources Corp.
Ranjeet Sundher
President
403-537-0067
info@challengerdeep.ca
www.challengerdeep.ca
Challenger Deep Resources Corp. (TSXV:CDE)
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