Erin Signs Serbian Boron Joint Venture Agreement

Erin Ventures Inc. (TSX VENTURE:EV)(OTCBB:ERVFF)(BERLIN:EKV) is pleased to
report that it has entered in to a binding agreement with the Serbian
state-owned mining company, JP PEU, for the joint development of the Piskanja
boron deposit, located in Serbia. 


This agreement is subject to the Serbian Mining Ministry granting an exclusive
exploration license for the Piskanja deposit to Erin. This agreement has been
officially endorsed by JP PEU, Ibarski Mines (a wholly owned subsidiary of JP
PEU, which currently holds the rights to the Piskanja boron deposit), and the
National Serbian Miners' Union. It is estimated that the percentage ownership in
the joint venture will be approximately 90% Erin; 10% JP PEU, based upon the
relative values of the contributions made by the parties.


Erin is currently preparing the documentation required for the exploration
license, for submission to the Serbian authorities. It is anticipated that an
exploration license may be granted within the next 90 days.


The key terms in the agreement are as follows:



1.  Erin's wholly-owned Serbian subsidiary, Balkan Gold d.o.o. ("Balkan")
    will apply for an exclusive exploration license on the Piskanja
    property, and conduct a geological study on the deposit. If results are
    positive, Balkan will then compose a feasibility study for mine
    development. Balkan is responsible for 100% of the costs related to
    these studies, and retains 100% ownership at this stage. 

2.  When the feasibility study is complete, Balkan and JP PEU will form a
    joint venture company that will apply for an exploitation license.
    However, in the event that JP PEU's corporate structure does not allow
    for it to enter into this joint venture (as is currently the case),
    Balkan will retain the right to apply for the exploitation license on
    its own, and retain 100% interest in the project. 

3.  Ownership in the joint venture company will be directly proportional to
    the value of the assets contributed by each party. 

--  Balkan will be responsible for providing all the funding required to
    develop the mine and ore processing facilities. 
    
--  JP PEU will contribute certain existing infrastructure assets in its
    possession (such as a power substation, access roads, rail spur, office
    and maintenance buildings in strategic proximity to the property) and
    historical research data from previous exploration programs at Piskanja.
    The determination of the assets to be contributed by JP PEU to the joint
    venture shall be at the sole discretion of Balkan. These assets will be
    contributed at their established fair market value. 
    
4.  An official determination of percentage ownership will occur at the
    completion of the mine development, and be based upon the amount that
    has been actually spent by Balkan on exploration and mine development,
    and the fair market value of the assets contributed by JP PEU. 

5.  Balkan and JP PEU agree that the joint venture company will primarily
    employ manpower from the Ibarski Mine, as qualified and required. 

6.  Each party will have representation on the board of directors of the
    joint venture company on a basis that reflects their prorata ownership
    of the joint venture company. 



This joint venture agreement between Erin and JP PEU has no direct bearing on
Erin's ongoing US$15 million legal action against EPS, the national power
corporation of Serbia, regarding alleged breaches by EPS in the former joint
venture agreement it held with Erin regarding the development of the Piskanja
property (as reported by Erin in its news release dated June 22, 2009).


Summary of the Piskanja boron property

Piskanja is located in a historical mining region that has good infrastructure
for mining including roads, rail, electric power, experienced miners, etc., 250
km south of Belgrade by good paved roads. 


The Piskanja property has a historic resource (that is not NI 43-101 compliant
and must be verified) of approximately seven million tonnes of 39 per cent B2O3
(boron) as colemanite and ulexite, based upon historic drill data (some of
which, was conducted by Erin previously). The deposit is open both to the south
and the east. Evaluation of the drill-hole data by Erin's technical advisers
indicate that the Piskanja deposit has the potential of hosting additional
significant borate reserves. 


About boron

Borate minerals and refined borate products are used extensively worldwide in
the manufacture of vitreous products such as fiberglass insulation, textile
fiberglass, borosilicate glass (LCD screens), ceramic glazes and porcelain
enamels. These applications account for approximately 60 per cent of borate
consumption, with detergents, fire retardants, metallurgy, agriculture,
insecticides, wood preservatives and specialty products accounting for the
remainder. Consumption of borates used in high- technical applications is
expected to increase by 10% in North America and 13% in Europe by 2012. China is
the largest consumer of boron, where consumption has rose by 15 percent per year
from 2000 to 2010. Market prices reflect the relative scarcity of borates with
prices averaging: US$280/t for colemanite concentrate (40-42 percent B2O3);
US$500/t for ulexite (40 percent B2O3); US$550/t for boric acid; and US$50/kg
for anhydrous borax.(i)


(i)Source: US Geological Survey, Report on Boron 2008.

About JP PEU and Ibarski Mine

In operation since 1853, JP PEU ("Public Company for Underground Coal
Exploitation, Resavica") currently operates 9 mines throughout Serbia. It
produces 500,000 tonnes of coal per year, and employs 4,000 workers. Ibar Mine,
a wholly owned subsidiary of JP PEU, has been producing coal for 100 years, with
500 employees experienced in underground mining. The Piskanja deposit is located
in the mining region belonging to the Ibar mine. 




On behalf of the Board of Directors,
Blake Fallis, General Manager

Erin's Public Quotations:
Canada
TSX Venture: EV
USA
SEC 12G3-2(B) #82-4432
OTCBB: ERVFF
Europe 
Berlin Stock Exchange: EKV



The technical information in this release was prepared by James E Wallis, M.Sc.
(Eng), P. Eng. a consultant to the Corporation, who is a Qualified Person under
National Instrument 43-101.


Forward Looking Statements 

This release contains forward looking statements. The words "believe," "expect,"
"feel," "plan," "anticipate," "project," "could," "should" and other similar
expressions generally identify forward-looking statements. Readers are cautioned
not to place undue reliance on these forward-looking statements, which speak
only as of their dates. These forward-looking statements are subject to a number
of risks and uncertainties including, without limitation, variations in
estimated costs, the failure to discover or recover economic grades of minerals,
and the inability to raise the funds necessary for the continued operations of
the Company, changes in external market factors including commodity prices, and
other risks and uncertainties. Actual results could differ materially from the
results referred to in the forward-looking statements.
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