Kobex Terminates Exploration, Operating and Mine Development Agreement

VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: KBX) announces that effective 31 March 2008 it has terminated its agreement with the U.S. Energy Group in relation to the Lucky Jack molybdenum Project in Gunnison County, Colorado.

The decision was made reluctantly since the Lucky Jack (Mt. Emmons) molybdenite property is still considered to be one of the best undeveloped primary molybdenum deposits in the world. However, the regulatory and legal uncertainties which currently exist at the Federal, State, County and Municipal levels, in the Company's opinion, have become too great to justify the necessary time and major pre-development expenditures that are required to advance this property.

Roman Shklanka, Chairman of Kobex, stated "New regulatory initiatives could affect the potential development of the property. These initiatives include the Rahall Bill which proposes major reform to the current Federal 1872 Mining Law and Colorado Bill HB1165 which proposes veto power over mining development and operations to local government authorities throughout the State. In addition, development moratoriums are in place at the County and Municipal levels while land use regulations are being extensively revised. If enacted, these initiatives would result in more restrictive and prohibitive practices for project development in the mining industry. This has created an uncertain permitting process with no clear regulatory authority and places into question what mineral title represents. Resolving these uncertainties will be a time consuming process involving both legal challenges and the American electorate."

The Company is well funded with over $20 million in the treasury and will immediately focus on the numerous mineral opportunities which are being brought to its attention.

On behalf of the Board of Directors

H. Leo King, President

This news release includes certain statements that express management's expectation or estimates of future performance and may be deemed "forward-looking statements". These forward-looking statements include plans, estimates, forecasts and statements as to management's expectations regarding the Lucky Jack Project. These forward-looking statements involve assumptions, risks and uncertainties and actual results may vary materially. For these reasons shareholders should not place undue reliance on such forward-looking information.

United States residents are cautioned that some of the information that may be published by Kobex may not be consistent with United States Securities and Exchange Commission disclosure rules and may be materially different from what the Company is permitted to disclose in the United States and therefore United States residents should not rely on such information.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this News Release.

Contacts: Kobex Resources Ltd. Leo King President and Chief Executive Officer [phone] Kobex Resources Ltd. Maurice Tagami Chief Operating Officer [phone] [phone] (FAX) Email: [e-mail] Website: www.kobexresources.com