Baltic Re-Files Financial Statements

TORONTO, ONTARIO (TSX VENTURE: BLR) announces that as a result of auditor review (the "Review") of the Company's Interim Consolidated Financial Statements, it has restated and re-filed its Interim Consolidated Financial Statements (the "Statements") and Management's Discussion and Analysis ("MD&A") for the three and nine months ended September 30, 2007.

The Review was completed in connection with the inclusion of the Statements in the Company's Information Circular to be distributed to shareholders of the Company for its upcoming Special Meeting.

As a result of the Review, the Company has increased its cash and accounts receivable positions, with a corresponding decrease to mining interests, to account for funding allocated to its Webequie joint venture partner that was not expended as at September 30, 2007. Also, the Company's future income tax liability was decreased to account for losses incurred during the quarter ended September 30, 2007. Additional details regarding this re-filing may be found in the Company's Statements and MD&A, accessed by visiting the SEDAR website at www.sedar.com.

Contacts: Baltic Resources Inc. Don McKinnon President and CEO [phone] Baltic Resources Inc. Gordon McKinnon Manager Corporate Development [phone] [phone] (FAX) Website: www.balticresources.ca