Baltic Shareholders Approve Plan of Arrangement

TORONTO, ONTARIO announced today that Baltic's shareholders have approved the arrangement between Baltic Resources and PhosCan Chemical Corp. The shareholders also approved the adoption of a stock option plan and a shareholder rights plan for Canadian Orebodies Inc., the Baltic subsidiary that is to be spun-out as a separate company as part of the plan of arrangement.

Donald McKinnon, President and CEO of Baltic, commented "This is a milestone for the Martison Project. Consolidating interest in the project is an important step that provides a new platform for the project to advance to the next stage. The merger offers excellent value for our shareholders, and allows both PhosCan and Canadian Orebodies to focus on their respective projects."

Shareholders of PhosCan also approved the arrangement in a meeting earlier today.

Completion of the transaction requires the approval of the Alberta Court of Queen's Bench. The Alberta Court of Queen's Bench hearing to obtain approval is scheduled to be held on March 7, 2008. Closing is expected to occur on or about March 10, 2008.

Contacts: Baltic Resources Inc. Donald McKinnon President & CEO [phone] Baltic Resources Inc. Gordon McKinnon Manager Corporate Development [phone] Website: www.balticresources.ca