Kobex Resources Ltd.: Metallurgical Test Results Confirm Molybdenum Grade and Recovery Projections; Non Acid Generating Tailing

VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: KBX) and its partner, U.S. Energy Corp. (NASDAQ Capital Market: "USEG") are pleased to provide the following update on the Lucky Jack Molybdenum Project:

A preliminary laboratory metallurgical test program has been completed at SGS-Lakefield Research on material from the Lucky Jack deposit. The test program was conducted on historical core and reject samples from previous drill programs conducted by Cyprus AMAX. The program included locked cycle testing which produced molybdenum concentrates assaying between 45 and 50% molybdenum at 86 to 90% molybdenum recovery from samples with a head grade of 0.30% molybdenum. This is in line with the historical projections by Cyprus AMAX. The developed process eliminates the use of cyanide which was previously proposed and simplifies the overall reagent scheme.

The process also includes a step to remove pyrite by flotation following molybdenum recovery. This processing addition removes the sulphide minerals from the main tailings flow and was undertaken to produce final tailings for surface storage having minimal environmental impact. A tailings characterization program conducted by Golder PasteTec is currently underway. This program includes a study of paste backfill with the objective of maximizing the placement of tailings underground as backfill to fill the voids left by mining. Environmental analysis of the tailings planned for surface storage produced by the locked cycle testing which incorporated the pyrite flotation step has been completed by both SGS-Lakefield Research and Golder PasteTec. In both of these analyses the neutralization potential ratio (NPR), which is the ratio of neutralization potential (NP) to acid generating potential (AP) was greater than 4.5 to 1. This is a strong indication the flotation tailings to be stored on surface will not be acid generating. Industry accepted criteria classify a material with NPR greater than 4 as having no potential for acid generation.

Maurice Tagami, Kobex COO stated, "We are very pleased with the results of the metallurgical test program. The ability to produce a high quality molybdenum concentrate with reasonable recovery at the laboratory scale is good news for the Project. The results of the addition of pyrite flotation as part of the process are extremely encouraging as we are committed to being able to design a mine and process plant which will have minimal environmental impact. A non acid generating tailing stream for surface disposal is another step towards our goal."

Kobex is also pleased to announce that its wholly owned subsidiary, Kobex Colorado Corporation, compiled a safety record for 2007 with over 36,000 hours worked with no lost time accidents. "Our Colorado based Project operations staff and contractors are to be commended for their exemplary safety record in our first year of the development of the Lucky Jack Project. Human health and safety is a top priority for our organization," Stated Leo King, President of Kobex.

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 has not reviewed and 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