Kobex Resources Ltd.: Quality Assurance/Quality Control Program on Historical Drilling Completed

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:

Kobex has completed a quality assurance/quality control (QA/QC) program on sample rejects from the historical diamond drilling completed by Amax on the Mt. Emmons molybdenum deposit. Kobex's QA/QC program included the following steps:

- Establishment and certification of standard reference materials for the Project:

- A total of three standard reference materials were generated from assay rejects from the previous drilling programs. A fourth standard reference material (blank) was generated using unmineralized material from off site.

- These four standards (one blank and three molybdenum grade based standards) were prepared by CDN Labs and certified by Smee & Associates Consulting Ltd.

- The analytical method employed in the certification stage and subsequent QA/QC assaying stage was four acid digestion followed by ICP-ES finish for molybdenum determination. The historical database is based on acid digestion with colorometric finish with assays reported as MoS2. This procedure is no longer practiced and has been replaced by industry standard procedures such as the one employed by this program. The current QA/QC program used molybdenum grades which were converted to MoS2 grades using a factor of 1.6681 in order to make comparisons to the historical assay data.

- A total of 619 samples of assay rejects from the historical core drilling were selected, representing the overall molybdenum deposit at Mt. Emmons. Standards and blanks were inserted into the suite of assay rejects.

- The assay rejects samples, standards and blanks were analyzed by ALS Chemex while Skyline Assayers & Laboratories analyzed assay reject samples only.

The results of the QA/QC program show that the molybdenite grade reported in the historical database is verified with assays by independent laboratories, using modern analytical techniques and the requisite QA/QC procedures for exploration. The results of the program are summarized below:

                                 Amax mean value     QA/QC mean value
Lab          Number of Samples           (% MoS2)             (% MoS2)
Chemex                     619             0.346                0.322
Skyline                    616             0.346                0.328

In general, the outcome of the QA/QC program confirms the validity of the existing historical assay database. All standards submitted with the check assay samples fell within the allowed limits established for the standards, therefore the original assays are also accurate within industry accepted limits.

Maurice Tagami, Kobex COO, stated, "The results of this recent QA/QC program show that the historical assay data is verifiable and that previous estimates of the grade of molybdenum at the Lucky Jack Project are justifiable."

Ms. Zofia Ashby, P. Eng., a consultant to Kobex, supervised the QA/QC program and has reviewed the information in this release. Ms. Ashby is a Qualified Person as defined under National Instrument 43-101.

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.

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

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