Pedro Resources Announces Cancellation and Grant of Stock Options

   Pedro Resources Ltd. (TSX VENTURE: PED.H) ("the Company") announces that, by agreement with the optionholders, the 1,500,000 stock options granted on February 03, 2011 at a price of $0.35 for a period of five years, have been cancelled.

Pursuant to the Company's Incentive Stock Option Plan, it has granted incentive stock options to directors, officers, employees and consultants of the Company and its affiliates to purchase up to an aggregate of 1,500,000 common shares in the capital stock of the Company. The options are exercisable on or before April 14, 2016 at a price of $0.36 per share.

A copy of this release, as well as other information related to the Corporation, is available on the Company's web site at www.pedroresources.ca and on SEDAR at www.sedar.com.

On behalf of the Board of Directors of

PEDRO RESOURCES LTD.

John B. McCleery, President & CEO

This release has been prepared by management.

Neither TSX Venture Exchange nor its Regulation Services Provider (As that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts: Pedro Resources Ltd. Mr. John B. McCleery President & CEO 604.880.5624 604.922.2260 (FAX) [e-mail] www.pedroresources.ca