Navajo Announces Completion of First Tranche of $50 Million Financing

  Navajo Wind Energy Corp. (the "Company" and
formerly Caliber Energy Inc.) (PINKSHEETS: CLBN) is pleased to announce the
completion of the first tranche of its previously announced $50 million
financing.

Navajo will receive gross proceeds of $10 million for the issuance of a promissory note, which is subject to a hold period of two years plus one day from the date of issuance in accordance with the agreement. The funding is expected to be received in July 2009, with the net proceeds of the first tranche being approximately $9.2 million after deducting the placement agents' fees and estimated offering expenses.

Navajo will allocate $9,000,000 of the net proceeds to fund the previously announced acquisition of 200 MW Xinjiang Wind Farm Project ("Xinjiang"). (See press release of February 25, 2009.) The remaining funds will be used as working capital for the Company.

About Navajo Wind Energy

Navajo Wind Energy Corp. is a renewable energy company focused on the development of more than 500 megawatts of clean wind energy to drive its future revenues and growth. The Company is pursuing significant opportunities to provide clean wind power to the growing demand in China. With the key acquisition of wind farm and power trading company Guangzhou Jianianxiang Co. Ltd, Navajo will become one of only a few companies licensed to trade electrical power in and outside of China.

Contact: Navajo Wind Energy Corp. Peter Wong 800-598-2034, ext. 109 Investor Relations