Sharpe Closes on the First Acquisition of a Permitted and Bonded Coal Mine Property in Eastern Kentucky

HEATHSVILLE, VIRGINIA (OTCBB: SHGPF) Sharpe has closed on the purchase agreements to acquire a 40% interest in the first coal mine property in Eastern Kentucky. The terms of the transaction include a $250,000 in cash and specific investments in regard to accelerating the development of this property. The Lawrence County, Kentucky property is permitted and bonded and is in a position to commence production immediately. Currently, strip mining equipment is being moved onto the property. This mine has been in production previously for a short period under different ownership at a production rate of nearly 20,000 tons per month. Due to poor management and buyer seller disagreements the mine was forced into Chapter 7 bankruptcy in early 2007. The current (new) management and support staff is in place to get this project into production as early as this month, April, 2008. We are planning to sell our first coal production before the end of the April, 2008.

Sharpe is working aggressively to get the second production project located in Eastern Kentucky closed in a few days. The purchase option agreement has been reviewed by Chapter 11 bankruptcy creditors and is believed to be on track to get an agreement whereby the previous creditors will be repaid 100 percent in exchange for supporting our production and development plan for this property. When the agreement is completed we should be in a position to move forward with the acquisition closing.

Sharpe's objective is to get involved in this market with a near term acquisitions as a means to participate in this very attractive Eastern United States coal market. The objective is to get involved in projects that have the potential to grow into a 40,000 to 50,000 ton per month production level over the next 12 months. Coal prices for low sulfur, high btu steam coal reportedly from some of the operators to be in the range of $70 to more than $85 per ton fob mine. Metallurgical coal captures a large premium price to the steam coal prices.

According to Roland M. Larsen, CEO, now is the time to get involved in the coal business in this region. Sharpe currently owns the coal mineral rights to more than 17,000 acres of coal lands in West Virginia.

Sharpe Resources Corporation cautions that the statements made in this press release and other forward looking statements made on behalf of the Company may be affected by such other factors including, but not limited to market volatility, competition, and other risks detailed herein and from time to time in the Securities and Exchange Commission filings of the Company.

C.U.S.I.P # 82001L100

LISTED STANDARD & POORS

The TSX Venture Exchange does not accept responsibility for adequacy or accuracy of this press release.

Contacts: Sharpe Resources Corporation Roland Larsen Qualified Person, NI-43-101 (804) 580-8107 (804) 580-4132 (FAX) Website: www.sharpe-resources.com

Sharpe Resource (CE) (USOTC:SHGP)
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