The Directors of Nevada/Utah Gold, Inc., a Nevada Corporation, and Fenway Resources Ltd., a Delaware Corporation, are pleased to announce that Nevada's offer to purchase the assets of Fenway has been approved by the Fenway shareholders.

This transaction permits Fenway to continue financing the Palawan Cement Project (PCP) to completion. It should also ultimately restore Fenway's shareholders access to a trading market.

Immediately following the approval, actions were initiated to apply for a name change of Nevada/Utah to incorporate the name of Fenway. This will provide continuity and allow management to build on the goodwill that has been earned by Fenway Resources Ltd. to date.

As already announced, Nevada/Utah has negotiated to develop a 1.5 million Tonne per year cement project in the Province of Negros Oriental, the Philippines. This project is expected to come into production one year before the Palawan project. Together, these two projects will give Nevada/Utah (Fenway) a very significant presence in the Philippine cement industry. Both of these projects will come on stream at a time which is expected to coincide with the resurgence of the Asian economy and a predicted shortage of cement supply in the Philippines.

Certain statements to this Corporate Update constitute "forward looking" statements within the meaning of section 21E of the U.S. Securities Exchange Act of 1934. Such forward-looking statements involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

ON BEHALF OF THE BOARD FENWAY RESOURCES LTD.

ON BEHALF OF THE BOARD NEVADA/UTAH GOLD, INC.

The NASD and other regulatory bodies have neither approved nor disapproved the information disclosed herein.