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posted on Oct 23, 2008 09:29AM

ERIN VENTURES INC. (“Erin”)

NEWS RELEASE - For Immediate Distribution

Erin Advances Serbian Boron Property Settlement Discussions

October 23, 2008

Erin Ventures Inc. (TSX-Venture: EV) reports that members of its management

have recently met with the Republic of Serbia’s newly appointed Minister of

Mining and Energy, Prof. Petar Skundric, regarding Erin’s legal dispute over

the Piskanja boron property, located in southern Serbia. Prof. Jujic, a

member of Erin’s board of directors, is a professional colleague and

long-time acquaintance of both Dr. Skundric, and the current Serbian Prime

Minister, Mirko Cvetkovic, who worked for many years in the Mining Institute

of Serbia.

As previously reported, Erin is seeking monetary compensation for losses and

certain damages, totaling approximately US$15 million. This legal action is

the result of Erin’s contention that it holds a valid joint venture contract

to develop the Piskanja boron property and, in spite of direct knowledge of

Erin’s contractual rights to the property, the Serbian government in power

at that time granted a concession to exploit these boron deposits to a third

party.

In this recent meeting, the Minister of Mining and Energy expressed his

desire to see this matter resolved by means other than legal action. At the

request of the Minister, Erin has submitted a proposal to settle the legal

dispute, which includes the following information: 1) An outline of the

issues and events which led to Erin’s legal action; 2) Details of mining

projects in Serbia, including but not limited to the Piskanja boron

property, that Erin may have an interest in pursuing at this time; and 3)

What actions Erin demands the Serbian government take regarding these

projects of interest to Erin. Erin’s submission of this proposal in no way

mitigates its position that it continues to hold a valid claim for losses

and damages.

Subsequently, Dr Jujic has received information indicating that the mineral

concession on the Piskanja boron property is in the process of being

returned to the Serbian government, although Erin has not received any

official confirmation of this from the Serbian government at this time.

Summary of Erin’s legal action

Previously, Erin reported that it had commenced legal action against

Elektroprevreda-Serbia (“EPS”), the Serbian government’s wholly owned

national power corporation, whereby Erin is seeking monetary compensation

for losses and certain damages, totaling approximately US$15 million. This

legal action, the first step in an anticipated larger litigation strategy,

is the result of Erin’s contention that it holds a valid joint venture

contract with EPS to develop the Piskanja boron property in Serbia and, in

spite of direct knowledge of Erin’s contractual rights to the property, the

Serbian government in power at that time granted a concession to exploit

these boron deposits to a third party. This action is being adjudicated by

the Serbian International Arbitration Court. The next step in the process is

the calling of witnesses for questioning by the Arbitration Court.

Further legal action, if taken by Erin, will seek substantial compensation

for lost potential profits from the boron property, and other damages apart

from the initial US$15 million claim; may name Elektroprevreda and/or other

related, responsible parties; and may be conducted within Serbia and/or

other international venues.

Summary of the Piskanja boron property

The Piskanja property has a partially drill proven and probable

colemanite-ulexite reserve of approximately seven million tonnes of 39 per

cent B2O3 (boron). The deposit is open both to the south and the east.

Evaluation of the drill hole data clearly indicates that the Piskanja

deposit has the potential of hosting additional significant borate reserves

that would place it on a level with known world-class borate deposits such

as those in California and Turkey.

Borate minerals and refined borate products are used extensively worldwide

in the manufacture of vitreous products such as fiberglass insulation,

textile fiberglass, borosilicate glass, ceramic glazes and porcelain

enamels. These applications account for approximately 60 per cent of borate

consumption with detergents, fire retardants, metallurgy, agriculture,

insecticides, wood preservatives and specialty products accounting for the

remainder. Market prices reflect the relative scarcity of borates with

prices averaging $250 US/t for colemanite concentrate, $900/t for boric

acid, and up to $150/kg for specialty boron oxides.

Further information regarding this matter will be provided when available.

On behalf of the Board of Directors,

Blake Fallis, General Manager

The technical information in this release was prepared by James E Wallis,

M.Sc. (Eng), P. Eng. a consultant to the Corporation, who is a Qualified

Person under National Instrument 43-101.

Cautionary Note:

There can be no assurance given that any legal or other action currently

being pursued by Erin regarding this matter will be successful.

For further information, please contact: Erin’s Public Quotations:

Erin Ventures Inc. Canada

Phone: 1-250- 384-1999 or 1-888-289-3746 TSX Venture: EV

www.erinventures.com USA

SEC 12G3-2(B) #82-4432

OTCBB: ERVFF

Europe

Berlin Stock Exchange: EKV

Forward Looking Statements

This release contains forward looking statements. The words "believe,"

"expect," “feel,” "plan," "anticipate," “project,” “could,” “should” and

other similar expressions generally identify forward-looking statements.

Readers are cautioned not to place undue reliance on these forward-looking

statements, which speak only as of their dates. These forward-looking

statements are subject to a number of risks and uncertainties including,

without limitation, variations in estimated costs, the failure to discover

or recover economic grades of minerals, and the inability to raise the funds

necessary for the continued operations of the Company, changes in external

market factors including commodity prices, and other risks and

uncertainties. Actual results could differ materially from the results

referred to in the forward-looking statements.

THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR

ACCURACY OF THIS RELEASE

Rage Against The Machine

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