http://www.oilweek.com/news.asp?ID=13333

VANCOUVER _ Winfield Resources Limited (TSXV:WWF) says it is being forced to clarify or retract statements it made in news releases dating back to April 2006 after a TSX Venture Exchange review found them to be “misleading‘‘ or “not accurate.‘‘

The Vancouver-based company issued a release late Thursday clarifying its past announcements _ ranging from letters of intent to financings _ saying its statement “includes content prescribed by the exchange.‘‘

The company‘s shares have been halted since August. Market Regulation Services said the halt was “pending clarification of change of business.‘‘

Since then, the exchange has been reviewing the company‘s past disclosure.

Thursday‘s clarification includes an announcement it made in July saying it received a non-binding letter of interest from SK Engineering & Construction of Seoul, South Korea to participate in the company‘s proposed new refinery projects in Libya and Tunisia.

Winfield said the letter of interest answered engineering and construction references required by the Libyan and Tunisian authorities.

The exchange‘s review found Winfield‘s release was “misleading and not an accurate or balanced representation of the letter from SK Engineering & Construction.‘‘

Instead, Winfield said it wanted to clarify that it had no definitive agreement with the engineering firm and that is had “no definitive assurance‘‘ from the Libyan and Tunisian authorities.

“Therefore the company retracts this statement,‘‘ it said in its release Thursday, adding there were a number of material risks associated to the proposed construction and operation of new oil refineries in Libya and Tunisia.

“Any of these risks could easily result in the company being unable to proceed with these opportunities,‘‘ Winfield said.

As well, the company clarified announcements made in July that it received a non-binding letter of interest from AX Energy Holdings Ltd. to debt finance the company‘s proposed refinery projects in Libya and Tunisia.

“To correct its disclosure the company wishes to clarify that it has not independently verified, or been able to verify to its satisfaction or to the satisfaction of the exchange, the financial capacity of AX Energy to lend or arrange for the lending of the eight billion dollars stated in the news releases, or that Barclays Bank PLC can or will be involved with or lend any funds toward the proposed refineries,‘‘ Winfield stated.

The oldest announcement it was told to clarify is from April 2006 when Winfield said it had a letter of interest related to the acquisition of an interest in the Encinitas Field in Texas.

“The company did not retain a fully signed copy of its agreement, has been unable to source a copy from any source, and so has been unable to provide evidence satisfactory to the exchange as to the existence of any such agreement,‘‘ Winfield stated.