02/01/2006- Alta 1097770 Ltd.

[Franko10 ™]

Alberta 1097770 Ltd.
28 Discovery Ridge Lane SW
Calgary, Alberta
T3H 4Y3
NEWS RELEASE
February 1, 2006

Alta 1097770 Ltd. (“Alta”) has acquired 2,762,000 shares in the capital stock of Shane Resources Ltd. (the “Offeree Issuer”). Alta 1097770 Ltd. currently has ownership and control over 11.266% common shares in the capital stock of the Offeree Issuer.

Alta has acquired the shares for investment purposes and has filed an Early Warning Report with the British Columbia, Alberta and Saskatchewan Securities Commissions in respect of the shares acquired. Copies of the report may be obtained from SEDAR (www.sedar.com).

[Franko10 ™]

1. Name and Address of the Offeror: Alta 1097770 Ltd. 28 Discovery Ridge Lane SW Calgary, AB T3H 4Y3

2. The designation and number or principal amount of securities and the offeror’s security holding percentage in the class of securities of which the Offeror acquired ownership or control in the transaction or occurrence giving rise to the obligation to file the news release,
and whether it was ownership or control that was acquired in those circumstances : On January 24, 2006 the Offeror has acquired 350,500 shares in the capital stock of Shane Resources Ltd. (the "Offeree Issuer").

3. The designation and number or principal amount of securities and the offeror’s security holding percentage in the class of securities immediately after the transaction or occurrence giving rise to obligation to file the news release : Alta 1097770 currently owns directly and indirectly 2,762,000 common shares of the Offeree
Issuer, representing 11.27 % of the Offeree Issuer’s issued and outstanding common shares.

4. The designation and number or principal amount of securities and the percentage of outstanding securities of the class of securities referred to in paragraph 3 over which : (a) the Offeror, either alone or together with any joint actors, has ownership and control :
2,762,000 representing 11.27 % of the outstanding shares.(b) the Offeror, either alone or together with any joint actors, has ownership but control is held by other persons or companies other then the Offeror or any joint actor:
0
(c) the Offeror, either alone or together with any joint actors, has exclusive or share control but not have ownership:
0
5. The name of the market in which the transaction or occurrence giving rise to the report take place : TSX Venture Exchange

6. The purpose of the Offeror and any joint actors in effecting the transaction or occurrence giving rise to the report, including any future intention to acquire ownership of, or control over, additional securities of the reporting issuer: The purchase was made for Investment Purposes. Subject to regulatory limitations, from time
to time the Offeror may acquire, dispose of or continue to hold the shares in the normal course of his investment activities.

7. The general nature and the material terms of any agreement, other then lending arrangements, with respect to securities of the Issuer entered into by the Offeror, or any joint actors, and the issuer of the securities or any other entity on connection with the transaction or occurrence giving rise to the report, including agreements with respect to the acquisition holding, disposition or voting of any of the securities:
None
8. The name of any joint actors in connection with the disclosure required by this Report : Dale Tingley (company owner)

9. In the case of a transaction or occurrence that did not take place on a stock exchange or other market that represents a published market for the securities, including an issuance from treasury, the nature and values of the consideration paid by the Offeror:

N/A
Dated this 1st day of February, 2006.
Alta 1097770 Ltd.,
Per: “Dale Tingley”
Authorized Signatory