dave. tec and roo, page-15

"Speculative Buy Rating"
HOPE, N.J.--(Business Wire)--
Mithra Research, LLC, has initiated coverage of White Energy
Company Limited, a Sydney-based company creating a diversified
resource group with unique mining technology capabilities (ASX:WEC),
with a "speculative buy rating." Mithra has set an initial target
price of A$5.85 for the common stock and US$27 for the American
Depository Receipts over a 12-18 month timeframe, both increases of
more than 100%.

Judy Tanselle, President of White Energy USA, the American
subsidiary of White Energy Company Limited, said, "This is a very
significant and gratifying development as it demonstrates the higher
profile White Energy has been building for itself in the US. We
believe that we have an investment story that seizes on the realities
of the current energy market. America can break its dependence on
imported foreign oil by using coal, which the US has in abundance, in
many of its power plants. In order to do so, though, cleaner coal will
be required to protect the environment in the 21st century. White
Energy's patented coal upgrading technology can make cleaner coal a
reality, and the Mithra report on White Energy details quite
accurately the opportunities available to us."

Gary Goldstein, President of Mithra Research, said, "Our report
focuses on several factors that we believe justify our speculative buy
rating. There is a global market opportunity given that coal is the
fastest growing source of energy, and White Energy's technology offers
tremendous economics, which can transform $5-$12/ton brown or
sub-bituminous coal to have energy characteristics of $50-$80/ton
bituminous coal.

"White is at the cusp of commercialization, and it enjoys
world-class support from partners like Bayan Resources, BHP Billiton
Limited and others. The "White Coal" BCB process is wholly a
mechanical one, requiring low energy intensity in the production of an
upgraded binderless briquette: existing competing technologies have
not yet met the test of commercialization or are "chemical" and use a
binding agent. Additionally, the company's commercial plants have
modular designs and are highly scalable. We believe that this will
result in both energy and environmental benefits, and given their
large sub-bituminous deposits, White Energy's technology could
materially benefit especially the US and Chinese coal markets.

To obtain a copy of the report, e-mail
[email protected]. For further info contact Gary Goldstein,
Mithra Research LLC, 201-401-9360.