News

CORPORATE UPDATE

Vancouver, June 2nd, 2008 - The Board of Xemplar Energy Corp. (TSX-Venture: XE, Frankfurt: E7R, Namibia: XEM; the "Company") is sad to announce that Mr. W. Gennen McDowall has been forced to step down as President & Chief Executive Officer for health reasons but we are pleased to confirm that he will remain as a Senior Consultant to the board and will continue to work with us to optimize the potential of our Namibian assets.. Mr. McDowall was instrumental in negotiating the successful acquisition of six Exclusive Prospecting Licences (EPL) in Namibia, one of which, Fairfax IS plc and others believe has the potential to be a prospective new uranium province. Under Mr. McDowall's leadership we now have a solid operational management structure that will take the company forward and we are extremely grateful to him for the exceptional contribution he has made to the Company.

Effective immediately, Mr. Peter Koep, Director has been appointed as President. Mr. Koep is a senior and highly respected lawyer, specializing in the mining sector and commercial affairs, and is the author of a number of mining related publications, as well as being the Chairman of the Namibian Stock Exchange. He is a long-standing member of the Law Society of Namibia, previously Councillor of the Law Society of Namibia, previous member of the Board of Legal Education, member of the International Bar Association and a Director of a number of public and private companies. Mr. Koep was the founding member and subsequently President of Namibia Peace Plan 435, working for the implementation of United Nations Resolution 435 of the 1978 leading to the independence of Namibia. He is a past member of the President's Advisory Committee on Economic Affairs.

Effective immediately, Mr. Simon Tam, Director, has been appointed Chief Executive Officer. Mr. Tam is one of the founding directors of Namura Minerals Resources (Pty.) Ltd., a wholly owned subsidiary of Xemplar Energy Corp., which holds all of the EPL in Namibia and he has been instrumental in the operational development and financing of the company.

Effective immediately, Mr. Ron Mitchell has joined the Board of Directors. Mr. Mitchell is a highly successful and experienced investment banker who spent 16 years of his career in South Africa and who will be help steer the strategic vision of the company. He currently manages the Belgravia Gold and Resources Fund LP, which holds 3.5% of the Company. Until 31st March 2005, he was CEO, Liberty Ermitage Group, which he founded in 1996 and on handing over the reins boasted offices in Jersey, London, Luxembourg & New York with assets under management $4 billion (Hedge Funds $2 billion). His career with Citigroup spanned 20 years and he held a number of senior appointments, including ten years (1986–1996) as Chairman and Managing Director of Citibank's UK Offshore Group, based in Jersey and Chairman of Citibank's European Offshore Investment Banking Strategy Group. Under his leadership balance sheet footings for the Offshore Group grew from $3 billion to $23 billion. For the two years prior (1984–1985) Mr. Mitchell was Founder & Managing Director, Citicorp Investment Bank SA Limited, based in Johannesburg.

Significant progress has been made in considerably strengthening and focusing Xemplar Energy Corp.'s exploration team under Charles Johnston who has been appointed Exploration Manager. Mr. Johnston has over 30 years experience with General Mining (drilling out the historic uranium resource at Engo Valley and working at Langer Heinrich uranium deposit in the late 1970's) and other major mining companies.

The Company currently has 6 drill rigs in operation in the Warmbad area, with a total of 66 holes having been completed. The Board of Directors are cognizant of current market conditions, and are of the opinion that it does not reflect the state of operational advances that have been made in the past 12 months. Though information flow has not been as frequent as we may have wished there are many reasons to be optimistic. Some of these include:

• Evolving our company from a junior exploration company to an exploration and drilling company - we now have six drill rigs fully assembled and operating that we own and will take possession of three more over the next six weeks. This is complemented by two contracted South African rigs. This growth has taken more time than we anticipated due to unforeseen challenges, but we are now in position to control our own drill program.
  
  
• Significant improvements to the exploration camp at Warmbad – we now have more than 60 field personnel in place who are actively drilling, sampling and logging our drill holes.
  
  
• Treasury of $23.5 million, which is more than adequate for our planned drill program at Warmbad and for our other projects, including the Cape Cross project for at least the next 18 months.
  
  
• All holes drilled have been radiometrically logged and sampled. However, the presence of widely varying amounts of thorium in these holes have made estimating equivalent uranium grades challenging and as a result we have not made the radiometric results public. However this methodology has considerably aided our mapping, targeting and evaluating of our drill holes.
  
  
• Our understanding of the geology and uranium mineralization has been considerably enhanced by consulting widely, including the Igneous Petrology-Ore Deposit group from the Geosciences Department of the University of the Witwatersrand, led by Professor Judith Kinniard. Professor Kinniard and her group visited the Warmbad project at the beginning of May 2008. A summary of her comments and observations will be posted on Xemplar's website shortly.
  
  
• We now believe the uraniferous alaskite bodies are interconnected into five significant bodies. Aluriesfontein, as an example, originally thought to be 16 square kilometres could extend to 36 square kilometres.

We will shortly release drill results at which time we will also hold an investors conference call to provide a full update.

Mike Magrum, a person qualified under the NI43-101, has reviewed the technical information of this press release.

On behalf of the Board of Directors,
Xemplar Energy Corp

“Simon Tam”
Director

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