EPA halt operations of Volta Resources

Volta Resources Inc. has received correspondence and has been verbally informed by the Environmental Protection Agency (“EPA”) of Ghana that no Ghanaian Environmental Permits for Mineral Exploration (“EPA Permits”) will be renewed for the Company’s Akrobi Kakum, Brohani, Chenchu, Cluster, Krachikrom, Parabu, Kuri and Tinga Prospecting Licenses and its Kalebu Reconnaissance License (the “Contested Licenses”) as they are considered by the EPA to lie within an area of influence of the Bui Dam, which is currently under construction and the EPA consider that potential exploitation of a mineral resource may impact the structural integrity of the dam.

The Company has suspended exploration activities on the Contested Licenses and given the uncertainty of the current situation, the Company has determined to write down the value of the Contested Licenses to a nominal valuation. As a result, a write down of their value in the amount of $15,238,676 has been recorded in the records of the Company for the year ended December 31, 2009.

The Company continues its efforts to secure the renewal of its EPA Permits from the EPA in Ghana. Despite meetings and correspondence with government officials and repeated requests for formal explanations for the refusal to grant the EPA Permits, the Company has not been provided with any technical justification for withholding the renewal of the EPA Permits. The Company has met all of the requirements and conditions pertaining to the renewal of these EPA Permits and therefore believes it is in full compliance. All other statutory conditions required to maintain the prospecting licenses in good standing have also been met.

The Company intends to give notice to the Ghanaian Minister of the Environment, Science and Technology that it will be filing a grievance and will continue to evaluate further actions and remedies that may be available.

Volta is a mineral exploration company primarily focused on becoming a leader in the identification, acquisition and exploration of gold properties in West Africa. The Company is committed to West African exploration and is Canadian-based with its head office in Toronto, Ontario and operations offices in Accra, Ghana and Ouagadougou, Burkina Faso.