Irwin Energy Inc (fka IWNE)

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Irwin Energy Acquires Diamond Property in Fort a la Corne, Saskatchewan
Tuesday August 15, 9:54 am ET

VANCOUVER, BC--(MARKET WIRE)--Aug 15, 2006 -- Irwin Energy Inc. (Other OTC:IWNE.PK - News) announced today that it has acquired 90% of a diamond property in Fort a la Corne, Saskatchewan, from Great West Investment and Referrals Ltd. Under the terms of the agreement, Great West will retain 10% interest in the property.

The Fort a la Corne kimberlite field is one of the largest in the world with at least 70 kimberlites existing in the Fort a la Corne province and over 70% of these have been shown to contain diamonds. Of these 70%, 49% contain diamonds larger than one millimeter in size. Irwin Energy has acquired a total of 1,168 hectares (2,637 acres) of the Fort a la Corne kimberlite field through this acquisition. The property adjoins other property currently being explored by De Beers Canada and Shore Gold, among others.

In recent developments in this region De Beers Canada announced in February 2005 a 25.6 million dollar advance exploration program.

De Beers Canada (http://www.debeerscanada.com/files_2/news-release_022305.html) and Shore Gold announced diamond results 6.37, 5.86 and 5.25 carat Diamonds in a 558 parcel with their Star Diamond Project http://www.shoregold.com/news.html.

Irwin's President and CEO, Mr. J R Gaetz, stated, "We are very excited to acquire this potential diamond producing field. Our property covers approximately 2,637 acres on which previous exploration has identified a number of kimberlite pipes. The Company plans to commence an exploration program as soon as drilling plans are completed and equipment is available."

About Irwin Energy: Irwin Energy is a junior oil and gas and resource company based in Vancouver, B.C. Founded for the purpose of engaging in the exploration, acquisition, development and production of crude oil and natural gas, and related activities. Recent acquisitions include gold and silver properties and other resource opportunities. Irwin Energy seeks out low-risk opportunities to develop positive cash flow from proven and probable oil and gas plays. Irwin Energy plans to grow exclusively through efficient reinvestment of its internally generated cash flow in exploration and production operations, and through limited external financing to build ancillary businesses.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties including, but not limited to, economic, competitive, governmental and technological factors affecting the company's operations, markets, products and prices and other factors discussed in the company's various filings with the Securities and Exchange Commission.


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Contact Info:
Investor Relations
Pavel Doukhine
604 608 2733


Source: Irwin Energy, Inc.