CROSS LAKE MINERAL (ZBLFF)

[NYBob]

Cross Lake Completes Restructuring Pursuant to Plan of Compromise and Arrangement
VANCOUVER, BRITISH COLUMBIA, Jun 1, 2009 (Marketwire via COMTEX) --

0373849 B.C. Ltd. (formerly Cross Lake Minerals Ltd.)
(the "Company") reports that it has completed the
restructuring transactions provided for in the amended and
restated plan of compromise and arrangement (the "Plan")
filed by the Company on May 21, 2009 pursuant to the
Companies' Creditors Arrangement Act ("CCAA") and
the British Columbia Business Corporations Act.
Pursuant to the Plan of Arrangement:

1. all of the claims of the Company's secured and
unsecured creditors have been settled and released
for payments by the Company totaling $1,238,000,
other than claims relating to certain secured debt held
by Procon,
in the aggregate principal amount of approximately $6,250,000
and the debts and liabilities transferred to
the Company's subsidiaries pursuant to the Plan;

2. Procon Mining and Tunnelling Ltd. ("Procon")
has made a non-interest bearing loan of $1,650,000 to
the Company (the "Loan");

3. the Company's interest in the Porcher Island joint venture and certain related assets, obligations and liabilities have been transferred to a wholly-owned subsidiary, 0847420 B.C. Ltd., in exchange for shares of that subsidiary and a 2% net profit royalty in respect of the Porcher Island property;

4. the Company's interest in the QR Mine and Mill and certain related assets, obligations and liabilities have been transferred to a second wholly-owned subsidiary, 0847423 B.C. Ltd., in exchange for shares of that subsidiary and a 2% net profit royalty in respect of the QR Mine and Mill;

5. the Company's other mineral properties
and certain related assets, obligations and liabilities
have been transferred to a third wholly-owned subsidiary,
0847427 B.C. Ltd.,
in exchange for shares of that subsidiary;

6. the Company has been released from any and all responsibility for the liabilities and obligations transferred to its subsidiaries pursuant to the Plan;

7. the authorized share capital of the Company
has been increased by creating an unlimited number
of non-voting shares and an unlimited number of
preferred shares, issuable in series;

8. all outstanding stock options of the Company
have been cancelled;

9. the Loan has been converted into 56,885,026 common shares
of the Company and
695,135,018,831 non voting shares of the Company,
such that Procon now holds 45% of the (voting) common shares
of the Company and 100% of the non-voting shares of
the Company, providing Procon with the ownership
of 99.99% of the total equity of the Company;

10. PricewaterhouseCoopers LLP
has been appointed as auditor of the Company;

11. the Company's name has changed to "0373849 B.C. Ltd.";
and

12. the stay of proceedings imposed on the Company
by order of the Court under the CCAA
will be lifted on June 3, 2009 and
the Company will no longer be subject to the CCAA.

In addition, the Company reports
that Mr. Ed Yurkowski has been appointed as a director
of the Company.

Additional information filed by the Company or
the Monitor relating to the Plan of Arrangement
is available on the Monitor's website at
www.pwc.com/car-crosslake.

This news release does not constitute an offer to sell or
a solicitation of an offer to sell any of the securities
in the United States.
The securities have not been and will not be registered
under the United States Securities Act of 1933,
as amended (the "U.S. Securities Act")
or any state securities laws and may not be offered
or sold within the United States or to U.S.
Persons unless registered under the U.S. Securities Act
and applicable state securities laws or an exemption
from such registration is available.

This release includes certain statements that may be deemed
to be "forward-looking statements" within the meaning of
the U.S. Private Securities Litigation Reform Act of 1995.
All statements in this release, other than statements
of historical facts, that address future production,
reserve potential, exploration and development activities
and events or developments that the Company expects,
are forward-looking statements.
Although management believes the expectations expressed
in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees
of future performance, and actual results or developments
statements. Factors that could cause actual results to
differ materially from those in forward-looking
statements include market prices, exploration and
development successes, continued availability of capital
and financing, and general economic, market or business conditions.
Please see our public filings at
www.sedar.com for further information.

12(g) No. 82-2636

SOURCE: 0373849 B.C. Ltd.

CONTACT:
0373849 B.C. Ltd. (formerly Cross Lake Minerals Ltd.)
Alan Boon
President and CEO
[phone]
[phone] (FAX)

http://www.crosslakeminerals.com

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