POSITIVE NEW STUDY ON BORON DEPOSIT

6.5 million tonnes of 36.8 percent B2O3 in place

February 28, 2012

Erin Ventures Inc. [TSX-Venture: EV] is pleased with the conclusions of a new, independent study on its Piskanja boron property in Serbia. This study concludes that there is a 6,487,334 tonne known resource in place at Piskanja, with an average borate grade of approximately 36.85 percent B2O3. The study also states that there is potential for additional resources in the area, beyond the currently known and measured resource.

The conclusions of this study are in strong correlation with an earlier, separate study (reported by Erin in its News Release, dated February 13, 2012) in all key areas - the known quality (mineral and chemical composition, including borate grades), quantity (resource size), and the potential for expansion of the borate resource.

The Study's Author

This study was authored by Mr. Dusan Podunavac, Senior Geologist and Technical Director of the Geological Institute of Serbia. Mr. Podunavac's expertise and duties at the Institute include: management of the engineering divisions within the Institute, with supervision of 250 staff members; mining feasibility studies; cash flow analysis; international project-specific financing; mine planning, construction and remediation supervision; environmental engineering; and, evaluation of mining operations, companies and policies on behalf of governments.

The Geological Institute of Serbia has operated since 1948. The Institute's activities include all disciplines of geological and geophysical exploration. In addition to major projects within Serbia, the Institute has successfully completed numerous large-scale exploration programs in many countries around the world, on behalf of the governments of those countries. The Institute is organized into the several departments: Geology, Hydrogeology, Metallic and Non-metallic Mineral Exploration, Geophysics, Laboratory, Computer Data Processing, and Drilling. The staff of nearly 300 includes numerous PhD's, geologists, geophysicists, chemists, technicians, and drillers.

The Study Highlights

The report states that the historical resource is an estimated 6,487,334 tonnes of B2O3, with an average grade of approximately 36.85 percent B2O3 per tonne (using cutoffs of 1 metre thickness and borate grades of greater than 15 percent). This is a 'historical resource estimate' by definition that does not comply with NI 43-101. Erin considers this estimate to be reliable partly because: it is based, in part, on work previously conducted by Erin itself; and because it is based, in part, on work recently conducted (2006 to 2009) by Rio Tinto for which all relevant data including all drill core is available to Erin; and it is considered to be highly relevant to current operations. A Qualified Person has not done sufficient work to classify the estimate as current mineral resources or reserves. Erin is not treating this historical estimate as such, and the historical estimate should not be relied upon.

This study is the compilation and analysis of all historical drill data, conducted prior to Erin's current, ongoing drill program. The report takes into account 3 separate exploration programs that were conducted at Piskanja (by Ibar Mines, Erin Ventures, and Rio Tinto), which combined to produce a total of 45 drill holes and approximately 15,400 metres of core and cuttings.

The study states that the borate is contained within two primary layers, with one interlayer situated between the primary layers. The most common borate minerals found are colemanite and ulexite. The report classifies the deposit in a "C1" and "C2" resource category (the Serbian equivalent of "indicated" and "inferred", according to 43-101/CRIRSCO standards).

The upper borate layer averages 37.85 percent B2O3, containing primarily colemanite and ulexite. The resource is 3,409,233 tonnes, calculated using the parallel vertical geological profiles method, and conditionally it would meet C1 and C2 resource classification. This layer undulates between 0.5 to 15.0 metres in thickness.

The lower layer averages 35.51 percent B2O3, with a resource of 2,813,302 tonnes, that could be conditionally included in C1 and C2 resource classification. This layer averages 1.81 metres in thickness, and varies between 0.8 to 7.5 metres thick.

The interlayer averages 38.42 percent B2O3. The resource is 264,799 tonnes, which could tentatively be classified as category C2. This layer averages 0.7 metres thick.

The report concludes that it is reasonable to assume that there are prospects for the exploration and discovery of borate elsewhere in the Jarandol and adjacent basins (that have the same or a similar geological genesis). However, the highest priority should continue to be exploration at the Piskanja deposit, and the interspaces within Jarandol basin that remain unexplored.

Current Exploration Program Update

Erin's current in-fill drill program is designed to bring this historical resource estimate compliant with 43-101 standards, as well as provide sufficient data in order for Erin to apply for a mining license in Serbia. A complete sample package from the next seven drill holes is currently at SGS laboratories in Lakefield Ontario, with assay results expected shortly.

Erin is conducting a diamond drill program at Piskanja of HQ and larger diameter vertical core drilling. The program consists of in-fill drilling and the twinning of certain historical holes. Engineering, geohydrology, environmental and other required studies are also underway in conjunction with this drill program, in the anticipation of a mining license application.

The data collected from this ongoing exploration program will be compiled into a geological elaborate that Erin expects to use as the basis for a mining license application, as soon as prudently possible. Erin expects that an application for a mining license will be made during the second half of 2012.

Nine drill holes are currently complete in this phase of exploration, with the 10th through 12th holes collared and underway. It is anticipated that Erin will drill approximately 20 additional holes in tandem with other exploration works, before proceeding with a mining license application. Drilling has recommenced, with 3 drilling rigs on site currently, after a period of extremely harsh winter weather forced a shut down.

About Piskanja

Historical data (prepared by, and to, the standards of the Serbian government) states that the Piskanja property has a historical estimate of approximately 7.5 million tonnes, averaging 36 - 39 percent B2O3 (boron). A recently commissioned historical resource calculation by Erin estimated 6,360,369 tonnes, with an average grade of 36.4 percent B2O3 per tonne, based upon 45 drill holes (15,400 metres of core and cuttings). This report classifies the deposit in a "B" and "C1" resource category (the Serbian equivalent of "measured" and "indicated", according to 43-101/CRIRSCO standards), and states the strong likelihood that the resource is larger than the stated estimate. A Qualified Person has not done sufficient work to classify the historical estimate as a current mineral resource. Erin is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.

Lithology is typical of sedimentary basins, (primarily shales, marls and limestone) with two primary gently undulating borate beds. Mineralization is primarily dense, compact colemanite with some ulexite. The Piskanja deposit has the potential of hosting additional significant borate tonnage beyond the historical estimates, based on the ongoing compilation of assay data showing other zones of possible borate mineralization.

Piskanja is located in a historical mining region that has good infrastructure for mining including roads, rail, electric power, experienced miners, and support services. The site is approximately 250 km south of Belgrade, Serbia by good paved roads.

About boron

à Boron is a critically important industrial mineral. World production of boron minerals reached an estimated 4.5 million tons in 2010.

à Consumption of borates is expected to increase, spurred by strong demand in the Asian and South American agriculture, ceramic and glass markets.

à Borate minerals and refined borate products are used extensively worldwide in the manufacture of vitreous products such as fiberglass insulation, textile fiberglass, borosilicate glass (e.g. LCD screens), ceramic glazes and porcelain enamels. These applications account for approximately 60 percent of borate consumption, with detergents, fire retardants, metallurgy, agriculture, insecticides, wood preservatives and specialty products accounting for the remainder.

Sources: US Geological Survey, Minerals Yearbook - Boron, 2010

à Market prices reflect both the relative scarcity of borates and strengthening demand, with current prices for new South American contracts reaching highs of: US$730/tonne for colemanite (40 percent B2O3); US$697/tonne for ulexite (40 percent B2O3); US$1309/tonne for boric acid.

Source: Industrial Minerals Online. February, 2012

On behalf of the Board of Directors,

Blake Fallis, General Manager

The technical information in this release was prepared and approved by James E Wallis, M.Sc. (Eng), P. Eng., a consultant to the company, who is a Qualified Person under National Instrument 43-101.

For further information, please contact: Erin’s Public Quotations:

Erin Ventures Inc. Canada

Blake Fallis, General Manager TSX Venture: EV