Corridor Resources Inc. Announces Private Placement

Halifax, Nova Scotia, June 15, 2001: Corridor Resources Inc. ("Corridor") ("CDH" - CDNX) announced today that it proceeding with a private placement of a minimum of 2 million and a maximum of 3 million Flow Through common shares at a price of $2.00 per share. Corridor is also proceeding with a private placement of up to 400,000 non-flow through common shares at a price of $1.80 per share. Proceeds from the flow through shares will be utilized to complete Corridor's share of the drilling and evaluation of the McCully No. 3 well near Sussex, New Brunswick and further exploration drilling in the McCully field area and in other joint ventures in southern New Brunswick. A portion of such proceeds will be utilized for Corridor's share of new seismic to be acquired this summer in the same region. Proceeds from the non-flow through shares will be utilized for general corporate purposes. The private placement is subject to approval by the CDNX.

Corridor is a junior oil and gas exploration company, headquartered in Halifax, Nova Scotia, with interests in 3.7 million gross acres of petroleum exploration licenses onshore in New Brunswick, Prince Edward Island and Quebec and offshore in the Gulf of St. Lawrence.

This press release contains certain forward looking statements relating to, but not limited to, Corridor's operations, anticipated financial performance, business prospects and strategies, including expectations relating to production levels; capital expenditure programs; the quantity of natural gas reserves; projections of market prices; projections of costs; supply and demand for natural gas; expectations regarding the ability to raise capital and to continually add to reserves through exploration and development; and treatment under governmental regulatory regimes. These statements are based on current expectations that involve numerous assumptions regarding factors and risks that could cause actual results to vary materially, including, without limitation to, the following factors: risks associated with oil and gas exploration, financial risks, substantial capital requirements, bank financing, government regulation, environmental, prices, markets and marketing, dependence on key personnel, dependence on Potash Corporation of Saskatchewan, Inc., availability of drilling equipment and access, risks may not be insurable, management of growth, expiration of licenses and leases, reserves estimates, seasonality, competition, conflicts of interest, Kyoto Protocol, issuance of debt, title to properties and hedging. There is no representation by Corridor that actual results achieved will be the same in whole or in part as those set out in the forward looking information. Furthermore, the forward looking statements contained in this press release are made as of the date hereof, and Corridor undertakes no obligation, except as required by applicable securities legislation, to update publicly or to revise any of the included forward looking statements, whether as a result of new information, future events or otherwise.