News Release

News Release

• Rainy Mountain Royalty
• October 31, 2007

$2.5 Million Private Placement Arranged With Powerone Capital Markets Limited

East West Resource Corporation (TSX-V: EWR) is pleased to announce that it has entered into an agreement with PowerOne Capital Markets Limited pursuant to which PowerOne has agreed to offer on a best-efforts private placement basis up to 13,333,334 units of the company at 15 cents per unit and up to 2,941,177 flow-through units at 17 cents per unit for total gross proceeds of a maximum of $2.5-million.

Each unit consists of one common share of the company and one common share purchase warrant. Each common share purchase warrant is exercisable for one common share of the company at a price of 17 cents for a period of 24 months after the closing of the offering.

Each flow-through unit consists of one flow-through common share of the company and one-half of one flow-through common share purchase warrant. Each whole flow-through common share purchase warrant is exercisable for one non-flow-through common share of the company at a price of 22 cents for a period of 24 months after the closing of the offering.

PowerOne will receive a commission equal to 8.0 per cent of the gross proceeds from the sale of the offering, payable in cash, in Units or in any combination of cash and units. PowerOne will also be granted broker units equal in number to 10 per cent of the number of units and flow-through units sold under the offering at 15 cents per broker unit. Each broker unit will have the same characteristics as the units in the offering.

The proceeds of this private placement will be used to advance the Marshall Lake project, along with other base-metal properties in North Western Ontario, and for general working capital purposes

"We are pleased to be working with PowerOne who have developed a reputation and track record in financing international mining ventures", says Blake Colvin, President

ON BEHALF OF THE BOARD OF DIRECTORS
Blake Colvin
Blake Colvin, Director

Certain information regarding East West Resource Corporation contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although East West Resource Corporation believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. East West Resource Corporation cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what East West Resource Corporation currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date.