Buchans River intersects 16.0 metres of 10.30% combined base metals: 6.64% zinc, 3.01% lead, 0.65% copper, & 15.06 g/t silver & 0.11 g/t gold



    Trading Symbol:  BUV - TSX-V
    Shares Outstanding:  33,694,557

    HALIFAX, June 3 /CNW/ - Buchans River Ltd. (BUV-TSX-V) is pleased to
provide results for eight additional holes from its expanded 8,000 metre,
drill program on the Lundberg zone located adjacent to the Lucky Strike mine
in Buchans, central Newfoundland. Results continue to define a volume of near
surface mineralized rock hosting stockwork sulphides which may represent a
bulk tonnage resource amenable to open pit mining. Results further indicate
higher grade sections exist within a northwest trending corridor that may
define a higher grade volume of rock within the larger mineralized zone.

    
    Highlights from the results include:

    Hole H-3396  117.0 metres averaging 3.45% combined base metals (Zn+Pb+Cu)
                 comprised of 2.06% Zn, 1.05% Pb, 0.34% Cu, 5.09 g/t Ag and
                 0.04 g/t Au;
                 including 16.00 metres averaging 10.30% combined base metals
                 comprised of 6.64% Zn, 3.01% Pb, 0.65% Cu, 15.06 g/t Ag and
                 0.11 g/t Au.
    Hole H-3395  68.0 metres averaging 2.84% combined base metals comprised
                 of 1.76% Zn, 0.77% Pb, 0.31% Cu, 6.91 g/t Ag and
                 0.06 g/t Au;
    Hole H-3397  28.76 metres averaging 2.68% combined base metals comprised
                 of 1.46% Zn, 0.44% Pb, 0.79% Cu, 4.45 g/t Ag and
                 0.00 g/t Au;
                 including 10.00 metres averaging 4.20% combined base
                 metals comprised of 2.06% Zn, 0.46% Pb, 1.67% Cu, 6.44 g/t
                 Ag and 0.00 g/t Au.
    Hole H-3389  38.00 metres averaging 2.53% combined base metals comprised
                 of 1.60% Zn, 0.67% Pb, 0.27% Cu, 4.17 g/t Ag and
                 0.04 g/t Au;

    Results described in this release are from the area located north of the
glory hole for the former Lucky Strike mine. This area is referred to in
previous Buchans River releases as the North Area. A map showing hole
locations with respect to the historical Lundberg resource and former
underground workings of the Lucky Strike mine is available at Buchans River's
website at
http://buchansriver.ca/Properties/tabid/58/topic/--45-%20Map/Default.aspx.

    Complete results are presented in the following table:

    Drilling Results Lundberg Zone - North Area.
    -------------------------------------------------------------------------
                                       Zn Pb
                                          Cu
                                       Combi-
                                 Core    ned
        Drill     From      To length     (%)    Zn    Pb    Cu     Ag    Au
         hole       (m)     (m)    (m)    (*)    (%)   (%)   (%)  (g/t) (g/t)
    -------------------------------------------------------------------------
    H-08-3388   195.03  199.50   4.47   5.84   3.26  2.36  0.21  24.36  0.14
    -------------------------------------------------------------------------
    including   195.03  196.00   0.97  22.05  12.17  9.14  0.74  84.93  0.43
    -------------------------------------------------------------------------
    including   195.03  195.53   0.50  28.76  15.90 12.00  0.86  73.30  0.30
    -------------------------------------------------------------------------
    H-08-3389    76.00   86.00  10.00   2.01   1.10  0.37  0.54   2.88  0.04
    -------------------------------------------------------------------------
    and         126.00  128.00   2.00   3.31   2.33  0.85  0.14   7.19  0.05
    -------------------------------------------------------------------------
    including   126.00  127.00   1.00   5.81   4.10  1.51  0.20   9.93  0.05
    -------------------------------------------------------------------------
    and         135.00  173.00  38.00   2.53   1.60  0.67  0.27   4.17  0.04
    -------------------------------------------------------------------------
    including   137.00  138.00   1.00   5.66   3.80  1.67  0.19   3.08  0.02
    -------------------------------------------------------------------------
    including   145.00  146.00   1.00   5.63   3.50  1.57  0.56  16.80  0.07
    -------------------------------------------------------------------------
    including   149.00  150.00   1.00   5.89   3.60  1.02  1.27  18.50  0.06
    -------------------------------------------------------------------------
    including   157.00  158.00   1.00  10.74   5.20  3.60  1.94  11.00  0.10
    -------------------------------------------------------------------------
    including   163.00  164.00   1.00  13.25   9.00  2.90  1.35  14.40  0.07
    -------------------------------------------------------------------------
    H-08-3393   101.00  105.00   4.00   3.35   2.03  1.19  0.12   5.58  0.06
    -------------------------------------------------------------------------
    including   103.00  104.12   1.12   5.22   3.20  1.82  0.20   6.85  0.06
    -------------------------------------------------------------------------
    H-08-3369A   62.00   97.00  35.00   1.74   1.02  0.46  0.27   2.72  0.02
    -------------------------------------------------------------------------
    including    62.00   87.00  25.00   2.12   1.25  0.54  0.34   3.15  0.03
    -------------------------------------------------------------------------
    including    66.00   86.00  20.00   2.33   1.34  0.62  0.37   3.29  0.03
    -------------------------------------------------------------------------
    including    74.00   75.00   1.00   4.67   3.00  1.35  0.32   1.71  0.02
    -------------------------------------------------------------------------
    including    82.00   87.00   5.00   2.21   0.81  0.61  0.79   4.66  0.02
    -------------------------------------------------------------------------
    H-08-3394   125.00  163.00  38.00   2.05   1.30  0.60  0.15   2.67  0.02
    -------------------------------------------------------------------------
    including   125.00  152.00  27.00   2.37   1.51  0.72  0.14   2.82  0.02
    -------------------------------------------------------------------------
    including   128.00  129.00   1.00   6.70   4.80  1.58  0.32   3.77  0.01
    -------------------------------------------------------------------------
    including   139.00  140.00   1.00   6.00   3.80  1.99  0.21   7.19  0.04
    -------------------------------------------------------------------------
    including   147.00  148.00   1.00   6.61   3.70  2.53  0.38   3.77  0.02
    -------------------------------------------------------------------------
    including   157.00  160.00   3.00   2.56   1.48  0.71  0.38   4.11  0.02
    -------------------------------------------------------------------------
    and         169.00  172.00   3.00   2.18   1.60  0.12  0.45   4.33  0.04
    -------------------------------------------------------------------------
    H-08-3395    68.00   70.00   2.00   5.08   3.10  1.83  0.15   8.05  0.04
    -------------------------------------------------------------------------
    and         113.00  181.00  68.00   2.84   1.76  0.77  0.31   6.91  0.06
    -------------------------------------------------------------------------
    including   113.00  127.00  14.00   4.52   3.19  0.98  0.35  12.18  0.05
    -------------------------------------------------------------------------
    including   113.00  118.00   5.00   5.93   4.25  1.04  0.64  16.37  0.04
    -------------------------------------------------------------------------
    including   113.00  114.00   1.00   9.09   6.60  1.70  0.79  31.80  0.08
    -------------------------------------------------------------------------
    including   117.00  118.00   1.00   8.05   6.40  0.88  0.77  13.00  0.02
    -------------------------------------------------------------------------
    including   132.00  181.00  49.00   2.60   1.50  0.77  0.33   5.58  0.06
    -------------------------------------------------------------------------
    including   137.00  140.00   3.00   9.06   5.37  3.35  0.34   8.33  0.05
    -------------------------------------------------------------------------
    including   148.00  165.00  17.00   3.09   1.81  0.91  0.37   4.58  0.06
    -------------------------------------------------------------------------
    and         188.00  191.00   3.00   1.93   1.26  0.46  0.22   1.49  0.01
    -------------------------------------------------------------------------
    and         198.00  224.00  26.00   1.51   0.83  0.42  0.26  14.69  0.02
    -------------------------------------------------------------------------
    including   198.00  205.00   7.00   1.69   0.82  0.47  0.40  47.85  0.03
    -------------------------------------------------------------------------
    including   200.00  201.00   1.00   1.73   0.90  0.60  0.23  318.5  0.03
    -------------------------------------------------------------------------
    also        208.00  224.00  16.00   1.61   0.93  0.44  0.24   2.48  0.02
    -------------------------------------------------------------------------
    H-08-3396    69.00  186.00 117.00   3.45   2.06  1.05  0.34   5.09  0.04
    -------------------------------------------------------------------------
    including    69.00   93.00  24.00   7.29   4.69  2.08  0.53  11.14  0.09
    -------------------------------------------------------------------------
    including    69.00   85.00  16.00  10.30   6.64  3.01  0.65  15.06  0.11
    -------------------------------------------------------------------------
    including    69.00   74.50   5.50  13.02   8.90  3.47  0.65  16.57  0.16
    -------------------------------------------------------------------------
    including    70.00   71.65   1.65  23.66  15.69  7.05  0.92  26.00  0.27
    -------------------------------------------------------------------------
    including    76.00   80.00   4.00  14.86   9.20  4.85  0.81  22.35  0.11
    -------------------------------------------------------------------------
    including    77.00   77.95   0.95  22.40  14.90  6.70  0.80  28.10  0.19
    -------------------------------------------------------------------------
    including    99.00  104.00   5.00   1.52   0.86  0.47  0.19   2.82  0.03
    -------------------------------------------------------------------------
    including   108.00  186.00  78.00   2.74   1.54  0.87  0.33   3.83  0.02
    -------------------------------------------------------------------------
    including   108.00  158.00  50.00   3.27   1.81  1.05  0.40   4.84  0.02
    -------------------------------------------------------------------------
    including   108.00  124.00  16.00   6.32   3.62  2.25  0.44   6.06  0.03
    -------------------------------------------------------------------------
    including   108.00  111.00   3.00  12.47   6.97  4.80  0.70   7.65  0.02
    -------------------------------------------------------------------------
    including   108.00  109.00   1.00  17.18   9.90  6.70  0.58   5.82  0.03
    -------------------------------------------------------------------------
    including   162.00  170.00   8.00   3.27   1.91  1.10  0.26   2.55  0.02
    -------------------------------------------------------------------------
    including   164.00  165.00   1.00   6.22   3.10  2.70  0.42   4.45  0.04
    -------------------------------------------------------------------------
    H-08-3397   16.24    57.00  40.76   2.15   1.20  0.39  0.57   3.70  0.00
    -------------------------------------------------------------------------
    including   16.24    51.00  34.76   2.41   1.33  0.42  0.66   4.16  0.00
    -------------------------------------------------------------------------
    including   16.24    45.00  28.76   2.68   1.46  0.44  0.79   4.45  0.00
    -------------------------------------------------------------------------
    including   20.00    30.00  10.00   4.20   2.06  0.46  1.67   6.44  0.00
    -------------------------------------------------------------------------
    including   26.50    27.00   0.50  10.68   9.40  0.90  0.38   6.51  0.01
    -------------------------------------------------------------------------
    including   47.00    52.00   5.00   1.51   0.98  0.47  0.07   2.74  0.00
    -------------------------------------------------------------------------
    and         64.00    67.00   3.00   1.28   0.78  0.32  0.17   1.94  0.00
    -------------------------------------------------------------------------
    and        113.00   115.00   2.00   1.69   1.05  0.50  0.15   1.88  0.00
    -------------------------------------------------------------------------

    (*) Combined zinc, lead and copper percentages for each interval added
    together.
    

    Management's Comment
    --------------------

    Warren MacLeod, President of Buchans River comments "We continue to be
encouraged by results from the Lundberg Zone and are particularly pleased with
indications of a possible corridor of higher grade material extending across
the width of the resource."

    Historical Mining
    -----------------

    Previous mining in the adjacent Lucky Strike mine extracted high grade
ores from underground mining methods without mining the adjacent footwall
stringer mineralization currently being evaluated. This mineralization is
referred to as the Lundberg zone and represents a historical uncategorized
resource estimated by Asarco in 1974 to total 11.9 million tonnes averaging
1.83% zinc, 0.67% lead, 0.38% copper, 0.16 ounces per ton silver (5.5 g/t) and
trace gold(*). This estimate was prepared before implementation of NI 43-101,
and is considered historic in nature, and therefore cannot be relied upon.
Details on the historic estimate are more fully disclosed in the Buchans
River's news release dated September 10, 2007.

    (*) Trace gold is less than 0.01 ounces per ton gold (i.e. less than
    0.35 g/t gold), the lower detection limit of historical gold assays used
    in Asarco's resource estimate.

    Program Description
    -------------------

    The current drilling program is anticipated to comprise 52 holes totaling
approximately 8,000 metres and should be complete in early June. Meanwhile,
preparation of a National Instrument 43-101 (NI 43-101) resource estimate by
independent consulting firm, Mercator Geological Services of Dartmouth, Nova
Scotia is currently in progress. This initial estimate will rely on results
from the first 40 holes of the 2008 program (approximately 6,100 metres of
drilling) and available historic drilling results for holes previously drilled
by Asarco. The estimate is expected to be available in early July.
    The program is designed to explore for and delineate mineral resources
within an undeveloped zone of sub-cropping to shallowly buried stockwork and
disseminated mineralization located adjacent to the former high grade Lucky
Strike mine. Assays are submitted periodically in batches comprised from
multiple holes. Results for the last 11 holes of the current program
(anticipated to total 1,700 metres of drilling) are anticipated to be
available later this summer.

    Other Programs
    --------------

    Additional drill programs are anticipated for 2008, including drilling
designed to test targets generated by recently completed Titan 24 deep-seeking
geophysical surveys. The company anticipates receipt of the final processed
results for the Titan surveys within two weeks. Currently, the company is
aware of a large number of targets defined by the Titan surveys and will be
reviewing previous drilling results to prioritize targets for a fall 2008
drill program. Buchans River gratefully acknowledges receipt of a Newfoundland
and Labrador Department of Natural Resources Junior Exploration Assistance
grant applied against the 2007 Titan surveys in Buchans.
    Other targets to be assessed in 2008 may include near surface, bulk
tonnage, exploration targets comprised of stockwork mineralization known to
occur adjacent to some of the other previously mined, high grade massive
sulphide deposits. These targets will be assessed for their potential to be
exploited by open pit mining.

    Qualified Person & Sampling Procedure
    -------------------------------------

    The drill program is being managed by Mercator Geological Services
Limited of Dartmouth Nova Scotia under the direction of Peter Webster, P.Geo.,
(NL). Drill intercepts quoted are core lengths and true widths have not been
estimated due to the stockwork and disseminated nature of mineralization
intersected. Logging, sampling and assaying procedures are being completed as
per Buchans River's QA/QC protocols as described in Buchans River's press
release dated August 29, 2007. Paul Moore, M.Sc., P.Geo., (NL), Buchans
River's Vice President of Exploration, is acting as Qualified Person in
compliance with National Instrument 43-101 with respect to this release and
has reviewed the contents for accuracy.

    About Buchans River
    -------------------

    Buchans River is a resource company based in Halifax, Nova Scotia, Canada
and is focused on exploring and developing base metal properties in the famous
Buchans mining camp in central Newfoundland and Labrador, Canada. Buchans
River is 26.39% controlled by Royal Roads Corp. (RRO - TSX-V) ("Royal Roads")
which currently owns 8,890,953 Buchans River shares. Royal Roads is a
Halifax-based resource company also developing base metal properties in
Newfoundland and Labrador. Together, Royal Roads and Buchans River control a
total of 33,700 hectares within central Newfoundland's Victoria Lake and
Buchans mining camps, including the historic Buchans mine (owned by Buchans
River) and the Daniels Pond deposit (owned by Royal Roads). Buchans River also
controls several exploration properties outside of the Buchans camp, including
several under joint venture to Prominex Resource Corp. (PXR - TSX-V) and
Playfair Mining Ltd. (PLY - TSX-V), which are being actively explored.

    Forward Looking Statements
    --------------------------

    Certain information regarding Buchans River 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 Buchans River 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.
Buchans River cautions that actual performance will be affected by a number of
factors, many of which are beyond the Buchans River's control, and that future
events and results may vary substantially from what the Company currently
foresees. Buchans River's forward-looking statements are expressly qualified
in their entirety by this cautionary statement.

    For additional information on the Company's properties and activities,
please visit our web site at http://www.buchansriver.ca/.
    %SEDAR: 00004513E




For further information:

For further information: Warren G. MacLeod, President & CEO; David
Felderhof, Vice-President, (902) 444-3637

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BUCHANS RIVER LTD.

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