Buchans River announces it is not in default in filing financial statements

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

    HALIFAX, March 14 /CNW/ - Buchans River Ltd. (BUV-TSX-V) ("Buchans
River") announced today it was named in error on the "Issuers in Default List"
dated March 12, 2008 published on the British Columbia Securities Commission's
("BCSC") website. The list suggests that the Company failed to file its
interim financial statements for the six-month period ended December 31, 2007.
The Company notified the BCSC and other securities regulators on November 9,
2007 that it had changed its year end from June 30th to December 31st. As a
result, the Company's was not due to file interim financials for the period
ended December 31, 2007. The Company is in compliance with all of its
continuous disclosure requirements, including the filing of its financial

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.
    %SEDAR: 00004513E

For further information:

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

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