Consolidated AGX appoints senior management team

    VANCOUVER, June 21 /CNW/ - Consolidated AGX Resources Corp. (the
"Company") is pleased to announce the appointment of Mr. Carlos Perez as Chief
Financial Officer; Mr. Luis Andres Rojas as Chief Operating Officer; Mr.
Eduardo Lima as Senior Vice President, Business Development for Latin America
and Dr. Sally Eyre as Senior Vice President, Corporate Development.
    Mr. Perez is a Certified Public Accountant with over 28 years experience
in the Oil and Gas sector. Prior to joining the Company, Mr. Perez held a
number of executive positions with Venezuelan companies, including Petrolago,
S.A., (Oil and Gas Contractor) and Vengas S.A. (Leading LPG Venezuela
Distributor). He also held senior positions within Petroleos de Venezuela S.A.
"PDVSA", including Corporate Comptroller and Finance Manager of Maraven, S. A.
(PDVSA's Affiliatte).
    Mr. Rojas is a Petroleum Engineer with over 29 years experience in the
Venezuelan energy sector (Oil & Gas and Power). He has held a number of
executive positions, including President of PDVSA Intevep (Research and
Development Institute), Vice President of PDVSA Gas and President of CADAFE
-Venezuela's main power generation and distribution company. Mr. Rojas also
served as Managing Director of Corporacisn Venezolana de Guayana "CVG" -
Venezuela's state owned corporation for mining and hydro-power generation.
    Mr. Eduardo Lima is a Mechanical Engineer, M.Sc from Stanford University,
with 25 years experience in the Oil and Gas sector. He held senior positions
within PDVSA, including Corporate Planning, Business Development responsible
for heavy oil projects in the Orinoco Belt, Joint Ventures with Conoco, Total
and Chevron, Managing Director of PDVSA SOFIP (issue securities in capital
markets). Mr. Lima also served as Senior Technical Vice President of ENRON
Venezuela.
    Dr. Eyre has a Ph.D in Economic Geology from the Royal School of Mines,
Imperial College, London and has held executive positions with a number of
Canadian resource companies, including TLC Ventures Corp., where she was
appointed President, Chief Executive Officer and Director; and most recently
as Vice President, Corporate Affairs of UrAsia Energy Ltd. (recently acquired
by Uranium One).
    President and Chief Executive Officer, Mr. Ronald Pantin stated: "We are
very pleased to welcome the senior management team of Messrs. Perez, Rojas,
Lima and Dr. Eyre to the Company. The appointment of this executive team
brings to Consolidated AGX Resources a wealth of international experience in
the oil industry and resource sector which will ensure the Company's continued
growth and development."
    Pursuant to the Company's Stock Option Plan, a total of 2,800,000
incentive stock options have been granted to new officers, employees and
consultants of the Company. The options are exercisable at a price of $1.05
per share for a period of ten years.
    Further to the Company's news release dated May 30, 2007, the Company has
been advised by the Rubiales selling shareholders that they have elected to
take US $10 million of the US $255 million purchase price in units.

    Forward-looking statements: This document contains statements about
expected or anticipated future events and financial results that are
forward-looking in nature and as a result, are subject to certain risks and
uncertainties, such as general economic, market and business conditions, the
regulatory process and actions, technical issues, new legislation, competitive
and general economic factors and conditions, the uncertainties resulting from
potential delays or changes in plans, the occurrence of unexpected events, and
the Company's capability to execute and implement its future plans. Actual
results may differ materially from those projected by management. For such
statements, we claim the safe harbour for forward-looking statements within
the meaning of the Private Securities Legislation Reform Act of 1995.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this news release.

For further information:

For further information: Mr. Ronald Pantin, Chief Executive Officer and
Director, Tel: (604) 609-6110