FP Resources Limited Announces Resignation of Director


    TSX:  FPL

    ST. JOHN'S, March 11 /CNW/ - FP Resources Limited (the "Company")
announces the resignation of Eric Barratt as a member of the board of
directors of the Company effective March 10, 2008. Eric Barratt is the
managing director of Sanford Limited ("Sanford"), a New Zealand listed company
and one of the largest and most diversified fishing and seafood enterprises in
New Zealand. The Company would like to thank Mr. Barratt for his years of
service on the board and direction to the Company.
    Sanford announced on March 10, 2008 that it disposed of 2,189,150 common
shares ("Shares") of the Company to Clearwater Fine Foods Incorporated,
representing approximately 16.25% of the Company's total issued and
outstanding Shares. An insider of Sanford has agreed to sell an additional
16,800 Shares to Clearwater Fine Food Incorporated; this transaction is
expected to close later this week. Upon closing of both of these dispositions,
Sanford will no longer own directly or indirectly any Shares and does not
control any Shares. The Shares were and will be disposed of through the
facilities of The Toronto Stock Exchange.

    About FP Resources Limited: The Company is a Newfoundland and
Labrador-based investment holding company whose principal assets are cash and
the shares.

    Certa in information regarding the Company 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 the Company 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.
The Company cautions that actual performance will be affected by a number of
factors, many of which are beyond the Company's control, and that future
events and results may vary substantially from what the Company currently
foresees. Discussion of the various factors that may affect future results is
contained in the management information circular filed in connection with the
special meeting of shareholders held on March 11, 2008 which is available at
www.sedar.com. The Company's forward-looking statements are expressly
qualified in their entirety by this cautionary statement.
    %SEDAR: 00001044E

For further information:

For further information: Bev Evans, Chief Financial Officer, (709)
570-0351, bevans@fpresources.ca

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