McVicar completes acquisition of Hongbo

    Trading Symbol: MCV

    TORONTO, April 23 /CNW/ - McVicar Resources Inc. ("McVicar") is pleased
to announce that it has made the final payment of 15.30 million RMB
(approximately CDN$ 2.175 million) to Shining Palace Holding Limited to
complete its acquisition of 51% of Hong Kong based McVicar (Hong Kong)
Advanced Materials Co. Ltd. ("MAM") as originally announced on October 27,
2006. Shining Palace Holding Limited, the seller of the 51% interest in MAM is
entirely at arm's length to McVicar. The total acquisition to the 51% interest
in MAM was 30.60 million RMB (approximately CDN $4.35 million) all of which
was paid in cash. No securities of McVicar were issued in consideration of the

    MAM owns a 100% interest in Zhejiang Hongbo Chemical Co. Ltd., China
("Hongbo") which develops, manufactures and supplies specialized fine chemical
products for the pharmaceutical and cosmetic industries. Hongbo's customers
include major international and Chinese chemical companies. The company has
experienced 100% growth for each of the last three years and is expected to
continue rapid growth in the future. In addition, Hongbo has developed a large
number of new products that are expected to sustain the company's aggressive

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

For further information:

For further information: Dr. Gang Chai at: 55 University Avenue, Suite
605, Toronto, ON, M5J 2H7, Tel: (416) 366-7420, Fax: (416) 366-7421,

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