Rollover of Explorer III Resource Limited Partnership

    TORONTO, March 19 /CNW/ - Middlefield Mutual Funds Limited (the "Mutual
Fund") is pleased to announce that it has completed the distribution to
Explorer III Resource Limited Partnership (the "Partnership") investors of its
Resource Class shares that resulted from the transfer of all of the assets of
the Partnership to the Mutual Fund. The Partnership was dissolved on March 18,
2008. Partnership investors can determine their Resource Class shareholdings
by multiplying the number of Units they held in the Partnership by 0.75502763.
Shares of Resource Class have now been credited to the accounts of beneficial
holders of Partnership Units. The adjusted cost base of the shares of the
Resource Class distributed to Partnership investors is $14.60794223 per share.
There are no fees charged on the rollover into the Mutual Fund, nor on
redemptions of Mutual Fund shares.
    The transfer was a tax-free exchange which means that no disposition
occurred and therefore no capital gains tax is payable as a result of the
rollover. Investors can continue to defer the capital gains tax liability that
arises upon disposition of their investment by retaining the shares of the
Mutual Fund, which offers nine asset Classes into which they can switch
tax-free. In addition to the Resource Class, also offered are Canadian Growth,
Income Plus, Equity Index, Global Growth, Canadian Balanced, U.S. Growth,
Short-Term Income and Uranium Focused Metals Class. Investors should consult
their investment advisor to select the most suitable strategy for them based
on their unique personal needs and objectives.

For further information:

For further information: visit our website at or
contact the undersigned: Nancy Tham, Senior Vice President, (416) 847-5349

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Middlefield Mutual Funds Limited

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