International Frontier Resources Corporation


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News Releases

Jan 31, 2007

International Frontier Announces Bought-Deal Financing

International Frontier Resources Ltd. (TSX-V-IFR) (the "Company") is pleased to announce a bought-deal private placement with Canaccord Capital Corporation ("Canaccord" or the "Underwriter") of 6,400,000 units (the "Units") at a price of $1.25 per Unit and 2,000,000 flow-through shares ("Flow-Through Shares") at a price of $1.50 per Flow-Through Share to raise a total of up to $11,000,000 (the "Offering"). A Unit will consist of one common share and one-half of one transferable common share purchase warrant (a "Warrant"). Each whole warrant will entitle the holder to subscribe for one additional common share (a "Warrant Share") at a price of $1.60 for a period of one year from the date of closing.

As consideration for acting as Underwriter, Canaccord will be paid a commission of 8% of the total proceeds raised in the Offering upon closing payable in cash. In addition, the Underwriter will receive underwriter's warrants ("Underwriter's Warrants") equal to 7% of the securities issued pursuant to the Offering. Each Underwriter's Warrant will be exercisable to acquire one common share for a period of twelve months from the closing at a price of $1.60 per share. The Company shall also pay Canaccord a corporate finance fee payable in units.

The Company has also granted the Underwriter an over allotment option to purchase additional Units to raise additional gross proceeds of up to $5,000,000 (4,000,000 Units) and Flow-Through Shares to raise additional gross proceeds of up to $1,500,000 (1,000,000 Flow-Through Shares) exercisable forty-eight hours prior to closing.

The funds raised from the issuance of the Flow-Through Shares shall be used for general exploration expenditures which will constitute Canadian Exploration Expenditures ("CEE") on the Company's prospects located in the Central Mackenzie Valley and Colville Hills areas, Northwest Territories. Funds raised from the issuance of Units will be used for exploration on the Company's Laurel Valley (Quad 14), Lytham (Quads 41/42) and Ridgewood (Block 12/17b) prospects in the North Sea, for general working capital, and to expand operations in the North Sea.

Completion of the placement is subject to the approval of the TSX Venture Exchange.

For additional information visit www.internationalfrontier.com or contact;

Pat Boswell
President & CEO
403 215-2781


Mark Powell
VP Exploration
403 215-2783

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.


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