ASKE Alaska Pacific Energy Corporation (CE)

ALASKA PACIFIC ENERGY ("APEC") (OTCBB: ASKE) is pleased to announce that the APEC board is continuing discussions with companies interested in pursuing either joint ventures or a full amalgamation of interests. The company has been working toward its planned expansion and has made progress in making fundamental changes to its core business. Management, with its mineral based agenda, is now involved in comprehensive discussions regarding projects in Africa, British Columbia, Canada and South America. As stated in an earlier news announcement, APEC has already purchased an existing property in Tanzania located in an established mining zone. The property has been partially paid for by the issuance of APEC shares.

This approach has led to the examination of how to best position and structure the company for traditional institutional financing. The calibre of projects currently being examined requires the company to advance its management and financial relationships so that they are in-line with project specifications.

The board has also approved a proposal which involves a structurally oriented combination whereby current APEC shareholders, would exchange their APEC shares, for shares in a Frankfurt listed company that has aggressive plans to expand its mineral business, and a corporate structure that will allow it access to major funding. More work is yet to be done on this proposal; as well management will continue to examine all options which are in the best interests of shareholders.

President Jim King has stated: "In order for APEC to advance to a more senior position within the mining industry, it has had to target high profile, well positioned projects with not only a real potential for success, but also with the type of expertise and management required for large scale operations. The company will be doing what is needed to bring this plan to fruition."

Safe Harbor Statement; under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward- looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.

CONTACT: Jim King Sr. 1-888-747-9911 kingeer@shaw.ca