CGF Resource 2008 Flow Through Limited Partnership Completes First Closing On IPO

CALGARY, ALBERTA--(Marketwire - Oct. 22, 2008) - CGF Resource 2008 Flow Through Limited Partnership (the "Limited Partnership") announced today that it has completed the first closing of its initial public offering at a price of $25.00 per unit on 223,142 partnership units for proceeds of $5,578,550.

The offering was made through a syndicate of agents co-led by CIBC World Markets Inc., BMO Nesbitt Burns Inc., RBC Dominion Securities Inc. and TD Securities Inc. and includes National Bank Financial Inc., Scotia Capital Inc., Canaccord Capital Corporation, HSBC Securities (Canada) Inc., Raymond James Ltd., Blackmont Capital Inc., Desjardins Securities Inc., Dundee Securities Corporation, Research Capital Corporation, Wellington West Capital Inc., GMP Securities L.P., MGI Securities Inc. and Richardson Partners Financial Limited.

The Limited Partnership will continue the marketing and sale of its partnership units into November, 2008. It is anticipated that the second closing of the Limited Partnership's initial public offering will occur in mid November of 2008.

The Limited Partnership's objective is to provide its limited partners with a tax-assisted investment in a diversified portfolio of flow through common shares issued by oil and gas, mining and/or renewable energy companies.

The net assets of the Limited Partnership are expected to be exchanged through a tax-free rollover for shares of a newly-created Citadel Resource Fund which will be distributed to the Limited Partners on or about September 30, 2010.

The Citadel Group of Funds is a group of publicly traded income funds, each with a different set of investment guidelines designed to provide unitholders with high monthly distributions in a tax efficient manner. Citadel currently has approximately $1.3 billion in assets under administration distributed over fourteen funds which are managed by leading investment management firms including Bloom Investment Counsel, Inc., Shaunessy & Company Ltd., Fiera Capital Inc. and Galileo Equity Management Inc.