SOURCE: Sharpe Resources Corporation

March 31, 2010 16:10 ET

Sharpe Resources Corporation (SHGP) Has Declined to Close the Option to Purchase Agreement for 100 Percent Interest in the Preston County, West Virginia Coal Property

HEATHSVILLE, VA--(Marketwire - March 31, 2010) - SHARPE RESOURCES CORPORATION (OTCBB: SHGP) reports that the closing of the option agreement to purchase a 100% interest in the coal and coal gas mineral rights to the Preston County, West Virginia property, reported in a January 7^th, 2008 press release has been terminated. The cash and stock transaction included a cash payment of $250,000 and the issuance of 2 million shares of Sharpe common stock which was subject to regulatory approvals did not close. As a result of this proposed transaction, Sharpe will recover any cash payments made to Standard Energy Company and the common stock was never issued by Sharpe as part of this option to purchase agreement.

For further information about this release contact Roland Larsen at 804-580-8107 and/or Rich Kaiser, Investor Relations, 800-631-8127, www.sharperesourcescorporation.com.