October 23, 2007 – Halifax, Nova Scotia. Rhino Resources Inc. (the “Corporation”) announced today that it has completed its initial public offering of 2,000,000 common shares at a price of $0.10 per share for gross proceeds of $200,000. Blackmont Capital Inc. acted as the agent for the Corporation for the initial public offering on a commercially reasonable efforts basis. The Corporation had previously issued 10,000,000 common shares on a private placement basis for gross proceeds of $500,000.

The TSX Venture Exchange has accepted the Corporation’s application for listing as a capital pool company under Exchange Policy 2.4 Capital Pool Companies. As a capital pool company, the Corporation is not permitted to carry on any business other than the identification and evaluation of assets or businesses for the purpose of completing a qualifying transaction under the CPC Policy. The Corporation has disclosed that its objective is to complete a qualifying transaction involving the acquisition of a resource-based business.

The common shares of the Corporation will be listed and posted for trading commencing on Wednesday, October 24, 2007 under the trading symbol “RHI.P”.

For further information, please contact:

Brian D. MacEachen
Rhino Resources Inc.
Phone: 902-491-4280

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.