Happy Creek Minerals: Drilling Confirms New Large-Scale Tungsten-Moly System on Fox Property

February 21, 2008 - Vancouver, British Columbia - Happy Creek Minerals Ltd. (TSXV: HPY) announces the first ever drilling results from its 100% owned Fox tungsten molybdenum property, located 25 kilometres east of the former Boss Mountain molybdenum mine and approximately 65 kilometres northeast of 100 Mile House in the south central Cariboo region of British Columbia.

Drilling of 13 holes over a 1.5 kilometre by 500 metre area of the Nightcrawler-Discovery Zone has confirmed the presence of a new, large-scale tungsten-molybdenum system with results from 11 of 13 holes received. The results include 2.0 metres grading 0.74% tungsten trioxide (W03), 3.0 metres grading 0.34% W03, and 0.50 metres grading 1.80% W03, all from drill hole 07F-05. Molybdenite (molybdenum mineral) also occurs, with results including 1.7 metres grading 0.51% molybdenum (Mo) in hole F07-10. Drilling into the underlying intrusive rock has returned geology and mineralization that suggests the potential for a porphyry molybdenum system to occur.

Worldwide, tungsten mines have historically graded between approximately 0.08 to over 2.0% W03, with economics being sensitive to many things, including size, grade, byproducts, amenability to open pit or underground mining methods, geopolitics, country, and existing infrastructure. First pass, widely spaced drilling on the Fox property has identified a new, large scale tungsten-molybdenum system returning significant grades. Importantly, the mineralized system comes to surface, is large-scale, remains open in extent, and is within 15 kilometres of hydropower and has excellent road access from a resource-based town.

2007 Fox Drilling Summary

The drill holes vary from approximately 125 to 500 metres apart and all mineralized zones remain open in extent. The presence of molybdenum as molybdenite adjacent the tungsten skarn as in hole 07F-10 is a positive feature of this mineralized system.

Drilling intersected multiple zones of scheelite (tungsten mineral) bearing calc silicate (skarn- a replacement and addition of minerals to limestone) in layers trending easterly with a moderate to gentle southward dip. The true widths of the intercepts are currently unknown; however, intercepts are believed to be near true width. The Paleozoic aged sedimentary rocks hosting tungsten skarn are cut by dikes and sills of a multi-phase biotite-muscovite quartz monzonite intrusion that is Cretaceous in age. The age of this intrusion is significant as it is very close to the age of the intrusive rock that is associated with mineralization at the former Boss Mountain molybdenum mine located 25 kilometres to the west. Twelve of the thirteen drill holes reached the main quartz monzonite intrusion at depth. Limited drilling into this intrusion intersected moderate to strong quartz-sericite-k-feldspar altered quartz monzonite, aplite or alaskite/rhyolite with disseminated pyrite, pyrrhotite, and locally abundant quartz veins containing variable concentrations of pyrite, pyrrhotite, trace chalcopyrite, molybdenite. Of exploration interest, the element fluorine can occur in a variety of minerals and has an important association with the world's largest and highest grade molybdenum deposits, such as the one located at the Climax or Henderson Mine in Colorado. Preliminary analyses of holes 07F-1 and 2 have returned values of up to 9,000 ppm (parts per million) or 0.90% fluorine. All of the geological information to date suggests the potential for a large molybdenum porphyry system to occur in proximity to the current drilling.

Beyond the Nightcrawler-Discovery Zone, prospecting and soil sampling has identified the same favorable geology and several additional tungsten skarn zones that continue on the north side of the quartz monzonite. Approximately four kilometres north of the 2007 drilling, a new skarn zone has returned up to 7.11% W03 over 0.30 metres that remains open in width and extent. Approximately two kilometres further north, additional tungsten bearing skarn was located and results are pending. Large areas of the 225-square kilometre Fox property are prospective for additional tungsten and molybdenum mineralization with favorable geology and geochemical results to date occurring over an area of approximately 14 kilometres by three kilometres and is open in extent.

Exploration plans for 2008 include diamond drilling designed to expand and fill-in the Discovery-Nightcrawler Zone with a view towards generating a resource for the tungsten-molybdenum skarn zones and locating a large tonnage molybdenum deposit.

David Blann, P.Eng. is a Qualified Person as defined by National Instrument 43-101 and is responsible for the preparation and approval of the technical information disclosed in the news release. Drill core was cut in half by a diamond saw or hand splitter, and one half of the sample was shipped to Acme Analytical Laboratories in Vancouver, B.C. Analyses of samples was performed in part by 15 gm ICP MS for holes 1,2, with peroxide fusion digestion and analyses for over-limit tungsten. Fluorine analyses were performed by specific ion electrode. Holes 5-13 were analyzed by Becquerel Laboratories of Mississauga, Ontario, using the Neutron Activation method that provides total determinations with an average 15-20 gram pulp sample size, to limit nugget effects. Other quality control measures include insertion of regular blanks and standards, and pulp and reject repeats.

On behalf of the Board of Directors,

"David E Blann"

David E Blann, P.Eng.
President


FOR FURTHER INFORMATION PLEASE CONTACT:

Corporate Office:
Nina Mallory, Corporate Communications
Phone: 609.662.8310
Email: info@happycreekminerals.com

Investor Relations:
Hugh Oswald, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 243
Toll free: 1.866.684.4743 ext. 243
Email: hugh@ascentacapital.com

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This News Release has neither been approved nor disapproved by the TSX-Venture Exchange.  The Exchange does not accept responsibility for the accuracy or adequacy of the statements contained herein.  This News Release may contain statements that are forward looking and subject to risk and uncertainty more fully described in the Company’s Prospectus and Public Filings located on SEDAR.