NEO Alliance Minerals Inc. Files Restated and Current Financial Statements

Press Release For Immediate Release NEX Symbol “NAM.H”

NEO ALLIANCE MINERALS INC. FILES RESTATED AND CURRENT FINANCIAL STATEMENTS

Edmonton, Alberta, Canada, October 19, 2010 - Neo Alliance Minerals Inc. (the “Company”) (NEX: NAM.H) today announced the filing of its restated financial statements together with the corresponding Management’s Discussion and Analysis for the following periods:

• Year ended December 31, 2008 annual financial statements
• Three months ended March 31, 2009 interim financial statements
• Six months ended June 30, 2009 interim financial statements
• Nine months ended September 30, 2009 interim financial statements
• Year ended December 31, 2009 annual financial statements

The above financial statements have been restated to correct the accounting method applied for the reorganization transaction (“Reorganization”) approved at the December 29, 2008 annual and special meeting of shareholders. The Reorganization left the Company with no continuing operations and was originally accounted for as discontinued operations, however, when there are no significant continuing operations, such segregation is not appropriate. The criteria for held for sale is more appropriate, but management has determined it has lost significant influence over its subsidiaries immediately following the reorganization transaction, and therefore the correction has utilized the cost method of accounting for its subsidiaries in the above restated financial statements. In addition, gains from the forgiveness of debt due to related parties were recorded in the income statement, when they should have been charged directly to the equity of the Company.

The Company has also filed its interim financial statements for the three month ended March 31, 2010 and its June 30, 2010 six month interim financial statements together with the corresponding Management’s Discussion and Analysis. The Company is now current with all regulatory financial statement filings.

An electronic copy of these documents may be obtained on the Company’s SEDAR profile at www.sedar.com. To the extent investors do not have access to the internet, copies of the materials can be obtained on request without charge by contacting the Company.

On May 7, 2007, the Company received a cease trade order issued by the Alberta Securities Commission (“ASC”) and on May 9, 2007, the Company received a cease trade order issued by the British Columbia Securities Commission (“BCSC”) for failure to file its audited financial statements and Management’s Discussion and Analysis for the year ended December 31, 2006 on a timely basis. On September 28, 2009 the ASC issued a variation of cease trade order for the sole purpose of allowing the Company to enter into an agreement to effect the December 29, 2008 Reorganization of the Company. On February 24, 2010, the Company applied to the ASC and BCSC for the full revocation order and has subsequently filed all delinquent financial statements and management’s discussion and analysis on October 18, 2010. Upon receipt of the full revocation order, the Company will complete the Reorganization transaction and intends on filing an application for trading reinstatement to the NEX.

Forward Looking Statements

Certain statements contained in this press release, including statements which may contain words such as “could”, “should”, “expect”, “anticipate”, “believe”, “will”, and similar expressions and statements relating to matters that are not historical facts are forward looking statements. Such forward looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of the Company to be materially different from any future results, performances or achievements expressed or implied by such forward looking statements.

For additional information, please contact:

Don Caron Chief Executive and Interim Chief Financial Officer

Neo Alliance Minerals Inc.

T: 780 496 9171 E: [email protected]

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