Pure Biofuels Signs Agreement to Acquire Additional 14,000 Hectares for Palm Oil...

Pure Biofuels Signs Agreement to Acquire Additional 14,000 Hectares for Palm Oil Cultivation

LOS ANGELES & LIMA, Peru--(Business Wire)--Pure Biofuels (OTCBB: PBOF) today announced the signing of an
agreement to acquire 14,000 hectares of land near the city of Pucallpa
in central Peru for the cultivation of African Palm to produce palm
oil to provide feedstock for its biodiesel production facilities on
the coast near Lima. This is in addition to the 60,000 hectares of
land in the same region secured by Pure and announced in March 2007.

The new 14,000 hectares will be acquired under a share purchase
agreement. The terms of the agreement include the acquisition of 100%
of the shares of Inmobiliaria Alpha SAC, a company that owns 15,000
hectares of land and include the transfer back to the seller of 1,000
hectares after the acquisition is completed. Pure expects the
acquisition to close by the end of March.

The 14,000 hectares to be acquired by Pure is currently empty and
deforested and has already undergone improvements including roads,
infrastructure and electricity. Closing of the land acquisition is
subject to customary closing conditions.

"This is another important step for our company, and we're very
pleased to be acquiring land that is so well prepared for immediate
cultivation," stated Pure Biofuels' Founder and CEO, Luis Goyzueta.
"The recommendations resulting from our recently completed feasibility
studies confirm that African Palm is the lowest cost feedstock source
for our production of biodiesel, and we plan to move ahead swiftly
with the preparation and planting necessary to see this plantation
producing oil as soon as possible. We expect to be ordering seeds and
setting up nurseries within the next 90 days and hope to have our
first yields within 24-36 months."

The company previously reported that the African Palm will find a
healthy environment in the central Peruvian forests. It is a hearty
plant that thrives in the tropical environment. The company's strategy
to self-supply feedstock is a primary differentiator - with many
competitors planning to purchase feedstock oil from plantation owners
or from the global commodity market.

Pure has plans for an interim supply of the necessary feedstock
oils to begin production as soon as the company's Interpacific Oil
expansion and the construction of the company's primary Callao Port
facility are complete. Those facilities' combined output is more than
62 million gallons of biodiesel per year. The company expects the new
14,000 hectare plantation will provide up to 40% of the necessary
feedstock to reach full capacity for those facilities, and the company
has additional plans for more land acquisitions to satisfy its
remaining - and future growth - needs.

About Pure Biofuels Corporation

Pure Biofuels is committed to becoming a leader in Latin America's
rapidly emerging biofuels industry. Pure Biofuels' flagship project,
the Callao Port biodiesel refinery near Lima, Peru, is scheduled to
complete construction of its plant in the first quarter of 2008 and to
commence full production capabilities by mid-2008. The Callao Port
refinery will process biodiesel from crude palm oil feedstock. Pure
Biofuels has secured memorandums of understanding with local fuel
distributors for all of Callao Port's annual biodiesel production. The
Company believes Peru's economic growth and expansion, illustrated by
recent exponential growth in foreign direct investment, and GDP growth
over the last five years, adds to Peru's promise as an attractive
geography for alternative fuel production and development. In
addition, rating agency DBRS has recently assigned investment-grade
credit ratings to Peru's long-term foreign and local currency debt.
For more information about Pure Biofuels, please visit:
http://www.purebiofuels.com/home.html

About Biodiesel

Biodiesel is a clean and renewable energy source derived from
vegetable oil that can be used in unmodified diesel engines. Biodiesel
improves overall engine performance, is 100% compatible with existing
diesel vehicles and infrastructure, and has proven reliable in over 50
million miles of road testing. Biodiesel significantly reduces harmful
exhaust emissions, which contribute to global warming; is non-toxic at
any level; and is the first and only fuel to have passed the Clean Air
Act. The United Nations expects biofuels to account for a full 25% of
world energy needs by 2025.

Notice Regarding Forward-Looking Statements

This news release contains "forward-looking statements," as that
term is defined in Section 27A of the United States Securities Act of
1933, as amended, and Section 21E of the United States Securities
Exchange Act of 1934, as amended. Statements in this press release
which are not purely historical are forward-looking statements and
include any statements regarding beliefs, plans, expectations or
intentions regarding the future. Since the forward-looking statements
relate to future developments, results or events, these statements are
highly speculative and involve risks, uncertainties and assumptions
that are difficult to assess. You should not construe any of these
statements as a definitive or invariable expression of what will
actually occur or result. Such forward-looking statements include,
among others, the expectation and/or claim, as applicable, regarding
the construction of the Callao Port refinery. Actual results could
differ from those projected in any forward-looking statements due to
numerous factors. Such factors include, among others, (i) Pure
Biofuels' ability to raise the necessary capital to complete
construction of the biodiesel refinery; (ii) Pure Biofuels' ability to
obtain any necessary government, regulatory or other permits or
approvals; (iii) Pure Biofuels' ability to operate effectively in a
highly competitive industry with many participants; (iv) Pure
Biofuels' ability to keep pace with technological advances and
correctly identify and invest in the technologies that become
commercially accepted; (v) Pure Biofuels' ability to protect its
intellectual property rights and exposure to infringement claims by
others; (vi) Pure Biofuels' ability to operate the biodiesel refinery,
if and when construction is completed, efficiently, without work
stoppages, labor disputes, equipment/mechanical break-downs,
political, economic and social unrest and in compliance with new
governmental regulations; (vii) Pure Biofuels' ability to comply with
environmental, health and safety laws; and (viii) Pure Biofuels'
ability to negotiate binding agreements for the sale of biodiesel, if
and when production commences. These forward-looking statements are
made as of the date of this news release and the company assumes no
obligation to update the forward-looking statements, or to update the
reasons why actual results could differ from those projected in the
forward-looking statements. Although the company believes that the
beliefs, plans, expectations and intentions contained in this press
release are reasonable, there can be no assurance those beliefs,
plans, expectations, or intentions will prove to be accurate.
Investors should consider all of the information set forth herein and
should also refer to the risk factors disclosed in the company's
periodic reports filed from time to time with the Securities and
Exchange Commission and available at www.sec.gov.

Pure Biofuels Corporation
Media:
Sean Mahoney, 1-310-867-0670
smahoney@purebiofuels.com
or
Investor Relations:
ICR, Inc.
Ina McGuinness, 1-310-954-1100

Copyright Business Wire 2008