Fronteer Reports Fiscal 2008 Results

VANCOUVER, BRITISH COLUMBIA, Mar 30 (MARKET WIRE) --
Fronteer Development Group Inc. (TSX: FRG)(NYSE Alternext US: FRG)(NYSE
Amex: FRG.A) reports its financial and operating results for the year
ended December 31, 2008. Details of the Company's financial results are
described in the audited consolidated financial statements and
Management's Discussion and Analysis for the year ended December 31,
2008. Further details on each of Fronteer's projects and activities can
be found on the Company's website: http://www.fronteergroup.com and on
SEDAR at http://www.sedar.com. All amounts are presented in Canadian
dollars unless otherwise stated. Fronteer will be hosting its annual
general meeting on May 7, 2009 in Toronto, Ontario.

Overview

Fronteer is a gold-focused exploration and development company committed
to discovering and advancing deposits with production potential. The
Company's vision is to become a near term, mid-cap gold-growth company
advancing a pipeline of exploration, development and production projects.
The Company has an interest in several major gold and copper-gold
projects throughout Nevada, USA and northwest Turkey. Among its large
portfolio of precious metal mineral rights in Nevada, the company's key
projects include Northumberland, one of the largest undeveloped
Carlin-type gold deposits in the state; Long Canyon, a discovery
potentially defining a new gold trend in the Eastern Great Basin; and,
Sandman, a property which Newmont USA Limited ("Newmont"), a subsidiary
of Newmont Mining Corporation, has the option of advancing to a
production decision by June 2011. In Turkey, Fronteer has built and
retained a 40% interest in a new mineral district that includes two gold
deposits and a third copper-gold porphyry deposit. Fronteer was a
founding partner and is the largest shareholder at 92% of Aurora Energy
Resources Inc. ("Aurora") (TSX: AXU), a company focused on advancing a
pipeline of growing uranium deposits in Labrador, Canada.

Highlights of the year and through the date of this report are:

- A project-first National Instrument 43-101 compliant resource
calculation was completed on the Long Canyon property. At a 0.3 g/t
cut-off, the resource comprises 363,000 measured ounces at an average
grade of 2.35 g/t gold (4,808,000 tonnes), along with 459,000 inferred
ounces at an average grade of 1.63 g/t gold (8,780,000 tonnes). Drilling
in 2008 extended high-grade, oxide gold mineralization along trend to 1.7
kilometres. The Company vested a 51% interest in the project and is
project operator. Ongoing funding of the US$14,100,000 budget for the
project in 2009 is to be shared 51% / 49% between the Company and its
joint-venture partner AuEx Ventures Inc. ("AuEx"), respectively.

- Fronteer entered into a joint venture agreement with Newmont dated June
1, 2008, where Newmont may earn an initial 51% interest in Sandman by
contributing mineral interests to the joint venture, spending a minimum
US$14,000,000 on exploration and making a production decision supported
by a bankable feasibility study, committing to fund and construct a mine
and undertaking to advance necessary permits by June 2011. Results from
Newmont's solely funded 2008 program (37 holes and 2,800 metres of
shallow drilling at a cost of US$3,440,740) underlined the near-surface,
high-grade oxide nature of the gold mineralization at Sandman. Newmont's
budget for 2009 is US$5,000,000.

- Fronteer has a 100% interest in the Northumberland Project. During
2008, the Company completed a new resource estimate for the project,
increasing the gold-equivalent resource by 28%. Technical work completed
in 2008 suggests a number of potential processing alternatives for the
project. Plans for 2009 at Northumberland are focused on geological
compilations and data analysis of district wide exploration targets on
lands surrounding the resource area, metallurgical work, and minor
reclamation of past mining activity. The budget for the 2009 is still
being developed but will be a minimum of US$1,100,000.

- On January 23, 2009, the Company formally made an offer to acquire all
of the outstanding common shares of Aurora that it did not already own.
The Company believes that the acquisition is beneficial because: the
additional cash resources of Aurora reduces the need for Fronteer to seek
equity financing or incur debt to further explore or develop its projects
in the near- to mid-term; potentially provides the capability to move
forward with new acquisition opportunities; and, provides Fronteer and
its shareholders greater exposure to the long term value of this
strategic uranium asset. On March 2, 2009, the offer expired and the
Company agreed to take up 36,526,336 Aurora Common Shares tendered under
the offer. As a result, Fronteer currently owns approximately 92.1% of
the issued and outstanding common shares. Fronteer expects to complete,
on or about April 21, 2009, a second step transaction, which should give
the Company 100% ownership of Aurora.

Exploration Projects

Deferred exploration and acquisition expenditures, net of recoveries for
the year ended December 31, 2008 and 2007 totalled $16,573,479 and
$1,781,905 in the USA, $193,160 and $907,559 in Turkey, $Nil and $480,827
in Mexico, and $96,996 and $5,246,273 in the Yukon, Canada, respectively.

Operations

Selected Financial Data

This summary of selected financial data should be read in conjunction
with the Management Discussion and Analysis ("MD&A") of the financial
position and operating results of the company for the twelve months ended
December 31, 2008 and 2007 and the audited consolidated financial
statements and related notes for the same period.

--------------------------------------------------------------------------
Year Ended December 31
2008 2007
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Earnings (loss) for year ($31,708,890) $20,374,741
Basic and diluted earnings
(loss) per share ($0.38); ($0.38) $0.29; $0.28
Cash invested in mineral properties $17,077,206 $8,309,527
Cash generated by financing activities $407,300 $68,909,573
Cash, cash equivalents and
short-term deposits $81,035,276 $99,039,334
Working capital $78,420,274 $96,903,057
Equity investment in Aurora (1) $74,945,577 $76,696,684
Equity investment in Turkish
Properties (2) $13,255,365 $12,957,378
Total assets $403,519,304 $426,437,437
Shareholders' equity $338,534,602 $366,849,777
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(1) The Company accounts for its investment in Aurora using the equity
method of accounting. At December 31, 2008, the Company owns 42.2%
(2007-42.3%) of Aurora. Total market capitalization of Aurora at
December 31, 2008, was approximately $131.9 million (2007 - $991.7
million).
(2) The Company owns 40% of three Teck Cominco Ltd. subsidiaries. All
exploration properties and deferred exploration expenditures relating
to these properties have been re-classed to Investment in Turkish
Properties.

The Company's net loss for the year ended December 31, 2008 was
$31,708,890 or $0.38 per share compared to a net income of $20,374,741 or
$0.29 per share for year ended December 31, 2007. Contributing to the
period-over-period differences was the recognition of a large non-cash
foreign exchange loss on a US dollar denominated future income tax
liability, a decrease in the non-cash dilution gain on its investment in
Aurora, increased operating expenses such as write-downs of exploration
properties, wages and benefits, office and general, and professional fees
and a significant decrease in stock-based compensation expense year over
year.

The Company recognized a dilution gain of $71,049 for the year ended
December 31, 2008, as compared to a dilution gain of $43,039,000 for the
year ended December 31, 2007. The Company recognizes a dilution gain when
its interest in Aurora is reduced as Aurora issues additional shares. It
represents the fair value of the Company's share of the consideration
paid by new investors in Aurora, in excess of the amount that the
carrying value of the Company's investment in Aurora. Aurora issued fewer
shares at lower prices in 2008 as compared to the same period in 2007.

Stock-based compensation expense for the year ended December 31, 2008
decreased to $5,988,136 from $8,732,286 for the same period in 2007.
Stock-based compensation expense is comprised of the fair value of stock
options granted to employees, directors and consultants that vest in the
period. The Company grants stock options with varying vesting terms
ranging from immediate vesting to vesting over three years. The Company
uses the Black-Scholes option pricing model to determine the fair value
of options granted and recognizes the fair value of the option as an
expense or addition to exploration properties and deferred exploration
expenditures over the vesting term of the option.

Liquidity

The Company currently has no operating revenues other than interest
income and relies primarily on equity financing as well as the exercise
of options to fund its exploration and administrative costs.

The Company has no debt. The only long-term lease commitments are the
operating leases for the Company's office premises and equipment. The
Company also has obligations on its mineral property interests that
should the Company wish to continue having a right to the mineral
interest of a property, cash payments to the government or underlying
land or mineral interest owner, may be required. Most of these are not
firm commitments, with such obligations being eliminated should the
Company choose to no longer invest funds exploring the property. At
December 31, 2008, the Company had cash and short-term deposits on its
balance sheet of $81,035,276 and working capital of $78,420,274 as
compared to cash of $99,039,334 and working capital of $96,903,057 at
December 31, 2007. The change in cash and working capital of $18,004,058
and $18,482,783, respectively, is primarily due to the sale of the
Company's investment in LAT for which the Company received proceeds of
$5,295,450, offset by cash exploration expenditures of $17,077,206, the
placement of additional reclamation bonds of $1,378,115, and cash used in
operations of $6,002,568.

ABOUT FRONTEER

Fronteer is an exploration and development company with a track record of
making big discoveries. Fronteer has an extensive portfolio of advanced
stage gold projects in Nevada, a 40% interest in three gold and
copper-gold projects in western Turkey, and a 92.1% interest in Aurora
Energy Resources (TSX: AXU), a leading Canadian uranium company.

Except for the statements of historical fact contained herein, certain
information presented constitutes "forward-looking statements" within the
meaning of the United States Private Securities Litigation Reform Act of
1995. Such forward-looking statements, including but not limited to,
those with respect to potential expansion of mineralization, potential
size of mineralized zone, and size of exploration program involve known
and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievement of Fronteer to be materially
different from any future results, performance or achievements expressed
or implied by such forward-looking statements. Such factors include,
among others, risks related to international operations and joint
ventures, the actual results of current exploration activities,
conclusions of economic evaluations, uncertainty in the estimation of ore
reserves and mineral resources, changes in project parameters as plans
continue to be refined, future prices of gold and silver, environmental
risks and hazards, increased infrastructure and/or operating costs, labor
and employment matters, and government regulation and permitting
requirements as well as those factors discussed in the section entitled
"Risk Factors" in Fronteer's Annual Information form and Fronteer's
latest Form 40-F on file with the United States Securities and Exchange
Commission in Washington, D.C. Although Fronteer has attempted to
identify important factors that could cause actual results to differ
materially, there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that such
statements will prove to be accurate as actual results and future events
could differ materially from those anticipated in such statements.
Fronteer disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. Accordingly, readers should not place undue
reliance on forward-looking statements.

NEWS RELEASE 09-07

Contacts:
Fronteer Development Group Inc.
Mark O'Dea, Ph.D, P.Geo
President and CEO
(604) 632-4677 or Toll Free: 1-877-632-4677

Fronteer Development Group Inc.
Richard Moritz
Director, Investor Relations
(604) 632-4677 or Toll Free: 1-877-632-4677

Fronteer Development Group Inc.
Glen Edwards
Director, Communications
(604) 632-4677 or Toll Free: 1-877-632-4677
Email: info@fronteergroup.com
Website: www.fronteergroup.com

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