RB

Russell Breweries Inc. (TSX VENTURE:RB) (the "Company") announces that, pursuant
to an exchange agreement (the "Exchange Agreement") dated for reference as of
March 31, 2008, between the Company, Russell Brewing Company Ltd. ("Subco"), and
holders (the "Investors") of Class A Exchangeable Non-Voting Preferred Shares
(the "Exchangeable Shares") in the capital of Subco, the Company has exercised
its right (the "Exchange Right") to purchase the Exchangeable Shares from the
Investors. The Company is entitled to exercise the Exchange Right and purchase
the Exchangeable Shares without any further action required on the part of the
Investors.


As per the exchange ratio stipulated in the Exchange Agreement, each
Exchangeable Share is exchangeable for 22.67 common shares (the "Common Shares")
in the capital of the Company. The Company has issued, as fully paid and
non-assessable shares of the Company, an aggregate of 1,541,560 Common Shares to
the Investors, in order to purchase an aggregate of 68,000 Exchangeable Shares
held by the Investors (the "Exchange"). Certificates registered in the names of
the Investors, representing the aggregate number of Common Shares deliverable by
the Company in payment for the Exchangeable Shares, have been couriered to the
Investors.


The 68,000 Exchangeable Shares were issued to Investors pursuant to a brokered
private placement (the "Private Placement") announced on March 5th, 2008, at a
price of $10.00 per Exchangeable Share, for gross proceeds of $680,000. The
Private Placement was offered in connection with the Province of British
Columbia's Equity Capital Program (the "Program"). Residents of British Columbia
investing in a company registered under the Program were eligible for a tax
credit of up to 30% of their investment. 


ABOUT THE COMPANY: Russell Breweries Inc. is a leading Western Canadian brewer.
It brews, markets, sells and distributes a diverse portfolio of award-winning
beers that are produced by its wholly-owned regional breweries: Russell Brewing
Company in British Columbia and Fort Garry Brewing Company in Manitoba. Both
breweries are dedicated to producing high-quality, flavourful ales and lagers.
Russell Breweries Inc. is publicly listed on the TSX Venture Exchange (TSX
VENTURE:RB). 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Russell Breweries Inc.
Brian Harris
CEO
778.846.2335
604.596.1048 (FAX)
bharris@russellbeer.com

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