Toronto, Ontario -- October 28, 2010 Ring of Fire Resources Inc. (the "Company" or "ROF") (TSX-V:ROF, FRANKFURT: RG5, OTC.PK:HWKPF) announces that it has reached an agreement with nine of its service providers and two of its creditors (the "Creditors") to settle debt in the aggregate amount of $113,600.39 for certain services rendered by the service providers during the year to August 31, 2010 and to settle a debt payable to the two joint creditors. The Creditors have agreed to settle their respective portions of the debt in exchange for the issuance of common shares in the capital of the Company ("Common Shares") at a price of $0.10 per Common Share, for an aggregate issuance of 1,136,002 Common Shares.
