Fronteer Closes $60.5 Million Public Offering

Fronteer Development Group Inc. ("Fronteer" or the "Company") (TSX: FRG)(AMEX: FRG) is pleased to announce that it has completed its previously announced offering (the "Offering") pursuant to which it has issued an aggregate of 4,100,000 common shares at a price of $14.75 per share to raise gross proceeds of $60,475,000. The Offering was underwritten by a syndicate of Canadian underwriters. The Company intends to use the net proceeds from the Offering for strategic investments and for future acquisitions.

The underwriters have an over-allotment option exercisable until April 14, 2007 to purchase up to an additional 615,000 common shares at $14.75 per share to cover over-allotments and for market stabilization purposes.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, or applicable state securities laws, and may not be offered or sold in the United States absent registration or an exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there by any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. All figures in this news release are in Canadian dollars.

ABOUT FRONTEER

Fronteer is a rapidly evolving company committed to building long term value through ongoing discoveries and strategic acquisitions. There are currently nine drill rigs operating in Turkey on three projects and one drill rig operating in Mexico on two gold-silver projects. Fronteer has a prominent foothold in an emerging uranium-copper-gold district in the northern Yukon. Fronteer holds a 47.13% interest in Aurora Energy Resources (TSX: AXU).

Except for 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 involve known and unknown risks, uncertainties and other factors which may cause actual events or results to differ materially from those reflected in such forward-looking statements. Such factors include, among other things, risks related to the exploration stage of the Fronteer's projects, market fluctuations in prices of securities for exploration stage companies, uncertainties about the availability of additional financing, uncertainties related to fluctuations in uranium and gold prices and other risks and uncertainties described in the Fronteer's recent annual report on Form 20-F and reports on Form 6-K filed with or furnished to the U.S. Securities and Exchange Commission. Although Fronteer has attempted to identify important factors that could cause actual events or 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 future events and actual results 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.


Contacts:
Fronteer Development Group Inc.
Mark O'Dea
President & CEO
(604) 632-4677 or Toll Free 1-877-632-4677

Fronteer Development Group Inc.
Sean Tetzlaff
Chief Financial Officer
(604) 632-4677 or Toll Free 1-877-632-4677
Email: info@fronteergroup.com
Website: www.fronteergroup.com

SOURCE: Fronteer Development Group Inc.