Celeste Copper Corporation

Celeste Copper Corporation

February 17, 2010 09:58 ET

Celeste Announces Share Issuance and Private Placement

CALGARY, ALBERTA--(Marketwire - Feb. 17, 2010) - Celeste Copper Corporation (TSX VENTURE:C) ("Celeste" or the "Corporation") wishes to announce that it has received notice from the option partner Peak Ridge Metal Equity Special Situation Fund ("Peak Ridge") that Peak Ridge has chosen to convert its expenditures (CAD $750,000 of exploration expenses and CAD $500,000 of acquisition funds) into common shares of Celeste as per the option agreement dated October 17, 2008 (see press release dated October 28, 2008). These expenditures are to be converted into Celeste common shares at a pre determined conversion price of .20 cents per share. Celeste has applied to the TSX Venture Exchange ("TSX.V") for approval and issuance of 6,250,000 common shares.

Celeste also announces a separate private placement of up to 8,400,000 units (a "Unit") at a price of $0.06 per unit for proceeds of up to $500,000. Each Unit will be comprised of one common share of the Corporation and one half of a common share purchase warrant , with each whole warrant being exercisable for one common share at an exercise price of $0.10 for a period of 12 months from the date of closing of the private placement.

The proceeds of the private placement will be used to fund further exploration work on Celeste's existing properties, as well as for corporate development and general working capital purposes. Completion of the private placement is subject to execution and delivery of standard documentation and receipt of all required regulatory approvals and consents, including the approval of the TSX.V. Securities issued pursuant to this private placement will be subject to a four month hold period in compliance with applicable securities laws and the policies of the TSX.V.

The Corporation announces that effective February 11, 2010 they have granted 500,000 stock options to David McQuaig the CFO of the Corporation. The options have an exercise price of $0.20 share and expire February 11, 2015. The granting of the options are subject to regulatory acceptance of applicable filings.

Forward Looking Statements: This news release contains forward - looking information including but not limited to comments regarding the timing and content of upcoming acquisitions, exploration programs including disclosure regarding possible future events and therefore, involves inherent risks and uncertainties. For any forward looking information given, management has assumed that the analytical results it has received are reliable, and has applied geological interpretation methodologies which are consistent with industry standards. Although management has a reasonable basis for the conclusions drawn, actual results may differ materially from those currently anticipated in such statements. For such statements, we claim the safe harbor.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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