Celeste Copper Corporation

Celeste Copper Corporation

February 12, 2010 09:00 ET

Celeste Updates Drilling Activity

CALGARY, ALBERTA--(Marketwire - Feb. 12, 2010) - Celeste Copper Corporation (TSX VENTURE:C) ("Celeste" or the "Corporation") is pleased to announce that Peak Ridge Metal Equity Special Situation Fund ("Peak Ridge") has notified Celeste that effective January 21, 2010, and pursuant to the Exploration Agreement and Option to Purchase between Peak Ridge and Celeste dated September 30, 2008, Peak Ridge has incurred $1.0 million on exploration expenses pursuant to the Exploration Agreement and Option to Purchase. Peak Ridge has fulfilled two of the three requirements to earn an 80% interest in the Negrita 1-13 mining concessions.

The third provision of the Exploration Agreement and Option to Purchase between Peak Ridge and Celeste requires Peak Ridge to deposit with Celeste $2.8 million pursuant an option agreement with Abel Alberto and Meliton Campillry Rojas and Celeste (the "Initial Option Agreement") within 60 days of receipt of notification that Peak Ridge has spent the $1.0 million. The $2.8 million deposit from Peak Ridge is the required payment by Celeste to purchase the Initial Option Agreement.

Mr. Elmer Stewart, President and CEO of Celeste stated, "We are very pleased that Peak Ridge has achieved the exploration expenditure on the Negrita property. These expenditures were used to conduct geophysical surveys, mapping and a limited diamond drilling program that intersected significant copper-gold-silver mineralization hosted in a quartz diorite. These mineralized intersections supports Celeste's belief in the potential of the Cabeza de Vaca district, for porphyry style copper-gold mineralization".

About Celeste:

Celeste is a Canadian corporation currently focused on the exploration of its copper property located in central Chile. The Corporation is planning to assess other future copper and copper-gold properties for exploration and development opportunities throughout Chile.

Celeste shares trades on the TSX Venture exchange under the symbol C. The Corporation's website can be accessed at www.celestecopper.com.

For more information on Celeste please visit our website at www.celestecopper.com.

Forward Looking Statements: This news release contains forward - looking information including but not limited to comments regarding the timing and content of upcoming work programs and geological interpretations. Forward - looking information includes 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 and interpretations of the data 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) accept responsibility for the adequacy or accuracy of this release.

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