Central Resources Corp.
TSX VENTURE : CBC

Central Resources Corp.

November 02, 2009 08:00 ET

Central Closes $550,000 Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 2, 2009) - Central Resources Corp., (TSX VENTURE:CBC) ("Central" or the "Company") is pleased to announce that it has closed the non-brokered private placement previously announced on October 5, 2009. The Company has sold 5.5 million Units at a price of $0.10 per Unit for proceeds of $550,000.

Each Unit consists of one common share and one share purchase warrant. Each warrant entitles the holder to purchase an additional share for a period of two years at a price of $0.20 per share in the first year and $0.40 per share in the second year. All shares and warrants are subject to a four-month hold period expiring on March 1, 2010. The proceeds of the private placement are to be used to conduct exploration on the Newman Todd property and for general working capital. No commission was paid for the private placement.

The TSX Venture Exchange has accepted for filing the letter of intent between Central and Redstar Gold Corp. regarding the Newman Todd property. Central is finalizing the binding option agreement with Redstar Gold Corp. whereby Central can earn a 60 percent undivided interest in the Newman Todd property.

The Newman Todd Project is located in the Red Lake gold mining camp in Northwestern Ontario. Previous work by Redstar on the Newman Todd property has outlined gold values within a silicified breccia zone that can be traced for at least two kilometres.

About Central Resources

Central Resources Corp. is a junior mineral exploration company created to leverage the extensive knowledge and expertise of a team of financial and resource industry professionals. The management team is committed to developing a successful junior resource company through the acquisition and exploration of properties of merit.

The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirement of such Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the ability of the parties to negotiate the terms of a binding agreements, the outcome of due diligence investigations, availability of funds, the results of financing efforts, the results of exploration activities -- that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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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