Central Resources Corp.
TSX VENTURE : CBC

Central Resources Corp.

November 10, 2009 10:45 ET

Central Completes Due Diligence on Newman Todd Property and Moves Forward With Option

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 10, 2009) - Central Resources Corp., (TSX VENTURE:CBC) ("Central" or the "Company") is pleased to announce that it has successfully completed due diligence on the Newman Todd property and is proceeding with the previously announced option agreement whereby Central can earn a 60% undivided interest in the Newman Todd property from Redstar Gold Corp (TSX VENTURE:RGC).

"Acquiring an option on a property located in Red Lake Mining Camp, the most prolific gold region in Canada, is a significant opportunity for Central," said Tim McNulty, President and CEO of Central Resources. "We expect to move quickly on the Newman Todd project with the goal of completing road remediation, some trenching and the first few holes of a larger ongoing drill program by the end of the year."

On October 5, 2009, Central announced that it had entered into a letter of intent ("LOI") with Redstar which was subject to satisfactory completion of due diligence. Under the terms of LOI, Central can earn a 50 percent interest in the project over a four year period by funding $4.5 million in exploration and development work and issuing 500,000 shares to Redstar. Central must spend $1,000,000 in exploration expenses by September 30, 2010 and an additional $500,000 by December 31, 2010. Central can earn an additional 10 percent interest in the project by funding an additional $2 million in exploration and development work and issuing 750,000 shares by December 31, 2014.

The Red Lake Gold Camp is the most prolific gold region in Canada. The area hosts several gold mines, where the combined production and remaining proven resources are estimated to be more than 30 million ounces of gold. Gold production began at the Howey Mine in 1930, and despite the regions long exploration history, the most significant discovery was made just ten years ago by Goldcorp. The top producing mines in the area include the Campbell Mine (cumulative production and remaining resource of 13 million ounces), the Red Lake Mine (10 million ounces) and the Madsen Mine (2.5 million ounces). Goldcorp's Campbell and Red Lake Mines remain in operation today with the deep high-grade zone of the Red Lake mine being one of the highest-grade deposits in the world.

Exploration programs by Redstar on the Newman Todd property have outlined gold values within a silicified breccia zone that can be traced for at least two kilometres. Redstar has previously announced drill intercepts of up to 61.02 g/t gold over 1.0 meter within a wider zone of 14.22 g/t gold over 5.0 metres or 60.0 metres of 1.72 g/t gold in previous drill programs. The Newman Todd property has a very similar geologic setting to the major mines in the Red Lake camp in particular Goldcorp's Campbell and Red Lake mines. Similarities include proximity to a major structure, secondary northwest-southeast trending structures, proximity to a folded ultramafic body and association with a large Fe-carbonate alteration zone.

Stephen Kenwood, P. Geo., a "Qualified Person" as defined by National Instrument 43-101, has reviewed and approved the technical disclosure in this news release.

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.

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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