Celeste Copper Corporation

Celeste Copper Corporation
Peak Ridge SPC Ltd.

March 23, 2010 12:29 ET

Early Warning Issued Pursuant to National Instrument 62-103- Acquisition of Shares of Celeste Copper Corporation

CALGARY, ALBERTA--(Marketwire - March 23, 2010) –


This press release is being disseminated as required by National Instrument 62-103 The Early Warning System and Related Take Over Bids and Insider Reporting Issues in connection with the filing of an Early Warning Report (the "Early Warning Report") regarding the acquisition of securities of Celeste Copper Corporation TSXV ("Celeste") (TSX VENTURE:C) by Peak Ridge SPC Ltd., solely in respect of the Peak Ridge Metal Equity Special Situation Fund Segregated Portfolio ("PR Metal Equity SSF").

Through a share purchase agreement dated May 13, 2009, Celeste has acquired 333 common shares of Manto Medio S.A. from Inversiones Copper Holdings Chile Limitada ("ICHCL"), a subsidiary of PR Metal Equity SSF. As consideration, ICHCL has been issued 1,993,750 common shares of Celeste. Immediately before the share issuance referred to below, ICHCL held 6.48% of the common shares of Celeste.

As announced today by Celeste, the TSX Venture Exchange has approved the issuance of 6,250,000 common shares to PR Metal Equity SSF. This issuance is made by virtue of an option agreement dated October 17, 2008 (see press release by Celeste dated October 28, 2008) whereby PR Metal Equity SSF was given a right to convert $750,000 of exploration expenses and $500,000 of acquisition funds into common shares of Celeste at a predetermined conversion price of $0.20 per share.

As a result, PR Metal Equity SSF together with ICHCL now own 22.27% of the common shares of Celeste. All shares of Celeste held by PR Metal Equity SSF and ICHCL were acquired for investment purposes and PR Metal Equity SSF may increase or decrease its beneficial ownership or control depending on market or other conditions.

The Early Warning Report will be filed no later than March 24, 2010.

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.

Contact Information

  • Peak Ridge SPC Ltd.
    Robert Hargadon
    Peak Ridge SPC Ltd.
    3rd. Floor, 25 Church Street
    P.O. Box HM 1169
    Hamilton HMEX, Bermuda
    (441) 296-5105