Atacama Minerals Corp. Announces Increase in Previously Announced Bought Deal Private Placement to $60 Million

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 2, 2011) -

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Atacama Minerals Corp. (the "Company" or "Atacama") (TSX VENTURE:AAM) is pleased to announce that it has increased its previously announced bought deal private placement from $50 Million to $60 Million. A syndicate led by Cormark Securities Inc. and including BMO Capital Markets, GMP Securities L.P., and Scotia Capital Inc. (collectively, the "Underwriters") have agreed to purchase on a private placement, bought deal basis 50 million subscription receipts ("Subscription Receipts") of the Company at a price of $1.20 per Subscription Receipt (the "Offering"). Each Subscription Receipt automatically converts to one common share of the Company without payment of additional consideration upon the completion of the acquisition of Sirocco Gold Inc. (the "Acquisition").

The Offering is expected to close on or about December 20, 2011. Closing is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.

The securities described herein have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States unless registered under the Act or unless an exemption from registration is available.

Please refer to the press release issued by the Company on December 1, 2011 for further details with respect to the Offering.

About Atacama:

Atacama Minerals Corp. is a Canadian company which produces iodine from its Aguas Blancas mine in northern Chile. In addition, the Company has exploration interests in Brazil.

Cautionary Statements:

This news release contains forward-looking statements concerning the Company's plans for its properties, equity financings and M&A activities. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to closing of the Offering, completion of the Acquisition, political risks involving the Company's exploration and development of its properties, the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, the inability or failure to obtain adequate financing on a timely basis and other risks and uncertainties, including those described in the Company's periodic filings with the British Columbia Securities Commission. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not intend to update this information, except as required by law, and disclaims any legal liability to the contrary.

On behalf of the Board

Lukas Lundin, Chairman