Capella Resources Ltd.
TSX VENTURE : KPS
PINK SHEETS : CPSJF

Capella Resources Ltd.

December 21, 2010 14:06 ET

Capella Resources Announces Closing of Share Exchange

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 21, 2010) - CAPELLA RESOURCES LTD. (TSX VENTURE:KPS)(PINK SHEETS:CPSJF) ("Capella" or the "Company") wishes to announce that it has closed the share exchange transaction (the "Share Exchange") with the shareholders of Minera de Oro Arequipa SAC ("Arequipa"), as announced on November 18, 2010. Pursuant to the Share Exchange, the Company purchased all of the issued and outstanding common shares of Arequipa in exchange for the payment of $60,000 and issuance of 6,000,000 common shares at a deemed price of $0.11 per common share to the shareholders of Arequipa. The common shares issued are subject to a four month hold period which expires on April 1, 2011.

Arequipa owns the Habanero and El Rojo Properties consisting of 900 and 2900 hectares, respectively, and located in the Department of Puno in south-central Peru. The Properties are situated in a triangle defined by the significant mineralization zones (Condoroma, La Rescatada-Arasi) and within the regional mineralization trend of Andahuaylas – Yauri skarn and porphyry belt. The types of mineralization possible are gold-silver epithermal-vein style, with the overprint of a deeper porphyry-type mineralization.

CAPELLA RESOURCES LTD.

per: "Richard Bachman" 
Richard Bachman, Chief Executive Officer, President & Chief Geological Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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