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

Capella Resources Ltd.

November 23, 2010 12:15 ET

Capella Resources Announces Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 23, 2010) - CAPELLA RESOURCES LTD. (TSX VENTURE:KPS)(PINK SHEETS:CPSJF) ("Capella" or the "Company") is pleased to announce that it will undertake a private placement of up to 5,000,000 units ("Units") at a price of $0.10 per Unit for total proceeds of up to $500,000. Each Unit shall consist of one common share (a "Share") and one share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one common share ("Warrant Share") at a price of $0.225 per Warrant Share for a period of 12 months from the closing date.

In connection with the private placement and subject to regulatory approval, the Company proposes to pay a cash finder's fee equal to 5% of the funds raised by the sale of the Units. The Company will also issue finder's Warrants equal to 5% of the Units sold, with each finder's Warrant entitling the holder thereof to purchase one common share at a price of $0.225 for a period of 12 months from the closing date.

All securities will be subject to a four month hold period. Proceeds of the private placement will be used for general working capital purposes and exploration of Company's South American properties.

Acquisition of Minera de Oro Arequipa SAC

Further, the Company wishes to announce that it has entered into a share exchange agreement with Minera de Oro Arequipa SAC. ("Arequipa") dated November 22, 2010 (the "Share Exchange Agreement"), pursuant to which the Company has agreed to purchase 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 $0.12 per common share to the current shareholders of Arequipa (the "Acquisition"). Completion of the Acquisition is subject to the approval of the TSX Venture Exchange.

Arequipa owns the Habanero and El Rojo Properties consisting of 900 and 2900 hectares respectively which are 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.

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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