Celeste Copper Corporation

Celeste Copper Corporation

April 23, 2009 11:33 ET

Celeste Copper Corporation Announces Acquisition of Mining Claim in the Republic of Chile

CALGARY, ALBERTA--(Marketwire - April 23, 2009) - Celeste Copper Corporation (TSX VENTURE:C) ("Celeste" or the "Corporation") is pleased to announce that it has entered into formal agreements for the acquisition of a mining claim in the Republic of Chile (the "Manto Medio Claim"). The Manto Medio Claim is held two-thirds by 1402227 Alberta Ltd. ("1402227") a private Alberta-based mining exploration company and one-third by Inversiones Copper Holding Chile Limitada, a private offshore mining exploration and investment company.

Celeste has entered into a share purchase agreement with the securityholders of 1402227 to acquire all of the issued and outstanding common shares and options of 1402227. The only asset of 1402227 is two-thirds of the Manto Medio Claim. The Corporation will issue a total of 3,906,251 common shares at a deemed price of $0.075 per share as consideration for the aggregate purchase price of $292,968.83 under the share purchase agreement. In addition, as consideration for options outstanding in 1402227 to acquire 700,000 shares, the Corporation will issue options to acquire 525,000 common shares of Celeste at an exercise price of $0.075 per share.

Celeste has also entered into an asset purchase agreement with Inversiones Copper Holding Chile Limitada to acquire the remaining one-third of the Manto Medio Claim. The Corporation will issue 1,993,750 common shares at a deemed price of $0.075 per share in satisfaction of the purchase price of $159,500 for the one-third interest in the Manto Medio Claim.

Elmer Stewart, President, CEO and a director of the Corporation, is also President and a director of 1402227 and David McQuaig, CFO, Secretary and a director of the Corporation, is a director of 1402227. Messrs. Stewart and McQuaig each current hold options to acquire 250,000 common shares of 1402227. Leede Financial Markets Inc. holds an option to acquire to 200,000 common shares of 1402227. There is no finder's fee in connection with this transaction.

The proposed transaction is subject to regulatory approval and other usual conditions. The proposed transaction will be classified as a Reviewable Transaction under the policies of the TSX Venture Exchange. There can be no assurance that the transaction will be completed as proposed or at all.

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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