Celeste Copper Corporation
TSX VENTURE : C

Celeste Copper Corporation

May 15, 2009 10:53 ET

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

CALGARY, ALBERTA--(Marketwire - May 15, 2009) - Celeste Copper Corporation (TSX VENTURE:C) ("Celeste" or the "Corporation") is pleased to announce that it has completed the acquisition of a mining claim in the Republic of Chile (the "Manto Medio Claim"). The Manto Medio Claim is held by Manto Medio S.A., a private Chilean company which is owned two-thirds by 1402227 Alberta Ltd. ("1402227") a private Alberta-based mining exploration company and one-third by Inversiones Copper Holding Chile Limitada ("Inversiones") a private offshore mining exploration and investment company.

Celeste 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 Corporation issued a total of 3,906,281 common shares at a deemed price of $0.075 per share as consideration for the aggregate purchase price of $292,971.07 under the share purchase agreement. In addition, as consideration for options outstanding in 1402227 to acquire 700,000 shares, the Corporation issued options to acquire 525,000 common shares of Celeste at an exercise price of $0.075 per share.

Celeste also entered into a share purchase agreement with Inversiones and Manto Medio S.A. to acquire the remaining one-third of Manto Medio S.A. The Corporation issued 1,993,750 common shares at a deemed price of $0.075 per share to Inversiones in satisfaction of the purchase price of $149,531.25 in Canadian Dollars for the one-third interest in Manto Medio S.A.

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 held options to acquire 250,000 common shares of 1402227 and after the acquisition of 1402227 they were converted to options to each acquire 187,500 options of Celeste. Leede Financial Markets Inc. held an option to acquire to 200,000 common shares of 1402227 and after the acquisition of 1402227 they were converted to options to acquire 150,000 options of Celeste. There was no finder's fee in connection with this transaction.

The transaction has been given final approval by the TSX Venture Exchange.

ON BEHALF OF THE BOARD

Dave McQuaig, Chief Financial Officer

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.


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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