Central Resources Corp.

Central Resources Corp.

November 16, 2010 10:30 ET

Central Increases and Closes Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 16, 2010) - Central Resources Corp. (TSX VENTURE:CBC) ("Central" or the "Company") is pleased to announce that it has increased and subsequently closed the non-brokered private placement announced on October 22, 2010. 

To accommodate over-subscriptions, a total of 2,220,000 units were issued at a price of $0.15 per unit for gross proceeds of $330,000. Each unit consists of one common share and one share purchase warrant. Each warrant will entitle the holder to purchase one additional share for a period of one year at a price of $0.25 per share. If on any day during the period starting four months after closing until the expiry of the warrants, the ten-day volume-weighted average trading price of the shares on the TSX Venture Exchange exceeds $0.50, the Company may, within 30 days thereof, give an expiry acceleration notice to the holders of warrants, and, if it does so, the warrants will, unless exercised, expire on the 30th day after the expiry acceleration notice is given.

Proceeds of the private placement are to be used for general working capital. All securities issued in connection with the private placement are subject to a four month hold period that expires on March 16, 2011. The private placement is subject to final acceptance of the TSX Venture Exchange.

In addition to the above, the Company announces that it is relinquishing its option on the Newman Todd property in Red Lake, Ontario in order to focus its efforts on the recently acquired Selwyn Creek property located in the Dawson Range, White Gold area, Yukon.

About Central Resources

Central Resources Corp. is a junior mineral exploration company created to leverage the extensive knowledge and experience of a dedicated group of financial and resource industry professionals. The Company has acquired options on several highly prospective mineral properties in the White Gold District of central Yukon, and continues to seek additional opportunities to build shareholder value.

The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirement of such Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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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