Central Resources Corp.

Central Resources Corp.

October 22, 2010 10:30 ET

Central Resources Announces Private Placement Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 22, 2010) - Central Resources Corp., (TSX VENTURE:CBC) ("Central" or the "Company") is pleased to announce a non-brokered private placement offering up to two million units at $0.15 per unit to raise gross proceeds of $300,000.

Each unit will consist 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.

All securities issued in the offering and any shares issued upon exercise of warrants will have a hold period in Canada of four months from the closing of the offering.

The proceeds of the private placement will be used for general working capital. Completion of the placement is subject to acceptance for filing by the TSX Venture Exchange.

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.

This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds, the results of financing efforts, the results of exploration activities -- that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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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