Central Resources Corp.
TSX VENTURE : CBC

Central Resources Corp.

September 28, 2011 16:00 ET

Central Revises Tam Property Option

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 28, 2011) - Central Resources Corp. (TSX VENTURE:CBC) ("Central" or the "Company") is pleased to announce that it has negotiated an extension to the Tam property agreement. The option agreement has been amended in order to give the Company more time to complete the required exploration expenditures. The Tam property is located in the Quesnel Trough area of BC, approximately 21 kilometres northeast of Lac La Hache, immediately to the east of GWR Resources Inc.'s Lac La Hache property where diamond drilling is underway.

The following description of the Tam property is based upon a National Instrument 43-101 report prepared for the Company by Calvin Church, P.Geo., and dated May 14, 2008 (revised June 20, 2008). The entire report can be found on SEDAR.

The property is underlain by Nicola Group island arc volcaniclastic and sedimentary rocks which are intruded by a number of plutons, stocks and dykes which are part of an alkaline intrusive complex underlying the Spout Lake area. Nicola Group rocks occur in contact with the Takomkane batholith to the east and north of the property.

The claims are located at the southeast end of a large arcuate aeromagnetic anomaly which reflects magnetite rich phases in the Spout Lake alkaline intrusive complex and/or alteration zones along its margin. Past exploration work along the southern limb of this anomaly located a number of occurrences mineralized with copper plus accessory values in gold, silver +/- molybdenum and tungsten. Mineralization occurring on the Tam property consists predominately of pyrite, chalcopyrite, malachite and bornite and is primarily associated with monzodiorite to syenitic intrusives and structures.

There are two significant copper (+/- gold) showings on the property; Tim 1 and Tim 2. The Tim 1 showing is located on the east side of the Tam 3 claim. The Tim 1 zone was tested by Stallion Resources Ltd., in 1983 with six short diamond drill holes totalling 312 metres. The more significant mineralized intersections are tabulated below.

Significant Drill Intersections (1983):

DRILL HOLE FROM (m) TO (m) INTERVAL (m) Cu (%) Ag (opt) Au (opt)
DDH 83-1* 0.0 45.7 45.7 2.76 0.74 0.018
DDH 83-3 16.7 25.9 9.2 0.52 0.15 0.003
47.2 51.8 4.6 0.90 0.09 0.003
DDH 83-5 19.8 33.5 13.7 1.03 0.30 0.01
DDH 83-6 9.1 13.7 4.6 1.99 N/A N/A
*This interval includes 14 samples assaying between 1% and 18% Cu. DDH 83-1 drilled at -70° may have been drilled down dip. The true width of the mineralization is unknown.

Drilling at the Tim 1 showing by GWR Resources Inc., in 2001 returned 0.61% copper, 0.18 g/t gold and 6 g/t silver over 17.4 metres, and 0.50% copper, 0.11 g/t gold, 3.0 g/t silver over 5.6 metres, respectively from sheared and brecciated monzodiorite.

The Tim 2 showing is located on the northwest side of the Mat 3 claim. Grab samples taken over a strike distance of 44 metres by GWR Resources in 2001 returned 0.212 to 1.915% copper, 7 to 222 ppb gold and 5.9 to 64.5 ppm silver. Other areas of copper mineralization which have not been evaluated are reported in trenches and along road cuts on the Tam and Mat claims.

Induced polarization surveys conducted by Central in 2008 have produced several anomalous resistivity and chargeability responses that can be interpreted as exploration targets that warrant further investigation. The IP surveys clearly show that the IP anomaly in the central portion of the property is at a depth greater than 100 metres below surface. None of the previous drilling in this area has penetrated to this depth. This is clearly a primary drill target.

Calvin Church, P.Geo., a qualified person as defined by National Instrument 43‐101, has reviewed and approved the technical disclosure made in this press release.

Revised Option Terms

The option agreement has been amended in order to give the Company more time to complete the required exploration expenditures and make the required cash and share payments. The total exploration expenditures, cash and share payments have not changed.

A summary of the revised terms follows.

Date Exploration Expenditure Cash Shares
October 15, 2011 Nil Nil 200,000
June 30, 2012 $200,000 $45,000 200,000
December 31, 2012 An additional $400,000 $60,000 200,000
December 31, 2013 An additional $800,000 $90,000 Nil

About Central Resources

Central Resources Corp. is a junior 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 Yukon and British Columbia and continues to pursue 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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