Challenger Announces Closing of Private Placement

CALGARY, ALBERTA--(Marketwire - Oct. 4, 2012) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES

Challenger Deep Resources Corp. (TSX VENTURE:CDE) ("Challenger" or the "Company") is pleased to announced that, further to its news release dated September 19, 2012, it has now closed a non-brokered private placement consisting of 2,668,334 units (each a "Unit") of the Company, at a subscription price of $0.30 per Unit for gross proceeds of $800,500.20. Each Unit consists of one common share and one common share purchase warrant. Each whole warrant entitles the holder thereof to purchase one additional common share of the Company, for a period 24 months, at a price of $0.40 per common share.

All shares issued pursuant to this private placement, and any shares issued in connection with the exercise of any warrants, if any, will be subject to a four month hold period expiring on February 5, 2013, in accordance with the policies of the TSX Venture Exchange and applicable securities laws.

Aggregate finder's fees of $34,860 in cash and 116,200 finder's warrants (the "Finder's Warrants") are to be paid and issued in conjunction with the closing of the private placement, with each Finder's Warrant having the same terms as the warrants forming part of the Units under this private placement.

The gross proceeds from the Private Placement will be used for permitting of Challenger's Tabang Coal Project in East Kalimantan, Indonesia, for the investigation and acquisition of additional Indonesian coal exploration projects and for general corporate purposes.

About Challenger

Challenger Deep Resources Corp. is an exploration company focused on the Indonesian coal industry. Challenger's business plan is to acquire, explore and to bring its viable coal projects into production. Challenger has an experienced Indonesian exploration and mining team with offices in Calgary, Singapore and Jakarta.

CAUTIONARY STATEMENT

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

READER ADVISORY

Statements in this press release may contain forward-looking information including, statements regarding expected exploration activities and the completion of financings. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Challenger. Factors that could cause the actual results to differ materially from those in forward-looking statements include, granting of exploration permits, surface access and other licenses from Indonesian regulatory authorities, continued exploration results, the establishment of commercial quantities of coal, availability of new acquisitions on commercially acceptable terms, the continued availability of capital and financing, and general economic, market or business conditions in North America and in the Asia Pacific region. The reader is cautioned not to place undue reliance on any forward-looking information. There can be no assurance that the proposed private placement will be completed, that exploration programs in Indonesia or other project acquisitions will be completed or, if completed, will be successful.

The forward-looking statements contained in this press release are made as of the date of this press release, and Challenger does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities law.