Challenger Deep Resources Corp.
TSX VENTURE : CDE

Challenger Deep Resources Corp.

November 22, 2010 17:25 ET

Challenger Announces Private Placement Financing

CALGARY, ALBERTA--(Marketwire - Nov. 22, 2010) - Challenger Deep Resources Corp. ("Challenger" or the "Company") (TSX VENTURE:CDE)-

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

Challenger Deep Resources Corp. is pleased to announce a non-brokered private placement of up to $1,000,000 (the "Private Placement").

Pursuant to the Private Placement, which is subject to regulatory acceptance by the TSX Venture Exchange, Challenger intends to issue, pursuant to applicable exemptions from registration and prospectus requirements of Canadian securities laws, up to 2,000,000 units ("Units") at a price of CAD $0.50 per Unit, each Unit comprising one (1) common share of Challenger and one (1) common share purchase warrant (a "Warrant"). Each Warrant shall be exercisable into an additional common share of Challenger for a period of twenty-four months from the date of issuance of the Warrant, at an exercise price of $0.75. It is anticipated that the Corporation may pay finder's fees to eligible arm's length finders in connection with the Private Placement. The finder's fees may be payable in cash and Warrants.

The gross proceeds from the Private Placement will be used to evaluate, potentially acquire and explore coal prospects in Indonesia and for general corporate purposes.

All securities issued pursuant to the Private Placement including any securities issued in payment of finder's fees, will be subject to a four-month hold period, commencing at closing.

For more information visit Challenger's website at www.challengerdeep.ca.

CAUTIONARY STATEMENT

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

This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including future plans and objectives of Challenger, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Challenger's expectations are the inherent exploration risks detailed from time to time in the filings made by Challenger with securities regulators, the ability to identify and acquire specific coal projects and the ability to raise additional funds. Except as required by securities law, Challenger assumes no obligation to update forward looking statements.

Neither the 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 of accuracy of this news release

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