Challenger Announces Private Placement

CALGARY, ALBERTA--(Marketwire - March 15, 2013) -

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

Challenger Deep Resources Corp. ("Challenger" or the "Company") (TSX VENTURE:CDE) is pleased to announce a private placement of up to $1,500,000 (the "Private Placement").

Pursuant to the Private Placement, which is subject to acceptance by the TSX Venture Exchange, Challenger intends to issue, pursuant to applicable exemptions from registration and prospectus requirements of Canadian and United States securities laws, up to 10,000,000 Common Share Units (the "Units) at a price of CAD $0.15 per Unit. Each Unit is comprised of one Common Share and one Common Share Purchase Warrant (each a "Warrant"). Each Warrant entitles the holder to purchase one additional Common Share of Challenger at an exercise price of CAD $0.25 for a period of five (5) years from the date of issuance of the Units. If, at any time after the expiry of the 4 month hold period, the closing price of the common shares on the TSX Venture Exchange is at least $0.50 for a period of 30 consecutive trading days, the Corporation may, at its option, accelerate the expiry date of the warrants by issuing a press release and giving written notice thereof to all holders of warrants, and, in such case, the warrants will expire on the date which is the earlier of: (i) the 30^th day after the date on which the press release is disseminated by the Corporation; and (ii) the original expiry date.

Challenger may pay a finder's fee in connection with the issue and sale of any or all of the Units under this offering. The finder's fee shall consist of a payment of no more than 8% of the gross proceeds of the offering in relation to subscribers introduced by any particular finder. Challenger may also pay finder's warrants ("Finder's Warrants") exercisable into common shares of Challenger at a price of $0.25 per Common Share for a period of twelve months from the date of issuance. The Finder's Warrant's may be issued in an amount equal to no more than 8% of the aggregate number of Units in relation to subscribers introduced pursuant to the offering by any particular finder.

The gross proceeds from the Private Placement will be used for development of Challenger's Barito coal project in Central Kalimantan, Indonesia and for working capital 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.