Challenger Deep Resources Corp.
TSX VENTURE : CDE

Challenger Deep Resources Corp.

November 09, 2010 07:00 ET

Challenger Deep Resources Corp.: Initial Coal Exploration Program

CALGARY, ALBERTA--(Marketwire - Nov. 9, 2010) - Challenger Deep Resources Corp. ("Challenger" or the "Company") (TSX VENTURE:CDE) announces that the initial exploration program on its recently acquired Tabang Coal Project in East Kalimantan, Indonesia (News Release October 19, 2010) will commence this week.

The program is designed to provide a comprehensive assessment of the coal resource potential of the property based on geological mapping, trenching, sampling of outcropping/sub-outcropping coal seams and geological interpretation.

The duration of this initial program will depend upon the field conditions and results of the initial survey. The program is designed to identify and locate drill targets for the next phase of exploration.

The Corporation has granted 115,865 stock options to a director of the company in accordance with the company's shareholder-approved stock option plan. The stock options are exercisable at a price of $0.47 per share, expire in five years and vest immediately.

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. 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, preliminary exploration results, 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 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.

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.

Contact Information