Challenger Signs Three Exclusive Option Agreements to Purchase Four Coal Projects in East Kalimantan, Indonesia

CALGARY, ALBERTA--(Marketwire - March 22, 2011) -

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Challenger Deep Resources Corp. (TSX VENTURE:CDE) ("Challenger" or the "Company") is pleased to announce that it has, through its wholly-owned subsidiary, PT Bestindo Energy, ("Bestindo") entered into three separate Memorandums of Understanding ("MOU's") which give Bestindo the exclusive right, for a period of thirty days, to purchase the shares of three separate private Indonesian companies which hold various coal rights related to four separate coal projects. Each of the coal projects is 100% owned by the respective private company and all of the projects are located in the Regency of Kutai, East Kalimantan. Each of the MOU's provide for the subsequent execution of a Conditional Share Purchase Agreement ("CSPA"), which provides for staged payments of the purchase price over a period of four months in respect of one MOU and over a period of 24 months for the other two MOU's.

Details of the coal projects are summarized below:

	Project
	Arni Bersaudara (AB)	Apriadi Bersaudara (AP1)	Apriadi Bersaudara (AP2)	Putri Etam (PE)
District	Muara Kaman	Samboja	Muara Kaman	Muara Badak
Size (hectares)	3,039/2,874	930	3,086	100
License/Permit Status	IUP Exploration	KP PU	SKIP	SKIP
Geological Formations	Pamaluan/Balikpapan	Kampung Baru	Pulau Balang/Pamaluan	Pulau Balang/Balikpapan
Coal Quality Target* (kcal/kg)	6,300–7,000/5,600–6,000	5,000–5,500	6,300–7,000	5,600–6,000/6,300–7,000

* These are target coal qualities, not confirmed coal qualities on the property.

Arni Bersaudara Coal Project (AB)

Pt Arni Bersaudara ("Arni") is the holder of two contiguous IUP Exploration permits covering 3,039 and 2,874 hectares in the District of Muara Kaman. The IUP's are approximately 40km north of the Mahakam River.

The Arni MOU provides that, if Challenger elects to enter into a CSPA, it can acquire 100% of Arni for payments totalling $2,414,181 CAD. Terms of the payment include $84,215 CAD upon signing, $308,790 CAD within 6 months of signing the CSPA and the balance of $2,021,176 CAD after all the essential permits to bring the project into production are in place, or a maximum of 24 months from initial CSPA signing.

Apriadi Bersaudara Coal Projects (AP 1 and 2)

Pt Apriadi Bersaudara ("Apriadi") is holder of a KP PU (Mining Authorization for General Survey) covering an area of 930 hectares, which is currently being converted to IUP Exploration in the District of Samboja (AP1) and a SKIP (Exploration Permit Application) covering an area of 3,086 hectares in the District of Muara Kaman (AP2). The AP1 project is 10km from the coast and close to an independent haul road and port loading facilities which are under construction. The AP2 project is approximately 45km north of the Mahakam River and in close proximity to the Arni Bersaudara projects.

The Apriadi MOU provides that, if Challenger elects to enter into a CSPA, it can acquire 100% of Apriadi for payments totalling $2,077,318 CAD. Terms of the payment include $56,143 CAD upon signing of the CSPA , $112,287 CAD upon receiving IUP exploration permits for both projects, $224,575 CAD within 12 months of CSPA and the balance of $1,684,313 CAD due on the 24 month anniversary of the CSPA signing.

Putri Etam Coal Project (PE)

CV Putri Etam ("Putri") is a private Indonesian company which is in the process of applying for an IUP Exploration and has successfully secured a Local Announcement letter from authorities. The application covers 100 hectares and is located in the Muara Badak district.

The Putri MOU provides that, if Challenger elects to enter into a CSPA, it can acquire 100% of Putri for payments totalling $84,215 CAD. Terms of the payment include $28,071 CAD upon signing and $56,144 CAD upon completion of the deed of shares transfer. An additional agreement also provides that a royalty of US$4.50 be paid to the former Putri shareholders for every ton of coal produced and sold.

A program of due diligence on all of the projects is to commence as soon as possible to verify the data provided and to confirm Challenger's exploration target parameters. The due diligence program will include surface reconnaissance and mapping, sampling and analysis in order to evaluate the potential of each property. Challenger's execution of the CSPA's to acquire these projects will depend upon the results of the initial due diligence program in respect of each. A more detailed technical description of the properties will be made available if and when a CSPA is signed.

"The signing of these latest MOU's, reflects the culmination of many months of excellent work by our acquisition team," stated Ranjeet Sundher, President of Challenger. "We are very pleased with the execution to date of our plan to assemble and advance a strong portfolio of coal exploration and development projects in East Kalimantan. Our team remains focused on the exploration of our current projects and the acquisition of new projects."

The Qualified Person (as defined by NI 43-101) responsible for the review and approval of the technical material presented in this news release is Mr. Andre Talaska, a director of Bestindo.

Challenger proposes to pay a finder's fee to an arm's length party in connection with the introduction of these acquisition opportunities, if Challenger elects to exercise one or more of these options. The finder's fee would be payable in common shares of Challenger in an amount calculated in accordance with the TSX Venture Exchange policies and subject to the approval of the TSX Venture Exchange.

All purchase prices under the CSPA's is payable in Indonesian Rupiahs ("Rp") and figures used in this release are based on a conversion rate of 1.00 Rp = 0.000112288 CAD.

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. 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 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.