Citation Resources Inc.

November 28, 2011 09:00 ET

Citation Retains Key Guerrero Gold Belt Geologist to Advance Biricu Prospect

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 28, 2011) - Further to the announcement on November 23, 2011 by Citation Resources Inc. ("Citation" or the "Company") (TSX VENTURE:CTT) that it had signed a Letter of Intent with Esperanza Resources Corp. ("Esperanza") for an option to acquire Esperanza's 100% interest in the Biricu Prospect mineral exploration concession located in Guerrero Gold Belt in Mexico, the Company is pleased to announce that it has retained David M. Jones as a technical consultant to support the direction and management of the Company's exploration activities at the Biricu Prospect.

Mr. Jones is a graduate of Dartmouth College (1978) and the University of Arizona (M.S. 1987) with over 30 years experience in mineral exploration and project management. As Chief Geologist of Teck's Nukay Project from 1994-1999, Mr. Jones is credited with the discovery of the Los Filos gold-skarn deposit, which became Mexico's largest gold producer (Goldcorp Inc.) in 2010. Application of his model to other properties in the region dramatically expanded the conceptual extent of the Guerrero Gold Belt and led to the discoveries of El Limon and Los Guajes, also major gold-skarn deposits.

He has published numerous technical articles and is considered to be the foremost expert on Guerrero Gold Belt type deposits. Mr. Jones has worked extensively throughout the Guerrero Gold Belt for clients including Teck, Wheaton River, Goldcorp, Peñoles, Grupo Mexico, Torex, and a number of other Canadian juniors.

"We are thrilled that David has agreed to lend to Citation his immeasurable technical knowledge of the Guerrero Gold Belt," Matthew Watson, President and CEO of Citation commented. "David's success as a geologist in the region is unrivalled and his interest in our project validates the attractive potential of the Biricu Prospect. We welcome David to our team and look forward to advancing this exciting prospect with him."

Finders' fee

Citation has agreed to pay a finder's fee in connection with the Biricu Prospect of 250,000 common shares of the Company, subject to the approval of the TSX Venture Exchange.

Executive options

The Company's board of directors has today approved the granting of 1,138,000 incentive stock options to be granted to directors and officers of the Company, and a consultant to the Company, in accordance with its stock option plan. The options are exercisable at $0.20 per share for a period of five years and vest over time or upon the achievement of specific performance targets.

About Citation Resources

Citation Resources Inc. is a growth-oriented, Canadian mining company dedicated to the exploration and development of precious and base metal resources. Citation is based in Vancouver, British Columbia and aims to create shareholder value through the acquisition, exploration, and development of profitable mineral properties, in a manner that is consistent with best practice in environmental stewardship, safety and stakeholder engagement. In addition to its agreement relating to Biricu Prospect, the Company has an option agreement with Rainy Mountain Royalty Corporation and International Bethlehem Mining Corporation to acquire the right to earn a 60% total interest in the Eva Kitto Property. The Eva Kitto Property claims are located approximately 190 kilometres northeast of Thunder Bay, Ontario.



Nigel Kirkwood, CFO

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