Opawica Explorations Inc.
TSX : OPW

Opawica Explorations Inc.

May 28, 2009 10:36 ET

CORRECTION FROM SOURCE: Opawica Closes $500,000 Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 28, 2009) - The release issued at 3:05PM ET on May 27, 2009 included the incorrect share data. The complete and corrected release follows.

Opawica Explorations Inc. ("Opawica" / the "Company") (TSX:OPW) announces that it has closed a non-brokered private placement of $500,000 through the sale of 5,000,000 units at $0.10 per unit. Insiders subscribed for 605,000 units of the offering. Each unit consists of one common share and one-half of one transferable share purchase warrant, each whole warrant entitling the holder to acquire one common share for a period of 12 months following the closing date at a price of $0.12. The securities issued in connection with the private placement are subject to a 4-month hold period and may not be traded until September 28, 2009, except as permitted by Canadian securities legislation and TSX policies.

Forward Looking Statements:

Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization, resources and expansion of resources, recoveries, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with mine permitting, metallurgy, development, construction and mining operations, the uncertainty of the determination of mineable ounces of gold and copper in pounds or other minerals in pounds, or the future profitability of the Company's projects.

Shares Issued: 37,156,868

Stock Options: 70,000 @ $0.11

Warrants: 8,931,000 @ $0.12 - $0.40

Restricted Shares: 6,125,000

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