Central Resources Corp.: Selwyn Property Amendment to Option Agreement

Fri Jun 22, 2012 4:16pm EDT

* Reuters is not responsible for the content in this press release.

  VANCOUVER, BRITISH COLUMBIA, Jun 22 (MARKET WIRE) --
Central Resources Corp. (TSX VENTURE:CBC) ("Central" or the "Company") is
pleased to announce that it has negotiated an amendment to the option
agreement, previously announced by Central on June 9, 2010, for the
Selwyn Creek properties, located within the Dawson Range, Yukon.

    Revised Option Terms

    Under the revised option terms, Central can earn 100% ownership of the
Selwyn Creek properties, subject to a 3% Net Smelter Royalty ("NSR") in
favour of Strategic Metals Ltd., by making staged payments to the owners
of $150,000 (originally $300,000) cash and 4,000,000 (originally
3,000,000) common shares of the Company over two years. Central has the
right to purchase 1% of the NSR at any time for a cash payment of
$1,000,000. The foregoing is subject to acceptance by the TSX Venture
Exchange.

    About the Selwyn Creek Property

    Central's Selwyn Creek Properties are located in the Dawson Range, south
of the Yukon River, roughly 200 kilometres south-east of Dawson City,
Yukon. The properties are comprised of 1,025 mineral claims (21,437
hectares) which are situated along an apparent south-east trending
corridor which includes Kaminak Gold's Coffee discovery, Western Copper's
Casino deposit, Tarsis Resources Prospector Mountain project and Northern
Freegold's Nucleus and Revenue resources.

    This area of the Yukon is known for its historical mining of placer gold
deposits and more recent discoveries of epithermal style lode gold and
porphyry related copper-gold-moly mineralization. Gold and copper
prospects along this trend vary from early stage discoveries, through
million ounce resources, and finally advanced stage mine development
projects.

    Central's Selwyn Creek Properties are generally underlain by
meta-sedimentary and meta-volcanic rocks (schists and gniesses) of
inferred Devonian to Mississippian age, which are intruded by numerous
Mesozoic granitic plutons (granodiorites) associated with gold, copper
and molybdenum mineralization.

    In 2011, prospecting at the LLL property identified a breccia zone that
lies on the western edge of a broad ridge. This zone appears to be
oriented sub-parallel to a geological contact between quartzite and
gneiss, in an area where a porphyry dyke cuts both units. Geologically
favourable material typically ranges from weakly silicified fault breccia
to strongly silicified hydrothermal crackle breccia. Visual
mineralization includes arsenopyrite, minor stibnite and alteration
minerals - scorodite, limonite and jarosite. This breccia zone has never
been drilled or trenched. Limited sampling of mostly grass covered talus
returned encouraging values including 0.697 g/t, 1.125 g/t and 14.15 g/t
gold.

    Soil sampling in 2011 expanded a zone of coincident, strongly anomalous
gold and arsenic soil geochemistry which encompasses the breccia zone and
covers an area 1,200 metres long and 1,000 metres wide. Values from 2011
sampling in this anomaly range from 20 to 502 ppb gold-in-soil and 100 to
810 ppm arsenic-in-soil. Antimony values within this zone were weak to
strongly anomalous (5 to 23 ppm).

    Three additional soil geochemical targets comprising clusters of
moderately to strongly anomalous gold and arsenic values have been
identified elsewhere on the property. Values within these anomalies range
from 20 to 391 ppb gold and 100 to 301 ppm arsenic. No follow up
prospecting has been done in the vicinity of these anomalies. The highest
soil result on the property is an isolated gold value of 1,060 ppb.

    Paul Reynolds, P. Geo., President of the Company and a qualified person
as defined by NI 43-101, has reviewed and approved the technical
disclosure made in this news release.

    About Central Resources

    Central Resources Corp. is a junior exploration company created to
leverage the extensive knowledge and experience of a dedicated group of
financial and resource industry professionals. The Company has acquired
options on several highly prospective mineral properties in the Yukon and
British Columbia and continues to pursue additional opportunities to
build shareholder value.

    This news release contains forward-looking information, which involves
known and unknown risks, uncertainties and other factors that may cause
actual events to differ materially from current expectation. Important
factors - including the availability of funds, the results of financing
efforts, the results of exploration activities - that could cause actual
results to differ materially from the Company's expectations are
disclosed in the Company's documents filed from time to time on SEDAR
(see www.sedar.com). Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date of this
press release. The company disclaims any intention or obligation, except
to the extent required by law, to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise.

    Neither 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 or accuracy of this release.

Contacts:
Central Resources Corp.
Paul Reynolds
President and CEO
604-630-3730
info@centralres.ca
www.centralres.ca

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