Central Closes $300,000 Financing

Fri Dec 28, 2012 7:11pm EST

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

Central Resources Corp. (TSX VENTURE:CBC) ("Central" or the "Company") is
pleased to announce that it has closed the non-brokered private placement
previously announced on December 7, 2012.

    A total of 12,000,000 units were issued at a price of $0.025 per unit for
gross proceeds of $300,000. Each unit consists of one common share of the
company and one warrant. Each warrant entitles the holder to purchase one
additional common share of the Company at a price of $0.05 during the
first year following the closing date and $0.10 during the second year
following the closing date. The Company may accelerate the expiry of the
warrants (following the expiry of the 4 month hold period) if the
twenty-day volume-weighted average trading price of the shares on the TSX
Venture Exchange ("TSX-V") (or such other exchange on which the shares
may be listed) exceeds $0.10 in in the first year following the closing
date or $0.20 in the second year following the closing date, in which
event the warrants will expire 30 calendar days after the date that the
Company provides notice to the holders.

    All securities issued under the private placement are subject to a
statutory hold period expiring on April 28, 2013.

    The private placement was completed pursuant to the temporary relief
measures provided under TSX-V's Bulletin dated August 17, 2012, Private
Placements - Temporary Relief from Certain Pricing Requirements and is
subject to final TSX-V approval. The directors of the Company have
approved the financing. 

    The Company intends to use the proceeds raised from the private placement
to fund expenditures made in connection with completion of the
exploration program of Company's Tam property and general working capital
needs of the Company, as follows:

Use of Proceeds                                                       Amount
Exploration Program Expenditures for Tam Property                   $260,000
TSX Venture Exchange Filing Fees                                      $5,000
Audit Fees and General Working Capital                               $35,000
Total                                                               $300,000

    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, including the
expected use of proceeds, 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.

Central Resources Corp.
Paul Reynolds
President and CEO

Copyright 2012, Market Wire, All rights reserved.

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