Mr. Farhad Abasov reports

CELESTE COPPER CORPORATION IS PLEASED TO ANNOUNCE THE CLOSING OF $6 MILLION IN ITS FIRST TRANCHE OF ITS PREVIOUSLY ANNOUNCED FINANCING

Celeste Copper Corp., further to its news release dated Oct. 24, 2011, has closed on $1.5-million worth of brokered units and $4.5-million worth of non-brokered units for total gross proceeds of $6,080,679.

Liberty Metals & Mining Holdings LLC, 175 Berkeley St., 18th floor, Boston, Mass., 02116, a wholly owned subsidiary of Boston-based Liberty Mutual Group, acquired ownership and control over 22,222,222 units for gross proceeds of $4-million pursuant to the non-brokered placement. LMM has an option to acquire an additional 5,555,555 units under the non-brokered portion of the private placement for additional gross proceeds of $1-million.

After giving effect to the closing of the brokered and non-brokered private placement, LLM beneficially owns 22,222,222 common shares and 11,111,111 warrants, representing 32.90 per cent of the outstanding common shares on a non-diluted basis after giving effect to the subscription by LLM (or 27.06 per cent on a fully diluted basis).

LLM has informed the company that it acquired the common shares and warrants for investment purposes. Subject to the terms and conditions of the subscription agreement and the investor rights agreement entered into between LLM and the company, and depending on market conditions and other factors, LLM has advised the company that it may from time to time acquire additional securities of Celeste or dispose of securities of Celeste in the open market, by private agreement or otherwise, or continue to hold its then-current position.

In conjunction with the closing of the first tranche of this financing, Celeste chairman, Farhad Abasov, is pleased to welcome Diana Walters, president of Liberty Metals & Mining Holdings, to the board of directors of Celeste.

Mr. Abasov stated: "We welcome the vision and drive that Ms. Walters brings to each endeavour she becomes involved with. With this stage of financing completed, Celeste is well positioned now to move aggressively forward with its exploration program on its large tin and copper project in England."

Celeste is offering up to 55,555,555 units at a price of 18 cents per unit for total gross proceeds of up to $10-million. Each unit is made up of one common share and one-half of a common share purchase warrant. Each whole common share purchase warrant entitles the holder to purchase one common share at a price of 30 cents per share for a period of 18 months from the date of closing of each tranche.

As announced in a news release dated May 25, 2011, Celeste entered into an earn-in agreement to acquire a 60-per-cent equity interest (with the ability to go to 100 per cent based on a valuation after having earned the 60-per-cent interest) in Cornish Minerals Limited, a corporation existing under the law of England, which controls 150 square kilometres of tin and copper mineral rights throughout the Cornish metallogenic province in Cornwall, England, including the assets known as the South Crofty mine. Proceeds from this financing shall be used to finance a 20,000-metre drill program and a preliminary economic assessment on the Cornish Minerals central mining district, resulting in an earn-in of up to a 25-per-cent equity interest in Cornish Minerals, which controls mining rights in the historical Cornish mining region in Cornwall, England, including the South Crofty mine.

Celeste also announces the resignation of Denis Clement as a director of the company. Mr. Abasov, the chairman of Celeste, said, "On behalf of the corporation, we would like to thank Denis for his positive contribution to the corporation during his tenure as president and vice-chairman of Celeste."

We seek Safe Harbor.