The TSX Venture Exchange has accepted for filing documentation pursuant to an earn-in agreement dated May 24, 2011, between Celeste Copper Corp. and Cornish Minerals Ltd., a corporation existing under the laws of England which indirectly owns the property and assets known as the South Crofty mine, located in the tin/copper district at Pool, near Redruth, Cornwall, in England.

The agreement has been entered into among Celeste, Cornish, the shareholders of Cornish being Cassiterite Ltd., a corporation incorporated under the laws of the Cayman Islands, and Baseresult Holdings Ltd., a corporation existing under the laws of England, and Cornish's wholly owned subsidiaries being Cornish Minerals Ltd., a corporation existing under the laws of Bermuda, and Western United Mines Ltd., a corporation existing under the laws of England.

Under the terms of the agreement, Celeste can acquire an initial 25-per-cent equity interest in Cornish by financing, by May 31, 2012, expenditures incurred or to be incurred for the benefit of Cornish, Cornish Bermuda and Western United with respect to the exploration, development and mining operations on the property of at least 4.67 million pounds (the initial investment). The initial investment is equal to $7,378,600. Conditional upon Celeste acquiring the initial interest, Celeste shall then have the option to elect to finance additional expenditures, by Sept. 30, 2013, of either: (i) 9.33 million pounds to acquire an additional 25-per-cent equity interest in Cornish (such that Celeste would then hold a 50-per-cent equity interest in Cornish); or (ii) 16.33 million pounds to acquire an additional 35-per-cent equity interest in Cornish (such that Celeste would then hold a 60-per-cent equity interest in Cornish). Conditional upon Celeste acquiring a 60-per-cent equity interest in Cornish, it will have the option, exercisable until Sept. 30, 2013 (or earlier in certain circumstances), to acquire the remaining 40-per-cent equity interest of Cornish held by Cassiterite and Baseresult based on an agreed upon valuation of Cornish, for consideration to be agreed between the parties, which may include common shares of Celeste, cash, or a combination of common shares and cash. Any common shares so issued will be at the per-share price reflected by the then market price, less any applicable discounts as may be accepted by the TSX-V. If Celeste does not exercise this option, Cassiterite and Baseresult will have the option, exercisable for 30 days thereafter, to subscribe for additional shares of Cornish so that together they hold up to 51 per cent of the shares of the corporation.