Mr. Alain Lambert reports

CYPRIUM MINING CORPORATION ANNOUNCES CLOSING OF PRIVATE PLACEMENT AND OTHER CORPORATE TRANSACTIONS

Cyprium Mining Corp. has completed a second closing of its previously announced private placement of up to eight million units at a price of 6.5 cents per unit for gross proceeds of up to $520,000. In this closing, Cyprium issued 2.3 million units for gross proceeds of $149,500. Each unit is composed of one common share in the capital of the corporation and one share purchase warrant of the corporation. Each warrant will be exercisable into one common share at an exercise price of 10 cents expiring two years from the date of issuance.

The net proceeds made available through the sale of the units will be used by the company to pay for the continued development of the company's Potosi mining project in Mexico, the costs of the offering, and for working capital and general corporate purposes.

Cyprium has paid finders a cash commission of up to 8 per cent of the proceeds that have resulted from such parties' efforts, subject to compliance with applicable securities laws. The finders have also been granted warrants to purchase up to 8 per cent of the number of units sold under this second closing, with each warrant entitling the holder to purchase one unit at 6.5 cents per unit for a period of 18 months from the second closing.

The company announces that it has completed certain of its previously disclosed conversion of certain secured and unsecured debts into convertible debentures of the company. Arm's-length holders of $90,000 of secured debt and $21,000 (U.S.) ($28,000 (Canadian)) of non-secured debt by a company wholly owned by the chairman and chief executive officer of the company have been converted into convertible unsecured debentures. The convertible debentures will mature three years from the date of issuance and will bear interest at a rate of 8 per cent per annum payable quarterly in cash. The principal amount of the convertible debentures shall be convertible at any time at the option of the holder into common shares of the company at a price of eight cents per common share in the first year following closing and 10 cents per common share thereafter, and upon giving effect to such conversion, all accrued and unpaid interest will be paid in full within 60 days.

The company has also received conditional approval from the TSX Venture Exchange to complete up to $570,887 in various debt settlements by way of either units and/or common shares to be issued at a price of 6.5 cents per unit and/or common share. The company has entered into and completed debt settlements with 11 creditors who are not insiders of the company for an amount of $413,588 by way of an issuance of 6,362,891 units of the company. The company expects to shortly close two additional debt settlements with arm's-length creditors for a total of $54,025 by way of an issuance of 831,154 units. A further debt settlement in the amount of $95,900 to be completed by the issuance of 1,475,385 common shares to four insiders of the company is subject to the approval of disinterested shareholders at the company's next annual shareholders meeting.

Final closing of certain debt conversions and the issuance of the common shares and the convertible debentures pursuant to the same is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the exchange. Pursuant to applicable securities laws, all securities issued pursuant to the debt conversions will be subject to a hold period of four months plus one day following the closing of the debt conversions.

We seek Safe Harbor.