Mr. Jos Simpson reports

MARIMACA COPPER ANNOUNCES CLOSING OF SECOND TRANCHE OF US$17.7 MILLION NON-BROKERED PRIVATE PLACEMENT

Marimaca Copper Corp. has closed the second tranche of its previously announced non-brokered private placement for aggregate gross proceeds of approximately $17.7-million (U.S.) or approximately $24,433,000 (Canadian).

Under the second tranche of the private placement, the company issued an aggregate of 811,416 common shares of the company at a price of $4.60 (Canadian) per share to funds managed by a new institutional investor.

An aggregate of 5,311,416 shares were issued under the first and second tranche of the private placement.

The net proceeds from the private placement will be used for exploration, to advance the company's flagship Marimaca copper project, located in the Antofagasta region of northern Chile, and for general corporate purposes.

The shares issued pursuant to the private placement are subject to a statutory hold period of four months and one day in accordance with applicable Canadian securities laws, and are being issued pursuant to the Australian Securities Exchange listing Rule 10.11 waiver granted to Marimaca at the time of admission.

Other information

In connection with the private placement, Greenstone Resources LP and certain of its affiliates have agreed to waive their respective option to participate pro rata in equity financings by the company. In addition, in connection with the private placement, Mitsubishi Corp. has been offered the option to purchase shares pro rata on the same terms as the private placement within 30 business days of the closing of the private placement. Mitsubishi's current ownership, prior to giving effect to the private placement, is approximately 4.6 per cent based on public filings.

About Marimaca Copper Corp.

Marimaca is a copper exploration and development company focused on its 100-per-cent-owned flagship Marimaca copper project and surrounding exploration properties located in Antofagasta region, Chile.

The Marimaca copper project hosts the Marimaca oxide deposit (MOD), an IOCG-type (iron ore, copper and gold) copper deposit. The company is currently progressing the Marimaca copper project through the definitive feasibility study led by Ausenco Chile Ltda. In parallel, the company is exploring its extensive land package in the Antofagasta region, including the more-than-15,000-hectare, wholly owned Sierra de Medina property block, located 25 kilometres from the MOD.

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