Copper Reef Mining Corporation - Private Placement Offering Completed

2009-01-16

TSX - Toronto Stock Exchange · Gold · Copper · Silver · Uranium · Canada

(via Thenewswire.ca)

Toronto, Ontario - January 15, 2009 - Copper Reef Mining Corporation (the "Corporation" CZC-CNSX) is pleased to announce that it has completed a private placement for aggregate subscription proceeds of $117,000.00 (the "Offering"), subject to the approval of the Canadian National Stock Exchange and regulatory approval.

On December 31, 2008, the Issuer completed a private placement offering of a total of 800,000 Class "A" Units at a purchase price of $0.05 per Class "A" Unit, and a total of 1,100,000 Class "B" Units at a purchase price of $0.07 per Class "B" Unit. Each Class "A" Unit consisted of one Common Share (a "Common Share") of the issuer and one Class "A" Common Share purchase warrant (a "Class "A" Warrant"). Each Class "B" Unit consisted of 1 Common Share of the Issuer, issued as a "flow-through" share pursuant to The Income Tax Act (Canada) and one Class "B" Common Share purchase warrant (a "Class "B" Warrant"). Each Class "A" Warrant entitles the holder to purchase one Common Share of the Issuer for an exercise price of $0.15 per common share for a period of twelve months from its date of issue. Each Class "B" Warrant entitles the holder to purchase one Common Share of the Issuer for an exercise price of $0.20 from the date of issuance to the date which is twelve months following the date of issuance. The Issuer relied upon the provisions of National Instrument 45-106, sections 2.3 and 2.5.

The transaction closed on December 31, 2008, however the necessary regulatory filings were not made until January 15, 2009. Three directors and one employee of the Corporation, in addition to one unrelated party, participated in this private placement offering.

ABOUT Copper Reef Mining corporation

The Corporation is a Canadian junior mineral exploration company with a specific focus on mineral properties in Northwest Manitoba and Northeast Saskatchewan, Canada. All of the Company's properties are currently at the exploration stage. The Company has no long-term debt and has assembled a portfolio of base metal and precious metal prospects, including strategic locations in the Provinces of Manitoba and Saskatchewan.

Copper Reef Mining Corporation Stephen L. MassonPresident & CEO

The Canadian National Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Corporation's future plans, objectives or goals, including words to the effect that the Corporation or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.