Cannon Point Resources Ltd. Announces Closing of Private Placement

TSX Venture Exchange Symbol - CNP

VANCOUVER, Dec. 17 /CNW/ - Cannon Point Resources Ltd. (the "Company") is pleased to announce the closing of a non-brokered private placement on December 17, 2010 of 33,500,000 units at a price of $0.15 per unit to raise proceeds of $5,025,000. Each Unit consists of one common share and one common share purchase warrant.  Each whole warrant entitles the holder to purchase one common share at a price of $0.20 per common share on or before December 17, 2015. 

The securities issued pursuant to the private placement are subject to a hold period expiring on April 18, 2011.  Proceeds will be used for general working capital and for continuing to research opportunities in the natural resources sector.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

For further information:

Gordon Keep, Director and Chief Executive Officer, at Suite 3123 - 595 Burrard Street, Vancouver, British Columbia, telephone: [phone].