CENIT ANNOUNCES JOINT VENTURE ON A PAST PRODUCING COPPER MINE PROPERTY

    
    TSX Venture Exchange
    Symbol: CNT
    Shares Outstanding (Non-Diluted): 32,918,807
    

TORONTO, Sept. 21 /CNW/ - Cenit Corporation, ("Cenit" or the "Optionee"), is pleased to announce that it has entered into an arm's length option and joint venture agreement with First Minerals Exploration Limited ("FMEL" or the "Optionor") dated September 1, 2010 to acquire, subject to conditions including shareholder and regulatory approvals, an undivided 50% right title and interest in 44 unpatented mineral claims covering approximately 250 square kilometers that includes the previously mined Coppercorp Property and is now known as the Batchawana Bay Copper Property. FMEL is a private Ontario corporation that is controlled by Mr. Robert Young, a resident of Ontario.

In order to maintain this option to acquire a fifty percent (50%) interest in the Claims, Cenit shall:

    
    (a) pay the Optionor a cash payment of $25,000 upon execution of the
        option and joint venture agreement and a further $25,000 upon receipt
        of shareholder and regulatory approval (the "Due Diligence
        Conditions");

    (b) expend work costs of $250,000 on the claims on or before the eighteen
        month anniversary of this Agreement;

    (c) issue to the Optionor common shares of the capital stock of Cenit
        with no resale restrictions except those imposed by the TSX Venture
        Exchange (the "TSXV") as follows:

        (i)   1,000,000 shares which will be applied for immediately upon
              execution of the agreement and delivered to the Optionor within
              five (5) days upon satisfaction of the Due Diligence Conditions
              (which amount shall be adjusted by such further amount of
              shares such that there is a cumulative amount of 1,000,000
              shares issued to the Optionor in the event that the common
              shares of the Optionee are consolidated on or before the
              eighteen month anniversary of the date of execution of the
              agreement);

        (ii)  the number of shares which is equal to $75,000 divided by the
              twenty day weighted average market price as at the first twelve
              month anniversary of the date of execution of the agreement and
              delivered to the Optionor within five (5) days of receipt of
              TSXV approval; and

        (iii) the number of shares which is equal to $100,000 divided by the
              twenty day weighted average market price as at the first
              twenty-four month anniversary of the date of execution of the
              agreement and delivered to the Optionor within five (5) days of
              receipt of the TSXV approval.
    

The Property is located approximately 85 kilometers west and north of Sault Ste. Marie, Ontario. The Trans-Canada Highway (Highway 17) crosses the westernmost part of the property. A portion of the property is subject to a 1.5% net smelter return of which one-half (0.75%) may be purchased at any time for $750,000.

A mining operation and several subsequent exploration programs have been conducted on the property between 1948 and 2006. Regional geological mapping was done in 1973. There have been various phases of prior surface and underground exploration conducted on a portion of the property including pitting, trenching, drilling and underground development although the bulk of this work was done in close proximity to the mine workings.

Production between 1966 and 1972 amounted to approximately 1.0 million tons that yielded 1,900 oz of gold, 227,600 oz of silver and 23.782 million lbs of copper. An historical pre-production ore reserve estimate published in 1965 by the mine owner (Coppercorp Inc.) was 1,540,000 tons with an average grade of 2.1% copper to a depth of 500 feet. There are also indications of both depth and lateral extensions based on historical drilling results. The mine closed in 1972 due to the low copper prices prevailing at that time. The use of the term "ore reserve" should be viewed strictly in the historical context and cannot be correlated with the resource categories adopted by CIMM and does not indicate any current potential economics of the historic estimate. While the data is considered relevant and reliable given the nature of the work and the approach taken at the time, it has to be considered an historic estimate and should not be relied upon as a Qualified Person has not done sufficient work to classify this as a current mineral resource. There are no more recent estimates or data available.

The copper mineralization consists mainly of chalcocite with minor malachite and chalcopyrite associated with pyrite and hematite. The dominant alteration type in the basalt is calcite-epidote, with lesser potassic feldspar and rare tremolite. Felsic volcanic and intrusive rocks are variably sericitized.

Post mining exploration work has included airborne and ground geophysical surveys, and site specific geological mapping and geochemical sampling.

Recent exploration has found mineralization in the Beaver Pond of the Property area consists mainly of malachite staining with disseminated chalcocite, chalcopyrite and pyrite. Hematite is commonly associated with the mineralization as veinlets or associated with quartz-carbonate vein breccia. A total of 26 grab and chip samples were taken from several outcrops on the property and analyzed by Swastika Laboratories an independent accredited laboratory. Values ranged from 0.0113% copper to 12.57% copper and gold values ranged from nil to 1.48 g/t gold.

The historical exploration and mining was focused on the high grade mineral zones associated with veins and major structural features on the property. However, technical work completed by Cenit including a review of the geology has shown that the property has a number of geological indicators primarily hematite that are consistent with Hydrothermal Low-Ti Iron Oxide Cu-Au-U-REE type deposits ("IOGC"). Therefore using the IOGC model exploration on the property would focus on iron oxide copper-gold mineralization of the Olympic Dam style. Olympic Dam is one of the world's largest mines and is located in South Australia.

Cenit has agreed to pay a fee in connection with this transaction to an arm's length finder, Porphyry Incorporated, which is controlled by Michael Newbury, P.Eng. The fee consists of a cash payment of $45,000, 200,000 common shares and 450,000 common share purchase warrants which each whole warrant entitling the holder to acquire a share for $0.10 for a period of two years.

Completion of the transaction is subject to a number of conditions, including but not limited to acceptance by the TSX Venture Exchange and shareholder approval. The transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Pursuant to the joint venture agreement, TSX Venture Exchange approval must be obtained by February 28, 2011 and these conditions will require that Cenit complete a financing on terms and in an amount to be determined. Investors are cautioned that, except as disclosed in the management information circular to be released in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Any trading in the securities of Cenit should be considered highly speculative.

Trading in the shares of Cenit has been halted by the TSX Venture Exchange and trading will not resume until such time as the TSX Venture Exchange has completed customary file review and due diligence procedures.

The TSX Venture Exchange has in no way passed on the merits of the proposed transaction and has neither approved nor disapproved of the contents of this press release.

Further announcements as to the details, timing and progress of the proposed transactions will be made as developments occur.

About Cenit Corp.

Cenit Corporation is a Canadian holding company, continually looking for strategic investment alternatives to enhance shareholder value. The above transaction has been undertaken to become a mining and exploration development company. The present focus is on copper mineralization in Canada on properties that are in the advanced exploration stage. The Batchawana Bay property near Sault Ste. Marie Ontario is a past producer that has development potential and may be the host for an IOGC (Olympic Dam) type mineralization.

All technical information in this press release has been reviewed and approved by Howard Coates P. Geol. who is as a Qualified Person ("QP") under National Instrument 43-101.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical fact, that address future production, reserve potential, exploration and development activities and events or developments that the Cenit expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward looking statements. Please see our public filings at www.sedar.com for further information.

%SEDAR: 00001555E

For further information: Birks Bovaird, CEO, 1-416-214-9152 or visit the Company's web site at www.cenitcorp.com