Cerro Grande Mining Corporation closes US$700,000 Private Placement and completes Debt Settlement

TORONTO, Oct. 24, 2014 /CNW Telbec/ - Cerro Grande Mining Corporation (the "Company" or "CEG") (CEG.CAC-CNSX-CEG.O-OTCQX) announces that it closed the private placement of units of the Company (the "Placement") and the debt settlement (the "Debt Settlement") with two holding companies held by CEG directors (the "Directors") as described in the news release dated October 20, 2014.

The participation of each Director in the Placement and the Debt Settlement constituted a "related party transaction" under Multilateral Instrument 61-101- Protection of Minority Security Holders in Special Transactions ("MI 61-101").  The Company has relied on the "financial hardship" exemptions from both the formal valuation and minority shareholder approval requirements of MI 61-101 in connection with the Placement and the Debt Settlement as described in the release dated October 20, 2014.

SOURCE: Cerro Grande Mining Corporation

Registered Office:
ROYAL BANK PLAZA
SOUTH TOWER
200 BAY STREET, SUITE 3800
TORONTO, ONTARIO M5J 2Z4
CANADA

Santiago Office:
AVENIDA SANTA MARIA 2224
PROVIDENCIA, SANTIAGO, CHILE
Telephone: [phone]

Toronto Office:
1 KING STREET WEST, SUITE 4009
TORONTO, ONTARIO M5H 1A1
CANADA

For further information, contact:
Stephen W. Houghton, CEO
David R. S. Thomson, EVP
E-Mail: [email protected]
Telephone: [phone]
Website: www.cegmining.com

Renmark Financial Communications Inc.
Barry Mire : [email protected]
Tel: [phone] or 514 939-3989
www.renmarkfinancial.com