CHINA OPPORTUNITY INC. ANNOUNCES $12,600,000 PRIVATE PLACEMENT

Symbol: COC: TSX Venture Exchange Inc.

/NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, Dec. 23 /CNW/ - China Opportunity Inc. (the "Corporation") announces that it intends to complete a non-brokered private placement of up to 21,000,000 common shares at a price of $0.60 per share for gross proceeds of up to $12,600,000.

Proceeds from the offering will be used by the Corporation to pursue exploration and development opportunities within the mining sector and for working capital purposes.  Completion of the offering is subject to TSXV approval.

The Corporation will pay a finder's fee to registrants of up to 3.75% of the gross proceeds of the offering.  All securities issued under the offering will be subject to a four-month statutory hold period.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.  The securities have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold within the United States, absent such registration or an applicable exemption from such registration requirements.

About the Corporation

China Opportunity Inc. (TSXV:COC) is focused on pursuing exploration and development opportunities within the mining sector.  The Corporation holds an option to earn up to a 50% interest (which may be increased to 70% in certain circumstances) in the McCart nickel exploration property, located in northeastern Ontario.

Neither 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 release.

Caution Concerning Forward-Looking Information

This news release contains forward-looking statements that are based on the Corporation's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the Corporation's intent to complete the offering, the timing thereof, the use of the proceeds therefrom, and its plans with respect to pursuing acquisition opportunities within the mining exploration sector. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements.  Factors that may cause actual results to vary materially include, but are not limited to, the Corporation's financial resources and the availability of financing alternatives, changes in general economic conditions or conditions in the financial markets, the availability of suitable exploration properties, the speculative nature of mineral exploration, development and mining (including with respect to size, grade and recoverability of mineral reserves and resources), fluctuations in mineral prices and currency exchange rates and unanticipated operational or technical difficulties.  Such forward looking information is based on a number of assumptions, including but not limited to, the availability of financing, no significant decline in existing general business and economic conditions, the level and volatility of mineral prices and receipt of the approval of the TSX Venture Exchange.  Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Corporation disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

For further information:

China Opportunity Inc.
Sol Bierbrier
Secretary
Phone: [phone]