Colibri signs Letter of Intent with Agnico-Eagle Mines Ltd. to form joint
venture

TSX.V: CBI

VANCOUVER, Dec. 7 /CNW/ - Colibri Resource Corporation and Agnico-Eagle Mines Ltd. (AEM) have signed a Letter of Intent (LOI) that allows AEM to acquire up to 75 percent of the Colibri gold claim in Sonora, Mexico and form a joint venture by making qualified exploration expenditures and payments to Colibri. AEM currently operates 6 gold mines and will produce in excess of one million ounces of gold in 2010, including production from the Pinos Altos mine in Chihuahua, Mexico. This LOI is conditional upon the approval of AEM's and Colibri's Board of Directors, the completion of due diligence by AEM and approval by the TSX-Venture Exchange.

The Colibri claim, centered within the Sonora gold belt near the city of Caborca, hosts dozens of historical artesanal mine workings that mostly occur on two northwest-trending thrust fault-detachment fault systems that transect the claim package. Similar major structures along strike with the Colibri claim host the largest gold mine in Mexico, (La Herradura, operated jointly by Newmont and Industrias Penoles SA de CV), the El Chanate mine operated by Capital Gold, the San Francisco mine operated by Timmins Gold Corporation, and other advanced projects such as Noche Buena (located 20 km northwest of Colibri and currently being developed by Penoles).

Upon signing of a formal agreement, AEM shall purchase 3 million shares of Colibri at $0.15 per share with the right to purchase an equal amount of shares at $0.25 per share within the next two years. During the next 3 years, AEM must spend a minimum of 3 million dollars (US$) performing mineral exploration and complete a feasibility study within 5 years to earn up to 75% of the project. In addition, AEM will make option payments totaling $1,451,000 over a 7 year period. After completion of a positive feasibility study and earning 75% of the project, AEM and Colibri will form a joint venture to develop the project.

"This project has garnered attention from other exploration and/or mining companies during the past year because of its location and past exploration activities. We are excited that AEM, with a successful record of starting mines in areas including Mexico, will be employing their significant resources to explore this property", said Lance Geselbracht, President of Colibri. "This joint venture agreement provides Colibri the impetus to restart exploration work on the three other projects in the State of Sonora (see June 23, 2010 news release, www.colibriresourcecorp.com)."

About Colibri Resources:

Colibri owns four claim concessions in the Mexican state of Sonora. In addition to the Colibri gold claim, Colibri recently acquired the 500 hectare Evelyn gold claim located 12 kilometers northeast of the Noche Buena project. The Ramard claim is 8400 hectares, located near the city of Carbo, contains silver, zinc and lead in a skarn (see successful drill results reported in January through June, 2007 news releases). The 6600 hectare Leon claim is a large molybdenum-copper porphyry contiguous with the Creston Moly project currently in final feasibility stages for mine production. Additional property information can be found on the company website at www.colibriresourcecorp.com/s/Projects/asp.

Disclaimer for Forward-Looking Information:

Certain statements in this release are forward-looking statements, which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to the closing of the agreement with AEM, the consummation of the related private placement transaction, AEM incurring the required work commitments or completing the resulting feasibility study, or making the required option payments. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with mineral exploration and production, (3) a decreased demand for minerals, (4) any number of events or causes which may delay or cease exploration and development of the Company's property interests, such as environmental liabilities, weather, mechanical failures, safety concerns and labor problems; (5) the risk that the Company does not execute its business plan, (6) inability to retain key employees, and (7) inability to finance operations and growth, (8) other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release and, except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.

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.

For further information: Visit our website at www.colibriresourcecorp.com or call Lance Geselbracht, P.E., and [phone]