PEBBLE CREEK MINING LTD. CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT

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

TSX-V: PEB

NEW WESTMINSTER, BC, Dec. 23 /CNW/ - Pebble Creek Mining Ltd. ("the Company") is pleased to announce a first closing of its previously announced non-brokered private placement of up to 10 million units ("Units") at a price of $0.11 per Unit (the "Private Placement").  In the first closing, the Company issued a total of 7,134,544 Units for gross proceeds of approximately $784,800.  The Company anticipates a further closing of the Private Placement by the end of the year.

Each Unit is comprised of one common share of the Company and one-half of one common share purchase warrant, and each whole common share purchase warrant (a "Warrant") entitles the holder thereof to acquire one additional common share of the Company at an exercise price of $0.20 for a term of one year.

The common shares and Warrants comprising the Units issued pursuant to the first closing, and the common shares underlying these Warrants, are subject to a hold period which expires on April 23, 2011.

In connection with the first closing, the Company will, subject to the approval of the TSX Venture Exchange ("TSX-V"), pay finders' fees totalling $51,256 to several persons acting as finders.

The Private Placement is subject to the final approval of the TSX-V.  The net proceeds from the Private Placement will be used for exploration and development of the Company's mineral projects and for working capital.

The securities issued pursuant to the Private Placement and described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended ("1933 Act") or any state securities laws, and may not be offered or sold in the United States unless registered under the 1933 Act or unless an exemption from registration is available.

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:

Andrew Nevin, President & CEO, Telephone: [phone]
Mike Romanik, Vice President, Telephone: [phone]