PEBBLE CREEK MINING LTD. CLOSES SECOND AND FINAL TRANCHE OF PRIVATE PLACEMENT

TSX-V: PEB

NEW WESTMINSTER, BC, Dec. 31 /CNW/ - Pebble Creek Mining Ltd. ("the Company") is pleased to announce a second and final 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 final closing, the Company issued a total of 2,865,456 Units for gross proceeds of approximately $315,200.  As a result of the final closing, the Private Placement was fully subscribed.

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 final closing, and the common shares underlying these Warrants, are subject to a hold period which expires on May 1, 2011.

In connection with the final closing, the Company will, subject to the approval of the TSX Venture Exchange ("TSX-V"), pay finders' fees totalling $18,920 to several persons acting as finders.  Subject to the TSX-V's approval, the Company will also issue 92,909 common shares of the Company to one finder, which shares will be subject to a hold period of four months and one day from the date of their issuance.

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.

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]