Capella Resources Announces Memorandum of Understanding
Published : July 20, 2011
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Keywords :   Canada | Gold | Market |

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 20, 2011) - CAPELLA RESOURCES LTD. (News - Market indicators)(PINK SHEETS:CPSJF) ("Capella" or the "Company") is pleased to announce that it has entered into a memorandum of understanding (the "MOU") dated July 19, 2011 with Celtic Tiger Minerals Explorations Inc. ("Celtic") to set out terms for the purposes of acquiring and exploring certain mineral properties throughout Atlantic Canada.

President, Mr. Richard Bachman stated, "The Company is moving forward with this transaction to increase shareholder value by leveraging its Atlantic Canada mineral properties with a motivated local partner. Capella will focus its exploration activities on its Chilean and Peruvian gold properties."

Terms of the MOU
Pursuant to the terms of the MOU, the Company will first enter into an agreement with Celtic pursuant to which it will spend $150,000 in flow-through funds on the Whycocomagh property for a 50% interest and $500,000 in flow-through funds, collectively, on the Shortliff, Nictaux and Inglisville gold properties to earn a 50% interest in each of those properties, all located in Nova Scotia. Capella will then convert its interest in those properties into 3,500,000 common shares ("Shares") of Celtic.

Following this, the Company will sell to Celtic a 100% interest in its Wentworth property in exchange for 7,500,000 Shares at a deemed price of $0.10 per Share, with the Company maintaining a 2% NSR.

Additionally, the Company and Celtic will enter into an agreement whereby Celtic will purchase certain surplus assets from Capella for $350,000. Furthermore, Celtic will enter into a two year option for $100,000 to acquire certain Capella properties in Labrador for $1,500,000 in cash or shares of Celtic.

The parties will be entering into definitive documentation (the "Agreements") substantially based on the terms of the MOU listed above.

The transactions contemplated under the MOU and the Agreements, when finalized, may be subject to the approval of the Exchange.

CAPELLA RESOURCES LTD.

Richard Bachman, Chief Executive Officer, President & Chief Geological Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Capella Resources Ltd.
Mike McCleave
902.468.8280 or Toll Free: 1.877.342.7474
902.468.8448 (FAX)
info@capellaresources.com
www.capellaresources.com
Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Capella Resources Ltd.

PRODUCER
CODE : KPS.V
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Capella Res. is a silver and gold exploration company based in Canada.

Capella Res. holds various exploration projects in Chile.

Its main asset in production is MARICUNGA in Chile and its main exploration properties are TINTON, NEVADA and LAJITAS in Chile and HARVEY in Canada.

Capella Res. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 2.5 millions as of today (US$ 2.5 millions, € 1.9 millions).

Its stock quote reached its lowest recent point on September 12, 2003 at CA$ 0.01, and its highest recent level on September 08, 2006 at CA$ 9.90.

Capella Res. has 81 975 000 shares outstanding.

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