On May 24, 2011 Celeste entered into an earn-in agreement to acquire up to a 100% interest in Cornish Minerals Limited, which controls mining rights in the historic Cornish mining region in Cornwall, England, including the South Crofty Mine. The South Crofty Mine is an amalgamation of twelve mines that were historically mined primarily for tin and copper. The properties are located between Redruth and Camborne in Cornwall, England and comprise approximately 150 square kilometers of mineral rights in this historic mining district. Mining in this region goes back approximately 4,000 years and includes mines like South Crofty, Dolcoath and Roskear mines, which are included in these mineral rights. It is the first time in the region’s history that such a large package of mineral rights has been assembled, with an opportunity to apply modern exploration and development mining techniques.

A current ongoing diamond drilling program is being carried out on the project by Cornish Minerals. In 2011 29 diamond core holes have been drilled from underground mine workings to investigate the extensions to the Dolcoath South Zone which is a polymetallic sheeted vein set (refer to the drill hole results published in a news release issued by Celeste on August 15, 2011). As part of the earn in agreement with Cornish Minerals, Celeste intends to undertake an extensive drilling program to further define mineral resources at Dolcoath, as well as other exploration and development activities.

As required by its earn-in agreement, Celeste has filed a National Instrument 43-101 (“NI 43-101”) technical report (the “Report”) with the TSX Venture Exchange (refer to a news release issued by Celeste on July 14, 2011). The Report, titled “National Instrument 43-101 Technical Report for Western United Mines Limited Dolcoath Resource Estimation South Crofty Mine Cornwall, United Kingdom” prepared by Mr. J.N. Hogg, Senior Geologist, Micromine Ltd. (UK), signed June 17, 2011 with an effective date of March 7, 2011, identifies the resource on the property, and examines the historical, non 43-101 compliant, estimates of mineralization left in situ by previous operators. A summary of the in situ classified inferred resource for the project, using a tin (Sn) equivalent economic cut-off of 0.30%, is estimated at approximately 1,331,000 inferred tonnes of 0.44% Sn, 1.08% Cu and 0.66% Zn (refer to SEDAR for a copy of the Report).

Celeste also has a copper, gold and silver properties located in Chile’s Cabeza de Vaca mineral district where it undertakes an exploration program to advance these projects.