| October 30, 2006 Capella Resources Corporate Update | |
| Vancouver, B.C., October 30, 2006 - CAPELLA RESOURCES LTD. (TSX-V: CPS) ("Capella" or the "Company") is pleased to update on its various exploration initiatives. The Company has been in discussions and negotiating for the purchase of several mineral concessions located in Ecuador, including certain concessions with limited production of gold ore. The discussions and negotiations have culminated in an agreement in principal for the acquisition, subject to customary due diligence, execution of a definitive agreement and the completion of a National Instrument 43-101 report in respect of the property to be acquired. This transaction remains subject to Board of Directors and TSX Venture Exchange approval. The Company has also bee in discussions with certain property owners in Brazil for the possible acquisition of certain mineral concessions; however, no agreement has been concluded to date. The Company is extremely pleased with its progress in respect of the various negotiations and is on track with its strategy and focus on South American and North American projects. For further information, please contact Mr. Richard Bachman at 775-721-8883. CAPELLA RESOURCES LTD. Per: "Signed" R. A. Bruce McDonald, Chairman of the Board & Director Not for distribution to the United States newswire services or fir dissemination in the United States. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release. | |
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