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Cannon Point Resources Ltd. Announces Private Sale of Shares and Warrants

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^{Published in Stocks and Investing on Tuesday, October 19th 2010 at 13:05 GMT by Market Wire}  

TSXV: CNP

VANCOUVER, Oct. 19 /CNW/ - Cannon Point Resources Ltd. (the "Company") has been advised that Endeavour Mining Corporation has sold, by way of private sale, 53,644,000 common shares of the Company (the "Shares") together with share purchase warrants (the "Warrants") to acquire 7,568,000 common shares of the Company exercisable at $0.10 per common share until July 29, 2014.

In conjunction with the sale, Neil Woodyer and Bill Koutsouras, both senior officers of Endeavour Mining Corporation, have resigned from the Company as a director and officer, respectively.  The Company wishes to thank them for their services to the Company.  In their places, Peter Leitch has been appointed as the Chief Financial Officer and Secretary of the Company and Larry Copeland has been appointed as director of the Company.  Pursuant to the Company's Stock Option Plan, a total of 500,000 stock options have been granted to the new appointees.  The options are exercisable at a price of $0.16 per share for a period of ten years.

The Radcliffe Foundation, a charitable foundation established to support local and international charities controlled by Frank Giustra, has purchased 7,494,000 Shares together with Warrants entitling it to purchase an additional 1,968,000 common shares of the Company.   The Radcliffe Corporation, a company beneficially owned by Frank Giustra has purchased 7,500,000 Shares together with Warrants entitling it to purchase an additional 2,000,000 common shares of the Company. 

Following the acquisition, an aggregate of 14,994,000 common shares are owned by the Radcliffe Foundation and the Radcliffe Corporation representing 14.80% of the Company's outstanding capital.    The Radcliffe Foundation also owns stock options entitling it to purchase an additional 700,000 common shares of the Company at a price of $0.11 per common share until June 30, 2019.  Assuming the exercise of all share purchase warrants held by the Radcliffe Foundation and the Radcliffe Corporation and all of the stock options held by the Radcliffe Foundation, Mr. Giustra would then control an aggregate of 19,662,000 common shares of the Company, representing 18.55% of the Company's then outstanding capital on a partially diluted basis.

The Company is advised that the securities were acquired by the Radcliffe Foundation and the Radcliffe Corporation for investment purposes. While they do not currently have any intention to acquire further securities of the Company, the Radcliffe Foundation or the Radcliffe Corporation may in the future acquire or dispose of securities of the Company, through the market or otherwise, as circumstances or market conditions warrant.

ON BEHALF OF CANNON POINT RESOURCES LTD.

Gordon Keep

Chief Executive Officer and Director

Tel:  604.609.6110

NEITHER THE 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 NEWS RELEASE