Mr. Steve Stakiw reports

ELEMENT 29 ANNOUNCES PRIVATE PLACEMENT OF UP TO $2 MILLION

Element 29 Resources Inc. intends to complete a non-brokered private placement of up to 11,111,111 units of the company at a price of 18 cents per unit for aggregate gross proceeds to the company of up to $2-million.

Each unit issuable under the financing consists of one common share in the capital of the company and one-half of one non-transferable common share purchase warrant. Each warrant is exercisable for one common share for a period of 24 months following the closing date at an exercise price of 27 cents.

The company may compensate certain finders a cash fee equal to 7 per cent of the aggregate gross proceeds raised from subscriptions under the financing arranged by such finders.

Certain directors and officers of the company may acquire securities under the financing. Any such participation would be considered a related party transaction, as defined under Multilateral Instrument 61-101. The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of any shares issued to nor the consideration paid by such persons will exceed 25 per cent of the company's market capitalization.

The financing remains subject to the approval of the TSX Venture Exchange. The net proceeds from the financing will be used to finance exploration activities at the company's Peru projects and for general working capital. All securities issued pursuant to the financing are subject to a statutory four-month-and-one-day hold period from date of issuance.

About Element 29 Resources Inc.

Element 29 Resources is an emerging copper exploration and development company focused on advancing its portfolio of Peruvian projects toward development in one of the world's more-established mining jurisdictions. Element 29's growth strategy is led by its strong board and management, which have a proven record of discovery and delivering value to shareholders.

The company's principal objective is to explore and develop its Elida porphyry copper deposit in west-central Peru and its Flor de Cobre porphyry copper project in the Southern Peru copper belt, 26 kilometres southeast from Freeport-McMoRan's Cerro Verde copper mine. Both projects are well located for potential mine development and will benefit from nearby infrastructure, including roads, power lines, ports, water and a skilled work force.

We seek Safe Harbor.