Mr. Allen Sabet reports

MOGOTES ANNOUNCES PRIVATE PLACEMENT

Mogotes Metals Inc. intends to complete a non-brokered private placement of up to 12.5 million units at a price of 32 cents per unit for aggregate gross proceeds of up to $4-million.

Each unit shall comprise one common share and one-half of one common share purchase warrant. Each warrant shall entitle the holder thereof to acquire one common share at a price of 53 cents per common share for a period of three years from the closing of the offering. The gross proceeds from the sale of the units will be used for general corporate and working capital purposes.

The offering is being completed to satisfy certain pre-emptive rights granted to, and held by, certain shareholders of the company.

All securities issued pursuant to the offering in Canada and the United States will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. Subject to compliance with applicable regulatory requirements, all securities to be issued pursuant to the offering in jurisdictions outside of Canada and the United States pursuant to Ontario Securities Commission Rule 72-503, Distributions Outside Canada, will not be subject to any statutory hold period under applicable Canadian securities laws. The closing of the offering is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange.

Qualified persons

The scientific and technical disclosure for the Filo Sur project included in this news release has been reviewed and approved by Stephen Nano, who is the qualified person as defined by National Instrument 43-101. Mr. Nano is a director and technical adviser of the company.

Note that the qualified person has not verified the information regarding adjacent properties such as Filo del Sol and that the information regarding the mineralization of the Filo del Sol project is not necessarily indicative of the mineralization on the Filo Sur project.

About Mogotes Metals Inc.

Mogotes Metals is a mineral exploration company exploring for copper and gold in the prospective Vicuna district of Argentina and Chile. Mogotes's flagship project, Filo Sur, adjoins the large Filo del Sol copper-gold-silver discovery, and is along the same north-south-trending belt as the Filo Del Sol-Aurora and NGEx Minerals Lunahuasi and Los Helados copper-gold deposits. The company cautions investors that mineralization hosted on nearby or adjacent properties is not necessarily indicative of mineralization hosted on Filo Sur.

We seek Safe Harbor.