Canterra-$2,000,000 Financing

NOT FOR DISTRIBUTION TO US NEWS WIRE SERVICES OR FOR DISSEMINATION INTO THE USA

Canterra Minerals Corporation (TSX VENTURE:CTM) ("Canterra") wishes to announce
that it has negotiated a non-brokered private placement of up to 13,500,000
units (the "Units") at a price of $0.15 per Unit for gross proceeds of up to
C$2,025,000 (the "Offering"). Each Unit will consist of one common share
("Common Share") of the Company and one common share purchase warrant
("Warrant") of the Company (the "Offered Securities"). Each Warrant will entitle
the holder thereof to purchase one Common Share at C$0.25 and will be
exercisable for a period of 18 months after the closing date ("Warrant Expiry
Date"), provided however, that in the event that the Common Shares trade at a
closing price on the TSX Venture Exchange (the "TSXV") of greater than C$0.50
per Common Share during any twenty consecutive trading-day period at any time
after the expiry of the four month hold period, the Company may accelerate the
Warrant Expiry Date by giving notice to the holders thereof and in such case the
Warrants will expire on the 21st business day after the date on which such
notice is given to the holders by the Company.


A finders' fee may be payable on a certain portion of the Offering. The finders'
fee, where applicable, will be payable in cash equal to 6% of the proceeds
raised from the Offering. In addition, the finders shall receive compensation
warrants ("Compensation Warrant") entitling the finders, for a period of 18
months from the closing date, to acquire that number of Common Shares of the
Company that is equal to 6% of the number of Offered Securities sold pursuant to
the Offering (the "Compensation Options"). Each Compensation Warrant will be
exercisable to purchase one Common Share of the Company at a price of C$0.25 and
will be subject to the same terms and conditions as the Warrants.


The net proceeds from the private placements will be used by the Company for
exploration and for general corporate purposes.


Closing of the private placements is anticipated to occur on or before December
16, 2011 and is subject to the receipt of applicable regulatory approvals
including approval of the TSX Venture Exchange. The securities issued will be
subject to a standard four month hold period.


CANTERRA MINERALS CORPORATION

Randy Turner, President & CEO