Cannon Point Resources Ltd. - News Release

TSXV: CNP

VANCOUVER, Dec. 17, 2012 /CNW/ - Cannon Point Resources Ltd. (the "Company") (TSXV:CNP) announces that Radcliffe Foundation (a charitable organization controlled by Frank Giustra) acquired 1,750,000 common shares of the Company representing 5.11% of the issued and outstanding shares of the Company.  The Company has been advised that Frank Giustra, Radcliffe Foundation and Radcliffe Corporation (a corporation owned and controlled by Frank Giustra) hold an aggregate of 5,123,500 common shares 175,000 stock options and 992,000 share purchase warrants representing 14.96% of the issued and outstanding shares and 17.76% on a partially diluted basis.

Radcliffe Foundation acquired the securities for investment purposes and has no present intention to acquire further securities of the Company, although it may in the future, acquire or dispose of securities of the Company through the market, privately or otherwise, as circumstances or market conditions warrant.

On behalf of the Board of
Cannon Point Resources Ltd.

"Gordon Keep"

Chief Executive Officer & Director

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

SOURCE: Cannon Point Resources Ltd.

For further information:

Gordon Keep
Tel: 604.609.6110