Sunset Cove Mining Announces $3.5 million Private Placement Financing

TORONTO, Sept. 15, 2011 /CNW Telbec/ - Sunset Cove Mining Inc. ("Sunset Cove" or the "Corporation") (TSXV: SSM) (BVL: SSM) announces that it has completed a private placement of 39,569,955 Units.  Each Unit is comprised of one (1) common share of the Corporation at USD$0.09 per share (CAN $0.0891) and one (1) share purchase warrant, with each share purchase warrant being exchangeable for one common share each at a price of USD$0.15. The Warrant is subject to an "Acceleration Right". The warrants expire 18 months from closing of the financing, subject to an Acceleration Right in favour of the Corporation if the underlying shares close at a trading price of $0.22 or higher for five (5) consecutive trading days, in accordance with the requirements of the TSX Venture Exchange. Kallpa Securities SAB of Lima, Peru ("Kallpa") acted as agent in the offering of Sunset Cove's shares to qualified South American investors on a commercially reasonable best-efforts basis.

The private placement was completed for gross proceeds of USD$3,561,295.95, at an issue price of USD$0.09 (CAN$0.0885) per Unit. The issue price was determined by the Corporation and Kallpa in the context of the market.

A cash commission of 7% of the gross proceeds of the private placement, as well as 2,769,896 Warrants (representing 7% of the Units) was paid by the Corporation to Kallpa as consideration for arranging the private placement. Completion of the private placement is subject to customary conditions including, but not limited to, the approval of the Toronto Stock Exchange.

In Canada, the securities issued pursuant to the private placement are subject to a statutory hold period of four months and a day expiring on January 16, 2011.

The net proceeds from the private placement are intended to be used to advance the Corporation's Carolay project and for general working capital purposes.

About Sunset Cove
Sunset Cove Mining Inc., is a dynamic Canadian junior mineral exploration and development company dedicated to driving shareholder value through the economical acquisition, exploration and development of precious metals and copper properties in proven Latin American locations to the point where they become attractive joint venture or acquisition targets. Sunset Cove is in Peru now, because now is the time to be in Peru, and has a wholly owned Peruvian subsidiary, Minera Sunset Del Peru S.A.C based in Lima, and is building a Peruvian mining portfolio in precious metals and copper, with two properties under contract.

Forward-Looking Statements
Some of the statements contained herein may be forward-looking statements that involve known and unknown risks and uncertainties. Results presented in this press release are exploratory in nature. Historical data, if mentioned, should not be relied upon, as they are not admissible under NI 43-101 rules and the Company has not conducted sufficient testing to verify this type of information. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward-looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world-wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability, and the uncertainty of access to additional capital. Sunset Cove disclaims any obligation to update any such forward-looking statements.

SOURCE SUNSET COVE MINING INC.

For further information:

Lorne Woods
President Sunset Cove Mining
(877) 234-0692; ext 250
lwoods@sunsetcovemining.com
www.sunsetcovemining.com

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SUNSET COVE MINING INC.

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