Canada Fluorspar Inc. Announces Private Placement


    TORONTO, June 11 /CNW/ - Canada Fluorspar Inc. (TSX-V: CFI) (the
"Company") is pleased to announce a non-brokered private placement of
aggregate proceeds of up to $2,000,000 comprised of common shares at a price
of $0.35 per share and common shares issued on a "flow-through" basis at a
price of $0.42 per share in such combination as the Company determines. The
Company advises that Insiders will be subscribing for more than 25% of the
private placement.
    The private placement is expected to close on or about June 16, 2009 and
is subject to normal closing conditions including obtaining required
regulatory approvals.
    The proceeds of the private placement will be used as working capital to
fund the continued work program on the Company's fluorspar property at St.
Lawrence, Newfoundland and Labrador. The private placement is subject to
receipt of all necessary regulatory approvals.
    "This financing makes a debt free balance sheet even stronger", stated
Lindsay Gorrill, President & CEO, "as we continue to our goal of bringing our
St. Lawrence fluorspar project into production".

    The Company is a junior mineral resource company engaged in the
development and production of fluorspar deposits at its property located in
St. Lawrence, Newfoundland and Labrador. The common shares of the Company are
listed on the TSX Venture Exchange under the symbol CFI.

    This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The offered
securities mentioned in this news release will not be registered under the
United States Securities Act of 1933, as amended (the "U.S. Securities Act")
and may not be offered or sold within the United States or to, or for the
account or benefit of U.S. persons except in certain transactions exempt from
the registration requirements of the U.S. Securities Act.
    This news release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities in any jurisdiction.

    "Neither 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 release."

    For further information on the Company please see:

    Cautionary Statement Regarding Forward-Looking Information
    This press release may contain forward-looking statements which may
include plans, expectations, opinions, forecasts, projections or other
statements that are not statements of fact, in particular comments relating to
expectations relating to the development of the Company's assets and expansion
of the Company's business plan and the possibility and timing for the
Company's production of fluorspar. Although the Company believes that the
expectations reflected in such forward-looking statements are reasonable, it
cannot give any assurance that such expectations will prove to be correct.
    Results of the Company, including its ability to reopen its mine and
produce fluorspar and achieve the expected timelines and sales expectations,
may be affected by a variety of variables and risks associated with the mining
and mineral processing industry, such as, loss of market, competition, ability
to access sufficient debt and equity capital from internal and external
sources, ability to expand in the marketplace, exploration and development
plans and results, anticipated capital expenditures and financing thereof,
timing of applications and approvals as well as risks and variables associated
in general with the Company's industry. As such the future plans and
objectives of the Company are forward-looking statements that involve risks
and uncertainties and may be based on assumptions that could cause actual
results to differ materially from those anticipated or implied in such
statements. The Company has, in part, relied on information provided to it by
its potential customers, as well as reports and forecasts provided by third
parties involved in the industry and by the Company's own assessment of the
market for fluorspar in order to develop its forward-looking statements and
there is no assurance that the assumptions, forecasts or information relied
upon by the Company is correct, or will not be affected by events or
circumstances beyond the control of the Company. The Company's forward-looking
statements are expressly qualified in their entirety by this cautionary
statement. Unless otherwise required by applicable securities laws, the
Company does not intend nor does it undertake any obligation to update or
review any forward-looking statements to reflect subsequent information,
events, results or circumstances or otherwise.

For further information:

For further information: Lindsay Gorrill, President and CEO, Canada
Fluorspar Inc., Tel: (208) 667-1278

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Canada Fluorspar Inc.

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