CHRYSALIS ANNOUNCES CONDITIONAL APPROVAL AND THE FILING OF AN AMENDED FILING
STATEMENT

/THIS NEWS RELEASE IS NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES, TO UNITED STATES NEWS WIRE SERVICES OR TO UNITED STATES PERSONS./

TSX Venture Exchange Symbol: SEV.P

TORONTO, Sept. 23 /CNW/ - Chrysalis Capital VII Corporation ("Chrysalis") is pleased to announce that TSX Venture Exchange (the "Exchange") has conditionally approved its previously announced proposed qualifying transaction (the "Qualifying Transaction") with Alexander Nubia Inc. ("ANI"). An amended Filing Statement has been prepared in accordance with the requirements of the Exchange and filed on SEDAR. Shareholders are encouraged to go to www.sedar.com to review the amended Filing Statement. Chrysalis and ANI intend to close the Qualifying Transaction on or about September 30, 2010.

Further to the Chrysalis news release of August 10, 2010, ANI agreed to amend the terms of the performance milestones to their original terms such that the expiry date for certain milestones were reverted to June 30, 2010.  As certain of the milestones were not completed on or before June 30, 2010, a maximum of 6,666,667 ANI Common Shares are available for issuance upon the achievement of the remaining milestones.

ANI has revised its previously disclosed preliminary exploration program on the Abu Marawat concession to include 7,500 meters of drilling on the Abu Marawat Deposit to initially test if the mineralized zone transforms from a vein controlled structure at the surface to a wider, silica replacement zone at depth as suggested by results from previous drilling done on the property.  As well, an amended Technical Report reflecting the revised work program has been prepared in accordance with the requirements of the Exchange and filed on SEDAR. Shareholders are encouraged to go to www.sedar.com to review the amended Technical Report.

Trading of Chrysalis will remain halted subject to Exchange approval to resume trading.

About Alexander Nubia Inc.

ANI is a private mineral exploration company whose mission is to implement the technical expertise of developed mineral-exploration jurisdictions, such as that of Canada, in resource-rich Africa. Initially, ANI has established Egypt as its platform country, focusing on the under-developed Eastern Desert, where historical mining of gold and copper dates back to Pharaonic times. ANI presently controls the Abu Marawat concession in Egypt. The Abu Marawat concession, covering an area of approximately 1,370 km² contains the main Abu Marawat Deposit, Semna,  Hamama VMS Deposit and other gold and base-metal exploration targets. The concession is located in Egypt's Eastern Desert as part of the Nubian Shield.

About Chrysalis Capital VII Corporation

Chrysalis Capital VII Corporation is The Chrysalis Capital Group Inc.'s ("TCCG") seventh capital pool company ("CPC"). TCCG is entirely focused on generating superior shareholder returns through the creation of a series of unique CPCs. To date, TCCG has created seven Chrysalis branded CPCs and has assisted in the creation of four additional CPCs under TCCG's partners program. For more information about TCCG, please visit www.tccg.ca.

Completion of the Qualifying Transaction is subject to a number of conditions, including but not limited to, final acceptance from the TSX Venture Exchange. There can be no assurance that the Qualifying Transaction will be completed as proposed or at all. 

Investors are cautioned that, except as disclosed in the Filing Statement prepared in connection with the Qualifying Transaction, any information released or received with respect to the Qualifying Transaction may not be accurate or complete and should not be relied upon.  Trading in the securities of Chrysalis should be considered highly speculative. 

The TSX Venture Exchange has in no way passed upon the merits of the Qualifying Transaction and has neither approved nor disapproved the contents of this press release.

Certain information in this press release may contain forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements with respect to closing or completion of the Qualifying Transaction and the Private Placement. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Chrysalis assumes no obligation to update the forward-looking statements unless and until required by applicable securities laws. Additional information identifying risks and uncertainties is contained in filings by Chrysalis with the Canadian securities regulators, which filings are available at www.sedar.com.

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