Val-d’Or, Canada, December 22, 2011 – Cartier Resources Inc. (TSX Venture Exchange Symbol: ECR) (“Cartier”) announces the closing of the private placement announced on December 6, 2011 conducted through Industrial Alliance Securities Inc. and National Bank Financial Inc. as agents for aggregate gross proceeds of $3,080,840.

In the aggregate, the following securities were issued by Cartier:

(a) 4,616,000 flow-through common shares at a price of $0.44 per share;
(b) 2,999,429 common shares at a price of $0.35 per share;
(c) 1,500,000 common share purchase warrants, each warrant entitling its holder to subscribe for one common share at a price of $0.46 for a period of 12 months; and
(d) 1,499,429 common share purchase warrants, each warrant entitling its holder to subscribe for one common share at a price of $0.46 for a period of 18 months.

The proceeds of the offering will be used by Cartier to conduct exploration programs in 2012 and for general working capital.

The agents received a cash commission aggregating $229,588. In addition, the agents received 378,772 non transferable broker warrants exercisable at a price of $0.35 per share for a period of 12 months following the closing of the offering and entitling them to acquire 378,772 common shares. All securities issued pursuant to the offering will be subject to a four month hold period.

This press release is not an offer or a solicitation of an offer of securities for sale in the United States. The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

The common shares of Cartier Resources Inc. are listed on the TSX Venture Exchange under the symbol “ECR”.
 
For further information please contact:

Philippe Cloutier
President and CEO
Cartier Resources Inc.
Telephone: (819) 874-1331
Toll free: 877 874-1331
Fax: (819) 874-3113
 
TSX-V: ECR
 
Neither the TSX Venture Exchange or 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.
 
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