Chile Mining Technologies, Inc. (OTCBB: LVEN) (“CMT”), today provided the following business update for the second quarter of fiscal 2011, ended September 30, 2010.

During the second quarter, CMT continued to make progress toward its overall business plan while working through several near-term challenges. As the Company explained last quarter, management recognized additional opportunities with the Ana Maria plant and chose to take the facility offline in May 2010 in order to increase the facility’s overall capacity by 50%. The facility has resumed operations and was producing copper by September 2010. Management expects the Ana Maria facility to be producing at capacity in the fourth fiscal quarter of 2011 (the quarter ending March 31, 2011).

During the September quarter, CMT also neared completion of its second production facility, Santa Filomena, located in Salamanca, Chile. Santa Filomena will begin producing copper in January of 2011, and management expects the facility to reach full production capacity by the fourth fiscal quarter of 2011 (the quarter ending March 31, 2011). In addition, management expects that both the Ana Maria and Santa Filomena plants will be generating positive cash flows during the fourth fiscal quarter of 2011.

A Registration Statement on Form S-1 was filed with the U.S. Securities and Exchange Commission (the “Commission”) on July 16, 2010, and amended thereafter on October 6, 2010, with respect to the securities sold in the Company’s May 12, 2010 private placement. The Company is currently addressing comments from the Commission’s staff and anticipates filing a second amendment by the end of the year. The Company also continues to make progress toward its Canadian listing and is working closely with its legal and financial advisors and the TSX toward this goal.

In November 2010, CMT signed 10 year lease agreements with Minera San Carlos and Minera La Pascua, which are adjoining properties in the Arica region of Chile. CMT will be responsible for all costs of mining and the production of copper at these properties and will remit 10% of all ore proceeds back to Minera San Carlos and Minera La Pascua. According to the agreements, these properties are expected to contain a minimum level of resources to guarantee a useful life of at least ten years to CMT.

CMT management is approaching these agreements in a three step process. First, the Company performed internal studies to verify the grades of copper at these properties will provide adequate value, which resulted in the signing of the agreements. During the second phase, beginning in January 2011, CMT expects to generate positive cash flow by mining and transporting mineral for sale through a 3rd party processor. Finally, the cash flows from the sale of copper at these two properties will allow CMT to build a MINI plant in this region in 2011, which will result in additional cost savings and profitability throughout the life of this project.

About Chile Mining Technologies, Inc.

CMT is a mineral extraction company based in the Republic of Chile, with copper as its principal “pay metal.” The Company has refined the electrowin process in a way that permits it to be used at relatively small mine and/or tailings sites. By utilizing Minimum Intrusion Non-traditional Input plants (“MINI plants”), CMT is able to build scalable, less expensive plants closer to source material deposits, and operate where it is not economical for larger open-pit mining companies to operate. As a result, CMT is able to reduce costs and operate profitably with smaller deposits.

Forward-Looking Statements

This press release contains statements that are forward-looking in nature, including statements regarding the Company's results of operations. These statements are based on current expectations on the date of this press release and involve a number of risks and uncertainties, which may cause actual results to differ significantly from such estimates. The risks include, but are not limited to, market demand for copper; market competition; dependence on strategic partners; and the Company's ability to manage its business effectively and execute on its business plan. Certain of these and other risks are set forth in more detail in the Company’s current report on Form 8-K filed on May 14, 2010, and other filings with the Securities and Exchange Commission. The Company does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise.