Chile Mining Technologies Inc. (“CMT” or the “Company”) (Pink Sheets: LVEN), a mineral extraction company based in the Republic of Chile, today provided the following corporate update and announced that the make good common stock purchase warrants issued to investors in connection with its May 12, 2010 private placement have partially vested.

As the Company announced previously, due to increases in the price of finished copper, copper mining operations in Chile are now requiring copper refining and extraction operations, such as the Company’s operations, to pay for unprocessed ore upon delivery, whereas prior practice in the industry was that the ore was consigned to refining and extraction operations and payment was made once the copper had been extracted and sold. As a result of this change in industry practice, the working capital required to conduct the Company’s operations at maximum capacity increased substantially. These increased costs have resulted in a severe liquidity issue for the Company and its inability to cover the costs of professional services necessary to timely complete its audit for the fiscal year ended March 31, 2011. As a result, the Company has become ineligible for quotation on the Over-the-Counter Bulletin Board (“OTCBB”) as of August 15, 2011. The Company’s common stock is currently quoted on the over-the-counter market operated by Pink Sheets LLC.

The Company has secured the capital necessary to pay for the professional services needed to complete its audit for the fiscal year ended March 31, 2011, and expects that it will file both its 10-K for the fiscal year ended March 31, 2011, and its 10-Q for the three months ended June 30, 2011, with the with the U.S. Securities and Exchange Commission (“SEC”) in September 2011. Once the Company is fully compliant with its SEC reporting obligations, the Company intends to work with a market maker to file an application to register in and quote its common stock on the OTCBB in accordance with SEC Rule 15c2-11, however, the Company cannot guarantee that it will be successful in having its common stock quoted on the OTCBB in the future, or that it will secure sufficient funds to cover the costs of professional services necessary to have its stock quoted on the OTCBB.

Also as a result of the change in industry practice discussed above, the Company was unable to meet certain financial performance targets during the fiscal year ended March 31, 2011, as agreed to with investors in the Company’s May 12, 2010 private placement. Accordingly, 50% of each make good common stock purchase warrant issued in connection with the May 12, 2010 private placement has vested and may be exercised for shares of the Company’s common stock. Investors who wish to exercise the vested portion of their make good common stock purchase warrants should follow the procedure set forth in the warrant and may deliver their exercise notice to the Company’s outside legal counsel by mail at Pillsbury Winthrop Shaw Pittman LLP, 2300 N Street N.W., Washington, DC 20007, Attention: Brian J. Buck, or via email to chilemining@pillsburylaw.com.

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.

Safe Harbor Statement

This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements. Such statements include, among others, those concerning the Company’s ability to file its required reports with the SEC in the time frame expected and its ability to have its common stock quoted on the OTCBB, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. Forward-looking statements can be identified by the use of forward-looking terminology such as ‘will,’ ‘believes,’ ‘expects’ or similar expressions. Such information is based upon expectations of the Company’s management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to uncertainties and contingencies beyond our control and based upon premises with respect to future business decisions, which are subject to change. The Company does not undertake to update the forward-looking statements contained in this press release. For a description of the risks and uncertainties that may cause actual results to differ from the forward-looking statements contained in this press release, see the Company’s Current Report on Form 8-K, as amended, filed with the SEC on May 14, 2010, and our subsequent SEC filings. Copies of filings made with the SEC are available through the SEC’s electronic data gathering analysis retrieval system at http://www.sec.gov.