Cerro Resources NL: Completion of Namiquipa Silver Project Acquisition

LONGUEUIL, QUEBEC -- (Marketwire) -- 03/11/11 -- Cerro Resources NL (ASX: CJO)(TSX VENTURE: CJO)('Cerro' or 'the Company') is pleased to announce that it has completed its previously announced acquisition of the Namiquipa Silver Project.

As a result of the transaction, Minera Tasmania S.A. de C.V. ('Minera'), the owner of the Namiquipa Silver Project, is now a wholly-owned subsidiary of Cerro.

At completion, the Company issued a total of 30,000,000 ordinary shares of Cerro to the shareholders of Minera. This issue was approved by the shareholders of Cerro at a General Meeting of the Company held on February 11, 2011. In accordance with the agreed terms of the transaction, the consideration shares will be subject to an escrow period of 12 months.

For additional information about the transaction and the Namiquipa Silver Project, see the Company's news releases issued on December 13, 2010 and March 10, 2011.

About Cerro Resources

Cerro Resources is a precious and base metals exploration and development company. The Company is currently focused on developing the Cerro del Gallo gold/silver project in the central state of Guanajuato, Mexico and maintains an active working focus on the Mt Isa exploration project, Queensland, Australia.

Additional information about the Company is available on the Company's website at www.cerroresources.com and on SEDAR.

Neither the 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.

Contacts:

Tony McDonald, Managing Director

Craig McPherson, Chief Financial Officer

61 7 3252 0122


For North America, please contact:

Ms. Gerri Paxton, Manager Investor Relations

514-544-2696
gpaxton@cerroresources.com
www.cerroresources.com