NEWS:
Central Sun Corporate Update
TORONTO, ONTARIO--(Marketwire - Dec. 24, 2008) - Central Sun Mining Inc. (TSX:CSM)(NYSE ALTERNEXT US:SMC) ("Central Sun" or "CSM") is pleased to provide the following update. The term of its US$8.0 million loan has been extended to March 9, 2009 with an option to extend to June 8, 2009. In consideration for such extensions, CSM has agreed to pay a cash fee and to issue 1,000,000 CSM common shares. In addition, CSM has agreed to amend 300,000 currently outstanding common share purchase warrants held by the lender to change the exercise price of CDN$1.99 per share to CDN$0.14 per share. The warrants will be amended effective on the 10th business day following the date hereof. Extending the loan to June 8, 2009 would require an additional cash fee and the issuance of an additional 1,000,000 CSM common shares. The lender is an arm's-length party of CSM.
