Val-d’Or, Canada, December 6, 2011 – Cartier Resources Inc. (TSX Venture Exchange Symbol: ECR) (“Cartier”) announces that it has entered into an agreement with Industrial Alliance Securities Inc. to proceed, together with National Bank Financial Inc. (collectively, the “Agents”), with a private placement on a “best efforts” basis for gross proceeds of up to approximately $4,500,000 (the “Offering”).

The Offering consists of the issuance of:

(a)  a maximum of 3,212 flow-through units (the “Flow-through Units”) at a price of $1,090 per Flow-Through Unit, for maximum gross proceeds of $3,501,080; and

(b)  a minimum of 1,428,572 units (the “Units”) at a price of $0.35 per Unit ($500,000.20) and a maximum of 2,860,000 Units at a price of $0.35 per Unit ($1,001,000).

Each Flow-Through Unit will be comprised of (i) 2,000 flow-through common shares (the “Flow-Through Shares”) at a price of $0.44 per Flow-Through Share; (ii) 600 common shares (the “Common Shares”) at a price of $0.35 per Common Share; and (iii) 600 common share purchase warrants, each warrant entitling its holder to subscribe for one (1) common share at a price of $0.46 for a period of twelve (12) months following the closing of the Offering.

Each Unit will be comprised of (i) one (1) Common Share at a price of $0.35; and (ii) one (1) common share purchase warrant entitling its holder to subscribe for one (1) common share at a price of $0.46 for a period of eighteen (18) months following the closing of the Offering.

The proceeds of the Offering combined, with existing working capital, will be used by Cartier to conduct exploration programs in 2012 and for general working capital.

At the closing of the Offering, the Agents will receive a cash commission equal to 8% of the gross proceeds raised under the Offering. In addition, the Agents shall receive non-transferable warrants at a price of $0.35 per share exercisable for a period of twelve (12) months from the date of closing to acquire such number of common shares of the Company as is equal to 5% of the aggregate number of Common Shares and Flow-Through Shares issued under the Offering.

The Offering is scheduled to close on or about December 19, 2011 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. All securities issued pursuant to the Offering will be subject to a four month and one day hold period from the date of closing of the Offering.

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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