Happy Creek Announces Non-brokered Private Placement with PowerOne Capital Markets

December 2, 2010 – Vancouver, British Columbia – Happy Creek Minerals Ltd. (TSX-V: HPY, the “Company”) is pleased to announce that it has executed a term sheet with Power One Capital Markets Limited (“PowerOne”) respecting a non-brokered private placement for gross proceeds of up to $2,000,000 (the “Offering”). Under the terms of the Offering, the Company will issue flow-through units at a price of $0.40 per unit (the “FT Units”) and non flow-through units at a price of $0.27 per unit (the “NFT Units”). The allocation between FT Units and NFT Units has not yet been determined.

Each FT Unit will consist of one flow-through common share of the Company, and one-half of one share purchase warrant (each whole warrant an “FT Warrant”). Each FT Warrant will entitle the holder to acquire one additional non flow-through common share of the Company at an exercise price of $0.45 per share for a period of two years following the closing of the Offering. Each NFT Unit will consist of one non flow-through common share of the Company, and one-half of one share purchase warrant (each whole warrant an “NFT Warrant”). Each NFT Warrant will entitle the holder to acquire one additional non flow-through common share of the Company at an exercise price of $0.35 per share for a period of two years following the closing of the Offering.

A cash finder’s fee equal to 8% of the gross proceeds of the Offering will be paid to Power One in connection with the Offering. In addition, the Company has agreed to issue Power One that number of finder’s warrants (the “Finder’s Warrants”) that is equal to 10% of the total number of Units and FT Units sold under the Offering. Each Finder’s Warrant will entitle the holder to acquire one NFT Unit at a price of $0.27 for a period of two years from the Closing Date.

The proceeds from the private placement will be used for exploration work on the Company’s mineral properties and for general working capital. The private placement is subject to satisfactory due diligence by PowerOne and to TSX Venture Exchange acceptance. The shares underlying the FT Units and the NFT Units and any shares acquired on exercise of the FT Warrants and NFT Warrants will be subject to resale restrictions.

FOR FURTHER INFORMATION PLEASE CONTACT:

David Blann, P.Eng., President, CEO

Corporate Office:

Phone: 604.662.8310 Email: [email protected] Website: www.happycreekminerals.com

Investor Relations:

James Berard Phone: 604-687-2768 Toll free: 1-877-459-5507

Neither 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.