Closes $2.1 million private placement and qualifying transaction

Georgetown Capital Corp. NEWS RELEASE 600 – 1099 West Hastings Street, TSX Venture Exchange Vancouver, British Columbia Trading Symbol: GET V6E 3T5

Georgetown Capital Corp.

Closes $2.1 million private placement and qualifying transaction

Vancouver, British Columbia – February 23, 2011 – Georgetown Capital Corp. (TSX-V:GET, “Georgetown” or the “Company”), is pleased to announce that it has completed an equity financing for gross proceeds of CDN$2,063,750 concurrent with the closing its Qualifying Transaction (previously announced on October 7, 2010 and February 14, 2011) by way of a non-brokered private placement at a price of CDN $0.55 per share (the “Private Placement”). The net proceeds of the Private Placement will be used to fund the acquisition of and the exploration program on the Tanacross Property and to provide general working capital. The shares issued under the Private Placement are subject to a 4-month hold period and will not become free trading until June 15, 2011.

Effective at the opening of the market on Wednesday, February 23, 2011, the common shares of the Company resumed trading on Tier 2 of the TSX Venture Exchange under the trading symbol GET. The Company will no longer be considered a Capital Pool Company and will be classified as a “Mineral Exploration and Development” company.

On Behalf of the Board “Shawn Wallace”

Shawn Wallace Director

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and  has neither approved nor disapproved the contents of this news release. 

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.

AC/969623.1