SACRE-COEUR MINERALS, LTD. (“Sacre-Coeur”) is pleased to provide an update regarding the progress toward consummating the proposed acquisition of Sacre-Coeur by SEVERSTAL GOLD N.V. (the “Purchaser”) and SEVERSTAL GOLD LLC (“Severstal Gold”), affiliates of OAO Severstal (SVST; RT: CHMF), in accordance with the binding agreement among the parties dated September 21, 2010 as referred to in their joint press release of September 22, 2010 (the “Transaction”). Due diligence is still proceeding, together with the preparation of the required documentation and other steps preparatory to closing the Transaction, which is subject to the successful completion of due diligence, court approval, securityholder approval and satisfaction of customary closing conditions.

The Purchaser has represented that the cash consideration payable to securityholders of Sacre-Coeur is in place and accordingly, there is no financing condition to the closing of the Transaction. The Board of Directors of Sacre-Coeur has approved the Transaction. Union Securities Ltd. has furnished a fairness opinion in connection with the Transaction. A further update will be provided at such time as new dates for the special meeting of the securityholders of Sacre-Coeur and closing have been set.

About Sacre-Coeur

Sacre-Coeur is engaged in the acquisition, exploration and development of properties for the potential mining of gold, metals and diamonds in South America, initially focusing on exploration for gold on its properties in Guyana. Sacre-Coeur presently has an interest in approximately 1000 sq. km of mineral properties in Guyana, including the Million Mountain Property. Sacre-Coeur has offices in Vancouver, Canada and Georgetown, Guyana. More information about Sacre-Coeur is available at (www.scminerals.com).

Forward Looking Statements

Certain statements herein constitute forward-looking statements or forward-looking information within the meaning of applicable securities legislation, including the statements or information about the Transaction. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of Sacre-Coeur to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.

With respect to forward-looking statements and information contained herein, we have made numerous assumptions including among other things, assumptions of our ability to close the Transaction. Although our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such risks and uncertainties include risks and uncertainties involved in satisfying the conditions to close the Transaction.

There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.Accordingly, readers should not place undue reliance on forward-looking statements or information. All forward-looking statements and information made herein, are qualified by this cautionary statement.

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.