TORONTO, ONTARIO--(Marketwire - Oct. 11, 2012) - Windamere Ventures Ltd. ("Windamere" or the "Company") (TSX VENTURE:WV) is pleased to announce it has closed its previously announced non brokered private placement financing of 13,636,364 units (the "Units") at a price of $0.55 per unit for gross proceeds of $7,500,000 (the "Offering"). Each unit is comprised of one common share of the Company and one-half of one share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder thereof to acquire one common share of the Company at an exercise price of $0.80 per common share until October 10, 2014. If at any time after four months and one day from the closing of the Offering, the common shares of the Company trade at $1.10 per share or higher, on a volume weighted adjusted basis, for a period of 30 days, the Company will have the right to accelerate the expiry date of the Warrants to the date that is 30 days after the Company issues a news release announcing that it has elected to exercise the acceleration right.

William Randall, President & CEO of Windamere, commented "We are pleased to have closed this financing and welcome our new shareholders, many of whom are well respected mining investors. We now have the necessary funding in place to execute our anticipated work program."

The gross proceeds of the Offering will be used to fund exploration activities of the Company and for general corporate purposes.

In connection with the Offering, the Company paid finder's fees certain finders, including Axemen Resource Capital Ltd., comprised of a cash fee in the aggregate amount of $9,925.25, issued an aggregate of 654,902 Units to certain finders, and issued an aggregate of 672,318 compensation warrants which entitle the holders thereof to acquire one common share of the Company at an exercise price of $0.61 for a period of 18 months following the closing of the Offering.

The Units, the Warrants, the Finders Warrants and the common shares underlying the Warrants and Finders Warrants remain subject to a statutory hold period until February 11, 2013. The Offering remains subject to final approval of the TSX Venture Exchange.

Cautionary Notes

Except for statements of historical fact contained herein, the information in this press release constitutes "forward-looking information" within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may", "will" and include without limitation, statements regarding the financing, the anticipated timing and impact with respect to the financing, the timetable with respect to future acquisitions and exploration developments, timetable for further exploration, analysis and development, title disputes or claims; and governmental approvals and regulation. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, competition, financing risks, acquisition risks, risks inherent in the mining industry, and regulatory risks. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

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