CNT Cenit Corp

Cenit Corporation (the "Company") (TSX VENTURE: CNT) is pleased to announce that the TSX Venture Exchange ("TSXV") has conditionally approved its change of business application (the "Change of Business") which involves the acquisition of an undivided 50% right title and interest in the Batchawana Bay Copper Property (the "Property") comprised of 39 unpatented mineral claims located approximately 85 kilometres northwest of Sault Ste. Marie, Ontario. The Company has filed a filing statement (the "Filing Statement") on SEDAR which discloses the details of the Change of Business including a private placement arranged in connection with the acquisition.

The Property includes the past-producing Coppercorp Mine that operated from 1965 to 1972 milling approximately one million tons of ore and producing about 23 million pounds of copper, 200,000 ounces of silver and 2,000 ounces of gold. The Coppercorp Mine was an underground mine that produced from mineralized vein systems along a strike length of 4.2 kilometers and to a depth of 160 meters. Since the Coppercorp Mine was reopened for staking in 2002, several companies have carried out exploration and identified the potential for iron oxide copper-gold (IOCG) deposits. Features that make the larger Batchawana Bay Copper Property prospective for an IOCG type deposit include; the proximity to the mid-Proterozoic Mid-Continental Rift, the Keweenawan basalts as a potential source of a significant amount of copper, the presence of iron oxides, numerous faults and dilation along structures, widespread copper mineralization, a large regional aeromagnetic anomaly, and gold and silver associated with the copper mineralization. The company intends to continue the exploration activity for IOCG type deposits that was previously initiated.

The closing date for the Change of Business will occur on or before May 22, 2011 and will include the issuance of 1,000,000 common shares of the Company ("Common Shares") to First Minerals Exploration Ltd., a private Ontario company and vendor of the Property and the final closing of the private placement. The private placement will consist of an offering of a minimum of 4,300,000 flow-through units ("FT Units") at $0.15 per FT Unit and a minimum of 8,460,000 hard-dollar units ("HD Units") at $0.10 per HD Unit, for aggregate gross proceeds of at least $1,491,000. Each FT Unit will consist of one Common Share issued on a flow-through basis and one-half (1/2) of one Common Share purchase warrant ("FT Warrant"). Each HD Unit will consist of one Common Share and one-half (1/2) of one warrant ("HD Warrant"). Each whole FT Warrant will entitle the holder to purchase one Common Share at a price of $0.30 for a period of 24 months from the date of issuance. Each whole HD Warrant will entitle the holder to purchase one Common Share at a price of $0.20 for a period of 24 months from the date of issuance.

All Common Shares and Warrants issued pursuant to the private placement will be subject to a four month hold period.

Upon completion of the Change of Business and required filings with the TSXV, the Company will be listed as a Tier 2 Resource Issuer. The Company's Filing Statement and NI 43-101 compliant technical report on the Property may be accessed on the Company's SEDAR profile at www.sedar.com.

About Cenit Corporation

The Company is a Canadian holding company, looking for strategic investment alternatives to enhance shareholder value. The above Change of Business has been undertaken to become a mining and exploration development company. The focus is on copper mineralization in Canada on properties that are in the intermediate to advanced exploration stage. The Property near Sault Ste. Marie, Ontario is a past producer that has development potential and may be the host for an IOGC (Olympic Dam) type mineralization.

All technical information in this press release has been reviewed and approved by Howard Coates P. Geol. who is as a "Qualified Person" under National Instrument 43-101.

CAUTIONARY STATEMENT: This News Release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws. Please see our public filings at www.sedar.com for further information.

Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Contacts: Cenit Corporation J. Birks Bovaird President and CEO 416.214.9152 info@cenitcorp.com www.cenitcorp.com