Clarifying News Release in regards to C2C Inc.: News release of December 23rd 2004.

MONTREAL -- This news release clarifies and expands information on the Penedono property from the December 23rd 2004 release.

The bulk work description of the Penedono property in this release is taken from a report prepared by Rio Narcea Gold Mines, C2C  Inc. Joint Venture partner in Portugal.

Between 1998 and 2003, Rio Narcea Gold Mines has completed extensive mapping, rock, soil and stream sediment sampling, geophysics, trenching and limited drilling (2,262 metres in 11 holes). Gold mineralization is concentrated in a large, crustal scale shear belt, known as the Vigo-Regua lineament. Clusters of gold mineralization veins/shears bearing arsenopyrite, pyrite with accessory chalcopyrite, sphalerite and galena occur along the trace of the belt. The main gold occurrences, all hosted by syntectonic granites are organized in vein systems of which the most important are as the Parades-Dacotim, Ferronha, Turgueira, Boucoes and the San Antonio zones.

TARGET AREAS

Paredes-Dacotim

This area shares many of the characteristics of a typical ductile-brittle shear zone. Gold mineralization is associated with deformed, anastomosing quartz-arsenopyrite veining. The shear zones are hosted by deformed aplo-pegmatites and tourmaline-bearing muscovite granites.

Within an area of 1 square kilometre, 8 subparallel shear corridors have been identified following soil geochemistry, geological mapping and trenching. Shear orientation varies from N20E to N60E and ranges from less than 1m to 6m in thickness. Significant channel sample results include 4,4m grading 9g/t Au over a length of 50 metres at the Dacotim shear, 1,2m grading 9g/t Au over 81 metres strike along the outcropping mineralized zone.

A total of 321 m in three shallow drill holes in the Dacotim area have confirmed the depth extensions ("100 metres) of the known mineralized ductile-brittle shear zone. The most significant intercepts include a 3 metres interval grading 3.4 g/t Au at the footwall of an old adit. Projecting surface grades (2.4 metres at 9.4 g/t Au) into the mined out interval of the drill hole makes a possible intercept of 3.9 metres averaging 7.7 g/t Au.

Ferronha

Located SE of the town of Penedono, an area of two-mica syntectonic granite contains a number of shallow ("15 metres), old mine workings that focused on several ENE trending sheeted vein systems that intersect a wider and more penetrative NE oriented set. The mineralized structures at Ferronha are related to a major WNW-ESE sinistral shear, with the ENE-WSW family representing the synthetic riedel shear, the NE-SW system seems to materialize the antithetic component.

Increasing Au/As ratios to the northeast, based on the rock/chip sampling results, suggest increasing potential near the intersection of the above-mentioned structures. Channel samples define a continuous 6 metres-wide interval grading 1 g/t Au with up to 3 g/t Au over 1 metre from NE trending sheeted vein system. Numerous high-grade assays with values up to 152 g/t Au have been found from chip sampling of the old workings developed along the ENE-WSW veins, the only hole drilled in this sector was completed at a depth of 265.9 metres. The hole intersected the vein systems across five distinct sections, accompanied by strong phyllic and silica alteration haloes, with anomalous gold grades up to 2.7 g/t Au over 1mere. Further drilling is planned for this sector.

Turgueira

Twelve kilometres WSW of the old Penedono mine, a broad NE trending auriferous greisen system contains a number of old tungsten-mining works. A series of elongated pits and partially backfilled, shallow shafts dating from the 1940's and 50's occur within a 2 kilometres soil geochemical gold anomaly.

Mineralization consists of muscovite - quartz - tourmaline  greisen zones with disseminated arsenopyrite developed marginally to a set of grey quartz veins bearing arsenopyrite and pyrite.

Gold occurs in cracks or at the grain boundaries of arsenopyrite. Detailed mapping of crosscuts in the underground workings delineate intersecting zones of alteration due to the proximity of adjacent mineralized structures forming a continuous (720 m thick) greisen. The systems grades to the south into quartz -arsenopyrite shear systems with a very complex geometry. Preliminary chip sample results have shown anomalous values from 0.8 to 13.8 g/t Au coming from quartz -arsenopyrite in thin shear bands.

Underground sampling shows a 24 m interval grading 2 g/t Au, including 13 m grading 3 g/t Au within this latter interval, high-grade zones have been identified, including 2,7 m grading 4.4 g/t Au and a section of 3.8 m at 6.7 g/t Au. Trench sampling has also indicated interesting gold intervals, namely T-1, which revealed an interval of 23.7 m grading 2 g/t Au including 12.9 m at 3 g/t Au. Peak values up to 13.6 g/t Au have been obtained in a 1 m channel.

Trench T-2 shows an interval of 50 m grading 1.1 g/t Au including 23 m at 1.9 g/t Au. These include a high-grade section at 6.2 g/t Au over 5.2 metres.

The obvious tonnage potential of the Turgueira area made it an attractive target for Rio Narcea's first exploration drilling program on the project. Four (4) holes totalling 782 m commenced an evaluation of the central zone of outcropping mineralization. Intersecting part of the vein system, the holes defined a series of low angle structures believed to represent late stage thrusting which seem to truncate and control the bulk geometry of the mineralization. Several small zones grading more than 1 g/t Au were intersected with a maximum of 30.3 m averaging 1g/t Au including 2.1 m at 4.2 g/t Au.

Boucoes

This mineralized structure is located approximately 1.5 kilometres west of the Turgueira zone. It consists of a NNW-SSE oriented shear zone with alteration envelope approximately 25 to 50 metres thick. It is hosted within mica granite. Five (5) surface trenches were sampled revealing the following significant values from north to south over a distance of approximately 350 metres: 7.8 g/t Au over 0.7 m; 10.83 g/t Au over 0.90 m; 19.7 g/t Au over 0.68 m; 28.10 g/t Au over 0.35 m; 7.33 g/t Au over 1.0 m; 2.33 g/t Au over 1.0 m; 2.62 g/t Au over 2.0 m; 5.03 g/t Au over 1.0 m; 4.4 g/t Au over 1.0 m; 5.5 g/t Au over 1.40 m and 5.20 g/t Au over 1.0 m.

San Antonio - Penedono (old mine)

Approximately 3km NW of the town of Penedono, a small underground gold operation, the San Antonio mine, produced and processed up to 500 t/day with a reported grade of 10 g/t Au before closing in 1957. The mine area is dominated by syntectonic Hercynian granite and pegmatite which host a series of more than 13 en-echelon high-grade quartz sulphide veins. The veins vary in thickness from 0,5m to more than 3 metres and may attain individually more than 800 m in strike length. The vein system displays typical characteristics of brittle deformation superimposed on preexisting more ductile type.

The polyphase deformation is thought to have played a key role on gold concentration in the deposit.

Underground channel and surface trench sampling by Rio Narcea confirmed our interest in this area as a potentially economic high-grade vein system. Significant results obtained from accessible adits include: 48 m grading 6.2 g/t Au over a width of 1.5 m in vein 1; 132 m grading 8 g/t Au over a width of 0.8 m in vein 2 and 93 m grading 21 g/t Au over a width of 1.8 m in vein 3. Trench sampling has indicated similar grades in veins 4, 5, 6 and 7 which have not been sampled due to backfill of their near surface excavations.

Old mining records and present exploration data clearly indicate the Penedono oreshoots continue at depth. This combined with the concentration of the vein system within a restricted area (1,2 km X 0,8 km) points to an attractive high-grade underground target.

A total of two (2) drill holes on this target area confirmed the depth continuation of the mineralized structures. Hole No. 2 intersected a wide mineralized section, which seems to result from the convergence at depth of two individual vein structures mapped at surface. The zone comprised of vein concentrations accompanied by strong silica-sericite alteration of the host two-mica granites. Significant intercepts include a 3.4 m wide interval grading 4.0 g/t Au or 1.6 m at 7.8 g/t Au.

EXPLORATION POTENTIAL

The Penedono concession comprises a series of significant vein systems, thought to be related to a similar genetic process. A large hydrothermal system with the capacity to form significant gold deposits is present on the Penedono property.

The main exploration/conceptual targets envisaged can be summarized as follows:

1. High-grade, underground vein-type deposits, individually small,
   though integrating clusters and thus forming an attractive target.
   The Penedono and Paredes (Dacotim) would fall into this category.

2. Medium to low-grade, bulk mineable disseminated deposit-type,
   Greisen stockworks or disseminations associated with granite
   emplacement at depth or laterally, controlled by reactivated
   thrusts by the "pushing aside" effect observed in diapiric
   intrusions. The latter structures may equally work as a conduit
   for fluid flow and from shallow dipping deposits.

3. Medium to high-grade, potential large size deposits located at the
   contacts with metasediments windows (roof pendants or tectonic
   klippes) with the underlying granitoids. This model would apply
   directly both to the northern and southern extensions of the
   Turgueira and the Paredes vein systems, respectively.

Recognized and potential styles of Au targets are:

a) Shear hosted plunging ore shoots;
b) Disseminated or structurally hosted below thermal barrier;
c) Sheeted or stockwork, intrusive hosted;
d) Structurally controlled quartz veins, and
e) Shallow dipping, pegmatite/quartz veins.

C2C Inc. is an innovative exploration company focussed on base and precious metals exploration. The Company has entered into option joint ventures in Quebec with South-Malartic Exploration Inc. (MSU-TSX V) and with Rio Narcea Gold Mines Ltd. (RNG-TSX; RNO-Amex) in Portugal.

Alain-Jean Beauregard, P. Geol., FGAC, OGQ and Jose MEirio Branco, Exploration Manager Portugal for Rio Narcea Gold Mines are qualified persons (QP) as required and described in the NI 43-101 and appendices.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

C2C INC. (TSX VENTURE:CCN)