Vancouver, BC – September 26, 2008 – Appleton Exploration Inc. (AEX-TSX:V) (the "Company") is pleased to announce that it has closed the first tranche of a brokered private placement announced on July 14, 2008 with Canaccord Capital Corporation ("Canaccord" or the “Agent”) consisting of 5,025,000 units (the "Units") at a price of $0.20 per Unit for gross proceeds of $1,005,000 (the “Offering”). Each Unit consists of one common share and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to subscribe for one additional common share at a price of $0.30 for a period of 12 months from the date of closing. Subject to certain conditions, the Company is entitled to provide 30 day notice of an accelerated expiry date for the Warrants, should the 20 day weighted average trading price of the Company’s shares during the term of the Warrant exceed $0.60 per share.

As consideration to the Agent, the Company has paid a commission of 8% of the total proceeds raised and issued Agent's warrants ("Agent's Warrants") equal to 10.0% of the Units issued pursuant to this Offering. Each Agent's Warrant will be exercisable to acquire one common share at a price of $0.25 for a period of 24 months from the date of closing. In addition, C anaccord has been paid a corporate finance fee.

The securities are subject to a four month hold period from the date of closing.

The net proceeds raised from the Units will be used to fund exploration of its mineral properties in Chile.

For further information, please contact:
On Behalf of the Board of Directors,
R.Tim Henneberry, P.Geo.
President and CEO

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