SOURCE: MGM Mineral Resources Inc.

August 28, 2006 09:45 ET

MGM Mineral Resources to Hold Additional Meetings in Colombia

TORONTO -- (MARKET WIRE) -- August 28, 2006 -- Metro Gold Mines Mineral Resources Inc. (PINKSHEETS: MGMX) is a growing gold mining company engaged in the acquisition and development of production properties in South and Central America.

Several weeks ago, the Company held a week of corporate meetings in Medellin, Colombia, during which time they were able to acquire various mines and retain technical experts in order to expand operations.

"The recent meetings were a great success," said Jairo Giraldo, C.E.O. of MGM Mineral Resources. "The meetings caused a major stir within the local communities and country. We have been appearing in local news, been attracting various potential investors and continue having ongoing discussions with many potential producing mines. Our Company finds the need to continue corporate meetings with various private and government organizations. We have invited our President Mr. Lamb, to join us in completing and directing the various projects."

Based on the Company's recent success, MGM Mineral Resources will be holding additional corporate meetings throughout Colombia from August 29, 2006 to September 2, 2006.

"This will be a perfect opportunity for our Company to finalize several negotiations as well as concentrating on a plan of action for the most recent acquisitions," said Jairo Giraldo, C.E.O. "The Las Malvinas Mine will be our main focus as we must implement all possible technical and geological teams to this producing property by the first week of September. Our goals of turning our Company from small scale to large scale production over the next twelve months may have just changed very drastically. Our target is to have a high gold yielding operation within the next three months."

About MGM Mineral Resources (PINKSHEETS: MGMX)

Metro Gold Mines Mineral Resources Inc. is a growing, expertly managed gold mining company focused on acquiring and producing an impressive portfolio of exploration and production properties in South and Central America. MGM Mineral Resources is working to establish itself as a world-class gold company, capitalizing on smart acquisitions, breakthrough technology, modernized operations, deep industry expertise and a strong gold market to cost-effectively produce high quality gold. The company has identified a significant opportunity to exploit proven but under-developed mineral resources in Colombia. MGM Mineral Resources was initially targeting the richest gold zone in Colombia, Segovia, but, is now extending to other areas throughout the country. For more information please visit: www.mgmmining.com

Forward-Looking Statements

Statements contained in this news release, which are not historical facts, are forward-looking statements within the meaning and pursuant to the Safe Harbor provisions of the Securities Litigation Reform Act of 1995 that involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things: volatility and sensitivity to market prices for gold; replacement of reserves; procurement of required capital equipment and operating parts and supplies; equipment failure; unexpected geological or hydrological conditions; political risks arising from operating in certain developing countries; imprecision in reserve estimates; success of future exploration and development initiatives; competition; operating performance of the facilities; environmental and safety risks including increased regulatory burdens; seismic activity, weather and other natural phenomena; failure to obtain necessary permits and approvals from government authorities; changes in government regulations and policies including tax and trade laws and policies; ability to maintain and further improve positive labor relations; and other development and operating risks. Although MGM Mineral Resources believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this report. The company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Contact Information

  • Contact:
    Mr. Kenneth Lamb
    President
    416-214-7847