Mill Bay Ventures Inc.
TSX VENTURE : MBV
PINK SHEETS : MLBVF
FRANKFURT : M4K

Mill Bay Ventures Inc.

September 28, 2009 13:18 ET

Mill Bay Ventures Inc.: Non-Brokered Private Placement of 15,000,000 Units

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 28, 2009) - Mill Bay Ventures Inc. ("the Company") (TSX VENTURE:MBV)(PINK SHEETS:MLBVF)(FRANKFURT:M4K) is pleased to announce that it has arranged a Non-Brokered Private Placement of 15,000,000 units consisting of 10,000,000 common share units at a price of $0.035 per unit and 5,000,000 flow-through units at a price of $0.05 per unit for gross proceeds of $600,000.

The 10,000,000 common share units consist of one common share and one non-transferrable share purchase warrant ("warrant"). Each warrant will entitle the investor to purchase one additional common share at an exercise price of $0.05 with a term of one year from the date of closing.

The 5,000,000 flow-through units consist of one flow-through share and one non flow-through, non-transferrable share purchase warrant ("warrant"). Each warrant will entitle the investor to purchase one additional common share at an exercise price of $0.05 per share with a term of one year from the date of closing. The flow-through shares will entitle the investor to the tax benefits of the qualifying Canadian exploration expenses incurred by the Company, which will be "flowed-through" to the investor.

The Company will pay a finder's fee equal to 7% of the proceeds of this financing in accordance with the TSX Venture Exchange Policy. The finder's fee is not available to Insiders.

The funds will be used to advance its 100% owned Valentine Mountain Property, located on southern Vancouver Island, British Columbia, as well as the Saskatchewan coal properties and for general working capital. The Valentine Gold property hosts a historic mineral resource, known as the Discovery Zone, with an estimated 30,660 tonnes grading 14.7 grams (0.473 ounces) of gold per tonne (Pre NI 43-101). See website for details: www.millbayventures.com.

The financing is Subject to approval of The TSX Venture Exchange and all regulatory authorities.

ON BEHALF OF THE BOARD

William Glasier, President

This release contains statements that are forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.

Shares issued: 63,079,698

Last Trading Price: $0.045

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

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