Merc International Minerals Inc.

Merc International Minerals Inc.

September 17, 2008 09:00 ET

Merc Closes Previously Announced Acquisitions: Dr. Michael Byron Appointed as CEO

TORONTO, ONTARIO--(Marketwire - Sept. 17, 2008) - Merc International Minerals Inc. ("Merc") (TSX VENTURE:MRK) is pleased to announce that it has acquired privately held Golden Sierra Resources Inc. and 100% of Anaconda Mining Inc.'s interest in the Damoti Lake gold project in the Northwest Territories. Dr. Michael Byron has also been appointed as Merc's President and CEO and joined Merc's Board of Directors.

As described in a press release dated August 8, 2008 Golden Sierra Resources Inc. ("Golden Sierra") has three wholly-owned Quebec gold projects, an extensive geological/geochemical/geophysical database in Ecuador, South America, and approximately $250,000 in cash. Merc paid $250,000 in cash and issued 750,000 common shares to acquire all the common shares of Golden Sierra.

The Damoti Lake gold project is located 200 km north of Yellowknife, Northwest Territories and extends over 2,849 hectares of land in six mining leases. An independent, National Instrument 43-101 compliant resource estimate was completed in September 2005 for Anaconda Mining Inc. ("ANX"). Using a cut-off grade of 8 grams gold per tonne, the measured and indicated mineral resource estimate for the Horseshoe deposit totaled 40,600 tonnes grading 26.17 grams of gold per tonne, with a further inferred mineral resource estimate of 17,800 tonnes grading 16.38 grams of gold per tonne. Details of the Damoti Lake gold project were included in a Merc press release dated August 5, 2008. Merc acquired 100% of ANX's interest in the Damoti Lake gold project subject to an existing 2% net smelter royalty by paying $250,000 and issuing ANX 1,250,000 Merc common shares. ANX owned a 100% interest in mining lease DAM 3 that holds the Horseshoe Zone deposit and an 80% interest in the balance of the Damoti Lake mining leases.

Dr. Byron is a seasoned exploration professional, with a Doctorate of Science degree (Geology) from Carleton University, and more than 22 years of domestic and international experience including research, field work, and senior management experience in gold, base-metal, magmatic nickel-copper-platinum group elements, rare earth elements, diamond, and gemstone exploration. His background in northern Ontario and proven record of building up gold resources though exploration is ideally suited to Merc's mandate of offering shareholders leverage to gold-silver by acquiring projects with historic resource estimates that have the geological potential to be enhanced through both modern day exploration and dramatically higher gold-silver prices. Dr. Byron is the President and CEO and Director of Ginguro Exploration Inc., a junior exploration company listed on the TSX Venture Exchange that he helped co-found and was formerly Vice President of Exploration of Aurora Platinum Corp. and Lake Shore Gold Corp.

This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements.

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

Contact Information

  • Merc International Minerals Inc.
    Thomas Pladsen
    (647) 287-3778
    (416) 628-5911 (FAX)