Metropolitan Mining Inc.

Metropolitan Mining Inc.

July 16, 2008 08:45 ET

Metropolitan Closes IPO

TORONTO, ONTARIO--(Marketwire - July 16, 2008) - THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

Metropolitan Mining Inc. ("Metropolitan" or the "Company") is pleased to announce that it has completed its initial public offering (the "Offering") of 3,000,000 common shares, at a price of $0.30 per common share, for aggregate gross proceeds of $900,000 (the "Proceeds").

First Canada Capital Partners Inc. (the "Agent"), of Vancouver, B.C., acted as agent for the Offering and was paid a cash commission of 9% of the Proceeds. In addition, the Agent was granted 300,000 agent's warrants entitling it to acquire up to 300,000 common shares of Metropolitan, at a price of $0.30 per share, exercisable until January 15, 2010.

Trading in the common shares of Metropolitan on the TSX Venture Exchange is expected to commence on Friday, July 18, 2008, under the symbol "MNZ".

Metropolitan is a mineral exploration company that has an option to acquire up to a 60% interest in the Fruso property (the "Fruso Property"), which is comprised of the Fruso Este (2,340 hectares) and Aracar (3,344 hectares) claims, as disclosed in the Company's prospectus dated June 6, 2008. The Fruso Property is located in the Argentine Puna, province of Salta, in northwestern Argentina, approximately 15 kilometres east of the Chilean border.

The Proceeds will be used by the Company to fund a Phase I drilling and exploration program on the Fruso Property and for general corporate purposes. The planned exploration program on the Fruso Property includes a drilling program of 2,400 metres, the preparations for which are currently underway.

Metropolitan would like to thank the Agent for its assistance during the IPO process. First Canada Capital Partners Inc. is an independent Investment Dealer that focuses on the financing and trading of junior and emerging companies.

ON BEHALF OF THE BOARD OF DIRECTORS

Michael G. Thomson, President, CEO & Director

Certain information contained in this press release, including information and statements which may contain words such as "could", "plans", "should", "anticipates", "expect", "believe", "will", and similar expressions and statements relating to matters that are not historical facts are forward-looking information. All of the forward-looking information contained in this press release is qualified by this cautionary statement. There can be no assurance that the actual results or developments anticipated by the Company, as expressed or implied by the forward-looking information, will be realized or, even if substantially realized, that they will have the expected consequences to or effects on the Company or its business operations. The Company disclaims any intention or obligation to update or revise any forward-looking information as a result of new information or future events. Readers should not place undue reliance on forward-looking information.

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

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