Metropolitan Mining Inc.
TSX VENTURE : MNZ

Metropolitan Mining Inc.

September 23, 2011 19:49 ET

Metropolitan Mining Inc.: Appointment of New Director, Consolidation, Share Sale and Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 23, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Metropolitan Mining Inc. (TSX VENTURE:MNZ) ("Metropolitan" or the "Company") announces that Derek Thomson has resigned as a Director, to be replaced by Marc Levy of Vancouver, B.C. Metropolitan would like to thank Derek Thomson for his service as a Director.

In addition to joining the Company's Board of Directors, Marc Levy has also been appointed as President and CEO of Metropolitan, replacing Michael Thomson who remains as a Director along with Doug Good. Mr. Levy is a Director and/or Officer of several issuers listed on the TSX Venture Exchange (the "Exchange") and has been President of Mosam Ventures, a private merchant bank, since 2004. Mr. Levy was founder and former Chairman and CEO of Norsemont Mining Inc.

At Metropolitan's Annual General and Special Meeting of shareholders held on July 6, 2011, shareholders of the Company unanimously approved a consolidation (the "Consolidation") of the shares of the Company on the basis of up to a 5 (old) for 1 (new) share basis, and authorized the Directors of the Company to implement the Consolidation, and to determine the exact consolidation ratio and the timing of any Consolidation, in their sole discretion. The Company proposes to proceed with the Consolidation on a 2.5 (old) for 1 (new) basis.

The Company announces a private placement (the "Private Placement") of up to 5 million units at a price of $0.115 per unit (each a "Unit") for total gross proceeds of up to $575,000. Each Unit will consist of one post-Consolidation common share (each a "Share") and one transferable share purchase warrant (a "Warrant"). Each Warrant will be exercisable into one additional post-Consolidation common share (a "Warrant Share") of the Company at a price of $0.15 per Warrant Share for a period of 2 years from the date of closing of the Private Placement.

The Company will pay finders' fee (the "Finders' Fee") comprised of a cash fee representing 10% of the total proceeds of the Private Placement and warrants (the "Finder's Warrants") equal to 10% of the number of Units sold in the Private Placement. The Finders' Warrants will be exercisable into one additional post-Consolidation common share of the Company at a price of $0.15 per share for a period of 2 years from the date of closing of the Private Placement.

All securities issued under the Private Placement will be subject to a four month hold period.

The proceeds of the Private Placement will be used for continuing expenditures on the Company's Fruso Property in Argentina, general working capital purposes, and for reviewing and evaluating new projects. The Private Placement will be subject to Exchange approval.

The Company also announces the grant of 479,000 post-Consolidation stock options to directors, employees and consultants of the Company for $0.15 per share, exercisable for five years from the date of the grant.

The Company has received notice from Michael G. Thomson ("Thomson"), a "Control Person" of the Company, that he has filed a National Instrument Form 45-102F1 (the "Form") on SEDAR in regard to a proposed sale of an aggregate of 3,667,000 shares of Metropolitan. Of the 3,667,000 shares proposed to be sold, 2,850,000 shares will be sold by CoPartner Capital Corp. ("CoPartner"), a B.C. company 100% owned by Thomson, and 817,000 shares from his personal holdings. Following any sale, as set out above, Thomson would retain 43,001 shares, personally, and an additional 150,000 shares through CoPartner.

Metropolitan, a junior mining company, currently holds an interest in the Fruso Property, a copper/gold exploration property located in Salta, Argentina, pursuant to an option agreement with Argentine Frontier Resources Inc. and Salta Exploraciones S.A.

ON BEHALF OF THE BOARD OF DIRECTORS

Michael G. Thomson, Director

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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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