SOURCE: MGM Mineral Resources

November 14, 2006 09:45 ET

MGM Mineral Resources Confirms Office in Segovia and Operation Tactics

Gold Company Reorganizes Administration at Their Center of Operations

TORONTO -- (MARKET WIRE) -- November 14, 2006 -- Metro Gold Mines Mineral Resources Inc. (PINKSHEETS: MGMX), a growing gold mining company engaged in the acquisition and development of production properties throughout Colombia, has recently reorganized their offices and mining administration near their center of operation in Segovia, Colombia.

As mentioned in the Press Release dated October 25, 2006, MGM wants to improve their communications with their shareholders through a bilingual receptionist, which at that time was being trained. As such, the Company moved into a full scale office to handle all mining operations for the mines in its portfolio, including an ongoing list of employees and any of the country's legal filing issues.

The new bilingual receptionist will be handling any and all shareholder calls pertaining to the Company's mining operations. All other questions regarding public trading, Pink Sheets, the share structure, and all other corporate development issues will be redirected to the North American office.

"With all the current changes, including additions to staff and property acquisitions, our Company found it imperative to solidify a center of operations in the township closest to all operations," said Jairo Giraldo, C.E.O. of MGM Mineral Resources. "We understand that our shareholders' concerns revolve around the production and the generation of revenue. We ask that they exercise their continuing patience, as the rewards in the end will outweigh the time it took for MGM Mineral Resources to build the foundations of an ever growing Company."

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 company. 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