CALGARY, ALBERTA--(Marketwired - Jan. 13, 2014) - MILL CITY GOLD CORP. ("Mill City" and/or the "Company") (TSX VENTURE:MC)(OTCBB:MCYGF)(FRANKFURT:NJ6) is pleased to provide a continuing update on the execution of the Company's ongoing reorganization plan. The plan is designed to give shareholders a fresh opportunity to take advantage of some of the compelling project values available today in the mining industry.
As previously stated in its December 19, 2013 news release http://millcitygold.com/_resources/news/nr_2013_12_19.pdf, the Company has completed the following steps to that endeavour:
- Completed a 17:1 share consolidation in June 2013,
- Reduced its current project portfolio costs while preparing for an acquisition(s),
- Raised initial capital of $200,000 cash in November 2013,
- Reduced its share structure to just 15,659,515 shares outstanding, and
- Identified numerous deeply discounted, high value acquisition opportunities in uranium and precious metals.
Jim Brown, Mill City President, comments, "We are very encouraged by the quality of uranium and precious metals projects that are available to us at a small fraction of the capital previously invested in their development by other companies. Therefore, we are taking the steps necessary to acquire and finance one or more of these opportunities for our stakeholders."
The Company is now prepared to execute the next phase of its plan: to acquire a new project(s). Although Management continues to investigate several such opportunities, no definitive negotiations or agreements have yet to occur.
About Mill City Gold Corp.
Mill City Gold Corp. is a TSX Venture Exchange listed mining exploration company that is focused on identifying and acquiring advanced precious metals and uranium projects in the most favorable mining jurisdictions around the world.
For further information please visit the Company's website at www.millcitygold.com.
ON BEHALF OF THE BOARD OF DIRECTORS
James R. Brown, Chairman, President & CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this Release.