Millstream Mines Ltd.

Millstream Mines Ltd.

January 13, 2011 10:00 ET

Millstream Reports Resolutions Passed After Shareholders' AGM

TORONTO, ONTARIO--(Marketwire - Jan. 13, 2011) - Millstream Mines Ltd. (TSX VENTURE:MLM)(FRANKFURT:NJD) is pleased to report that at its Shareholders' Annual General Meeting (AGM), held January 7, 2011, the company's shareholders re-elected the previous board members to form the current Board of Directors. Shortly thereafter on the same day, this current Board of Directors passed the following resolutions:

  1. That the past officers be re-appointed to their previous offices and rolls;

  2. That a committee be formed consisting of directors [Robert Chase, John A. Eversley, Alex Doulis] with the task to deliver to the Board recommendations directed to unlock shareholders' value with respect to the Tamarack Gold Property in Montana, USA; and

  3. That the Company grant incentive common share options to the six Directors, each director being allocated 150,000 options having a strike price of $0.06 and expiring on Dec. 15, 2015.

This above option issuance is subject to TSX Venture Exchange approval.

About Millstream Mines Ltd.:

Millstream Mines Ltd. is a Canadian-based mineral exploration company whose principle objective is to enhance and develop known mineral properties to production potential. The Company has projects in the Province of Ontario, Canada and in the State of Montana, USA. The past producing Potter Mine Property is host to copper-zinc-cobalt "stacked" mineralized zones located in the highly prolific Abitibi Greenstone Belt and more specifically in the Kidd-Munro Assemblage near the town of Matheson in north eastern Ontario. A recently published initial NI 43-101 compliant resource estimate on the Potter revealed an indicated resource of 3,028,767 tonnes at 1.45% copper, 1.19% zinc, 389.7 ppm cobalt, 11.1 ppm silver, and 127.5 ppb gold along with an inferred resource of 2,071,101 tonnes at 1.08 % copper, 1.05 % zinc, 301.4 ppm cobalt, 8.7 ppm silver, and 81.7 ppb gold. The Tamarack Gold Property, a high grade former gold producer in the Tobacco Root Mountains of south western Montana, is in an advanced stage of underground exploration and development operating under the Small Mines Exclusion Act of the State of Montana.

73,851,707 SHARES ISSUED

Jan. 12, '11 Close: $0.07

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Millstream seeks safe harbour with regard to forward looking statements.

Contact Information

  • Millstream Mines Ltd.
    Mr. Ernest Harrison, EM
    Chairman and CEO
    705-474-5491 (FAX)
    Millstream Mines Ltd.
    Mr. Marty Martinello, B.A.
    Executive V.P.
    705-474-5491 (FAX)
    Millstream Mines Ltd.
    Mr. Robert Chase, CFA
    President and CFO
    416-368-6827 (FAX)