Mineral Mountain Resources Ltd.
TSX VENTURE : MMV

Mineral Mountain Resources Ltd.

September 16, 2010 07:00 ET

Mineral Mountain Announces Closing of Private Placements for Gross Proceeds of $2.14 Million

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 16, 2010) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Mineral Mountain Resources Ltd. (TSX VENTURE:MMV) (the "Company") is pleased to announce that it has closed the brokered private placement previously announced on August 17, 2010 and increased on August 23, 2010 (the "Offering") with Canaccord Genuity Corp. (the "Agent"). The Company has completed the sale of 7,000,000 units of the Company (the "Units"), including the over-allotment option of an additional 1,000,000 Units, at a price of $0.25 per Unit, for gross proceeds of $1,750,000. Each Unit consists of one common share in the Company and one half common share purchase warrant (the "Warrant") exercisable for a period of 24 months from the closing date. Each whole Warrant is exercisable into one common share of the Company at an exercise price of $0.35 in the first year and $0.40 in the second year.

In addition, the Company completed a non-brokered private placement, where the Company issued 1,300,000 flow-through shares at a price of $0.30 per share for gross proceeds of $390,000.

In connection with the Offering the Agent received a cash commission of 7.5% on the sale of the Units, a corporate finance fee and was issued non-transferable share purchase warrants ("Broker Warrants") entitling the Agent to purchase common shares equal to 7.5% of the Units sold pursuant to the Offering exercisable for a period of 24 months at an exercise price of $0.35 in the first year and $0.40 in the second year. No commission was paid on Units that were purchased by one insider of the Company, or on the non-brokered private placement.

Proceeds from the issuance of the Units and flow-through shares have been specifically allocated and are necessary for the Golden Harp transaction disclosed in the Company's August 17, 2010 news release. In addition, they will be use for the exploration of the Company's mineral properties, to fund the general and administrative expenses and to provide the Company with a working capital reserve. The securities issued in the Offering and the non-brokered private placement are subject to a four month hold period.

On behalf of the Board of Directors of MINERAL MOUNTAIN RESOURCES LTD.

Nelson W. Baker, President and Chief Executive Officer

The securities referred to in this news release have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or applicable state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (as such term is defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements is available. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of these securities within any jurisdiction, including the United States.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding proposed exploration activities. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to, the state of the financial markets for the Company's equity securities, the state of the market for gold or other minerals that may be produced generally, recent market volatility; variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties. The reader is referred to the Company's prospectus dated June 2, 2010 for a more complete discussion of such risk factors and their potential effects, a copy of which may be accessed through the Company's page on SEDAR at www.sedar.com.

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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