Mineral Mountain Resources Ltd.
TSX VENTURE : MMV

Mineral Mountain Resources Ltd.

December 17, 2010 11:24 ET

Mineral Mountain Closes 1st Tranche of Its Upsized Private Placement for Gross Proceeds of $4,975,800

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 17, 2010) -

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

Mineral Mountain Resources Ltd. (TSX VENTURE:MMV) ("Mineral Mountain" or the "Company") announced today that it has closed the 1st tranche of its upsized private placement (the "Offering") announced in its press release dated December 8, 2010 led by Industrial Alliance Securities Inc. and Stonecap Securities Inc. (the "Agents"). The Offering involved the issuance of 7,655,076 flow-through common shares (the "FT Shares") at $0.65 per FT Share for gross proceeds of $4,975,800.

In consideration of the Agents' services, the Company paid the Agents a cash commission of 7.5% of the gross proceeds of the Offering. The Agents have an option to offer an additional 1,334,924 FT Shares for additional aggregate gross proceeds of $874,200 exercisable at any time in whole or in part for a period of 30 days from the date hereof.

The Company anticipates closing a non-brokered offering consisting of 1,500,000 flow-through common shares at $0.65 per share for gross proceeds of $975,000 on or about December 23, 2010.

The Company intends to use the proceeds from the Offering and the non-brokered offering for general exploration expenditures, which will constitute Canadian exploration expenses (as defined in the Income Tax Act). The FT Shares issued are subject to a four month hold period.

MINERAL MOUNTAIN RESOURCES LTD.

Nelson W. Baker, President and CEO

This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, including without limitation, the use of proceeds from the Offering and the closing of the non brokered offering, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "could" or "should" occur. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Factors that may cause the actual results to differ materially from those in forward-looking statements include gold prices, results of exploration and development activities, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, continued availability of capital and financing and general economic, market or business conditions. The Company cautions the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Company's forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. Please see the public filings of the Company at www.sedar.com for further information.

Neither 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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