Mineral Mountain Resources Ltd.

Mineral Mountain Resources Ltd.

December 24, 2010 11:44 ET

Mineral Mountain Closes 2nd Tranche of its Upsized Private Placement for Gross Proceeds of $975,000

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 24, 2010) -


Mineral Mountain Resources Ltd. (TSX VENTURE:MMV) ("Mineral Mountain" or the "Company") announced today that further to its press release of December 17, 2010, it has closed the non-brokered private placement with the MineralFields Group (the "Offering"). The Offering involved the issuance of 1,500,000 flow-through common shares (the "FT Shares") at $0.65 per FT Share to the MineralFields Group for gross proceeds of $975,000.

"We are very pleased to be entering into this relationship with the MineralFields Group," said Nelson Baker, President and CEO. "This is an important milestone in the growth of Mineral Mountain and we look forward to working with the MineralFields Group as we develop our Shining Tree and Straw Lake holdings in the Abitibi Greenstone Belt region."

The Company intends to use the proceeds from the Offering for general exploration expenditures, which will constitute Canadian exploration expenses (as defined in the Income Tax Act). In connection with the Offering the Company paid a cash commission of $68,293.75 to certain finders. The FT Shares issued are subject to a four month hold period.

About MineralFields, Pathway and First Canadian Securities ®

MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver, Montreal and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Fund Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities ® (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities ®.


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, 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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