SOURCE: MMEX Mining Corporation

November 02, 2011 08:00 ET

MMEX Mining Corporation Announces More Option Payments for Its Colombia Metallurgical Coal Project

MMEX Funds More Progress Payments on Colombia Met Coal Project

DALLAS, TX--(Marketwire - Nov 2, 2011) - MMEX Mining Corporation (OTCBB: MMEX) announced today additional major milestones in moving its Colombia metallurgical coal mining business plan forward.

Jack Hanks, Chairman and Chief Executive Officer of MMEX, announced that MMEX has made additional significant progress payments on September 15, 2011 and October 31, 2011 to acquire its 50% interest in its first metallurgical mine project in Colombia.

Said Hanks, "We are very pleased that our investment profile in our first metallurgical mine project in Colombia is progressing. We have made significant progress payments in September and October. These funds are being invested in our drilling program to move our estimated tons into higher qualified categories and in our permit applications to move from our currently producing small mine plan permits to large scale mine plans for all three of the mine concessions. Norwest Corporation, the U.S based coal consultancy, evaluated the potential coal tonnage of the three mining titles and in April of this year, the Norwest Technical report estimated 45-50 million tons of high quality, medium volatility met coal in place. We expect the additional permitting to be approved this Q4 and the drilling completed 1Q12."

About MMEX Mining Corporation

MMEX Mining Corporation is an exploration stage company engaged in the acquisition and development of coal and other mining assets in South America. MMEX searches for commercially viable coal and mineral deposits through acquisitions. MMEX Mining Corporation, headquartered in Dallas, Texas USA, is publicly traded on the OTC market under the ticker symbol "MMEX." For more information please visit www.mmexmining.com.

This document may contain "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project" or similar expressions, it is making forward-looking statements. Forward-looking statements reflect current plans and expectations and are based on information currently available. They are not guarantees of future performance and involve risks, including those discussed in the Company's reports filed from time to time with the Securities and Exchange Commission. The Company assumes no obligation to update or revise any forward-looking statements or to update the reasons why actual results could differ from those projected in any forward-looking statements.

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