Mountain Boy Minerals Ltd.
TSX VENTURE : MTB

November 24, 2010 14:09 ET

Mountain Boy Minerals Ltd.: Silver Coin Update and Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 24, 2010) - Mountain Boy Minerals Ltd. ("Mountain Boy" or "the Company") (TSX VENTURE:MTB) has been notified by its joint venture partner Jayden Resources Ltd. (TSX VENTURE:JDN) ("Jayden"), that the recently completed 2010 drilling program continues to produce strong assay results, further illustrating the significant potential of the Silver Coin deposit. This news follows the recently released results from hole SC10-311 (see News Release dated October 14, 2010), which reported 55m at an average grade of 8.42 g/t Au, including 7m at 32.9 g/t Au.

Highlights of the new results include:

Hole ID From (metres) To (metres) Intercept Length (metres) Au (g/t) Au (oz/t) Ag (g/t) Ag (oz/t) Zn (%)
SC10-312 70.0 105.2 35.2 3.12 0.091 24.07 0.703 1.26
  145.5 170.5 25.0 1.73 0.051 6.02 0.176 0.29
SC10-313 77.5 80.5 3.0 23.6 0.689 5.85 0.171 0.10
  143.0 153.0 10.0 4.07 0.119 8.29 0.242 1.06
SC10-315 11.4 43.0 31.6 2.19 0.064 13.19 0.385 1.36
  83.5 88.0 4.5 2.53 0.074 5.13 0.150 0.11
SC10-316 3.1 43.6 40.6 3.12 0.091 9.19 0.268 0.28
  46.6 71.0 24.4 1.71 0.050 13.23 0.386 0.95

The 2010 drilling program focused on infill holes to provide confirmation of grade and continuity for ongoing resource studies, and a limited amount of step-out holes to explore for mineralization to the north of the current resource area. For a drill hole location map and a complete tabulation of the 2010 drill results, please click:

http://www.jaydenresources.com/silver-coin/silver-coin-project-drilling-2010.html

During the 2010 drilling program, 18 holes totaling approximately 2,800 metres were completed. To date assays for 5 holes have been reported and the Company expects to release results of the remaining 13 holes over the coming weeks.

During 2011, Jayden plans to carry out a much larger development drilling program, which will have the following goals:

  • Extension drilling for resource expansion
  • Exploration drilling on outlying targets
  • Infill drilling for grade and resource model verification, geologic modelling, metallurgy, and engineering studies.

Financing

The Company is pleased to announce it has agreed to complete a private placement to raise proceeds of $465,000. It has been agreed the offering will be comprised of 3,000,000 flow-through units at a price of $0.155 per unit. The units will be comprised of one common share and one-half of one non-flow-through warrant, with each whole warrant being exercisable for the purchase of an additional share, at a price of $0.20 per share, for a two year period.

Proceeds from the placement will be used to fund a winter drill program on the Company's wholly owned Dunwell Gold Mine. The Company has agreed to pay cash commission of 6% of the proceeds raised.

E. Kruchkowski, P. Geo., a qualified person under National Instrument 43-101, has reviewed this release on behalf of the Company. 

About Mountain Boy Minerals Ltd.

Mountain Boy Minerals Ltd. is a Canadian based mineral exploration company with diverse property and resource holdings around the Stewart region in British Columbia's golden triangle. It owns 30% of the Silver Coin project, a gold-silver-base metals project with a 43-101 defined 835,700 ounces gold in the measured and indicated category and 655,200 ounces in the inferred category. The Company is also is exploring silver-base metals on its American Creek and Bear Valley properties as well as copper-gold in their Stewart area claims.

ON BEHALF OF THE BOARD

Ed Kruchkowski, Director

"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."

Contact Information

  • Mountain Boy Minerals Ltd.
    Investor Relations
    (604) 681-0710
    or
    Mountain Boy Minerals Ltd.
    Ed Kruchkowski
    (250) 636-9232
    (250) 636-9233 (FAX)
    www.mountainboyminerals.ca