Mountain Boy Minerals Ltd.
TSX VENTURE : MTB

April 13, 2011 14:31 ET

Mountain Boy Receives Updated Technical Report-Reports Increase in Grade and Ounces at its Silver Coin Project, BC

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 13, 2011) -Mountain Boy Minerals Ltd. (TSX VENTURE:MTB) (or the "Company") is pleased to announce that it has filed an updated NI 43-101 technical report in regard to the Company's Silver Coin project, located near the town of Stewart, British Columbia (the "Report"). The Report was prepared by Minarco-Mine Consult ("Minarco") and is available on SEDAR (www.sedar.com). The Report includes an updated resource estimate incorporating the assay results of eighteen holes that the Company's joint venture partner drilled during the fall of 2010 which had not previously been reported or included in resource estimates. This updated resource estimate represents an overall increase in the average gold grade of 10.9% and an 11.1% increase in the number of resource ounces compared with those previously reported. In comparison, gold resources have increased by category as follows: from 191,300 measured ounces (oz), 644,300 indicated oz and 655,200 inferred oz, to 218,410 measured oz, 624,006 indicated oz and 813,273 inferred oz. The updated resource estimate incorporates a total of 732 drill holes (88,645 meters) plus 76 trenches (1,447 meters). The Silver Coin project includes 26 contiguous claims with a net area of 1247 hectares and is a joint venture with Jayden Resources Inc. (Jayden 70% with an option to earn an additional 10%).

Resource Estimate

Using a base case cut-off grade of 0.3 grams gold per ton ("gpt") the Report identifies the following gold, silver and zinc resource:

SILVER COIN CLASSIFIED RESOURCES
April 2011
0.3 g/tAuAgZn
Au Cut-offTonnes(g/t)(g/t)(%)Au (oz)Ag (oz)Zn (lbs)
Measured4,372,2251.556.530.26218,410918,41725,531,741
Indicated19,759,0250.985.570.15624,0063,537,76965,642,277
M & I24,131,2501.085.740.17842,4164,456,18691,174,018
Inferred 32,443,840 0.78 6.41 0.18 813,273 6,691,185 128,006,920

At the 0.3 gpt cut-off grade the estimated Measured and Indicated resource is 24.13 million tons grading 1.08 gpt gold for a total of 842,416 ounces of gold, 4.45 million ounces of silver and 91.17 million pounds of zinc. The estimated Inferred resources comprise an additional 813,273 ounces of gold, 6.69 million ounces of silver, and 128 million lbs of zinc.

The resource remains open along strike to the north and south. The two southernmost holes from the 2010 drilling, both located within 150 metres (m) of the currently modeled southern pit boundary, intersected excellent intervals of gold mineralization including 55m grading 8.42 gpt gold in hole SC10-311 as reported in the Company's news release of October 14, 2010. Readers are advised to access the Report for detailed technical information.

Work Plan

The Company's joint venture partner plans to conduct a major in-fill drilling program at Silver Coin during the 2011 exploration season with the primary goal of upgrading the inferred resource to the indicated or measured categories. Such activities will both support completion of a prefeasibility study and potentially increase the size and grade of the resource. Based on, and subject to the success of the proposed 2011 program, the Company's joint venture partner is planning to produce a prefeasibility study by the first quarter of 2012. The Company's joint venture partner is also planning on undertaking several of the recommendations contained in the Report including geotechnical drilling, continued baseline environmental studies, waste rock studies to determine if the waste is potentially acid forming, complete the site-based studies to support a prefeasibility study and metallurgical testing to include comminution tests, locked cycle tests, optimization of the flow sheet, zinc recovery testing and additional testing to optimize the cyanide recovery from concentrate. The Company's joint venture partner also plans to initiate groundwater hydrology and chemistry testing in existing and new wells on the property.

Ed Kruchkowski, P. Geo., a qualified person under National Instrument 43-101, has prepared this release and is charge of the exploration program on behalf of the companies.

About Mountain Boy Minerals

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 that has a new 43-101 compliant resource calculated. The Company is also exploring silver-base metals on its American Creek and Bear Valley properties as well as copper-gold on their Stewart area claims.

For further information, please contact Company investor relations at 604-681-0710, Ed Kruchkowski at 250-636-9232 or visit the website at http://www.mountainboyminerals.ca (The Company website is being changed at present and will be available shortly).

ON BEHALF OF THE BOARD

Ed Kruchkowski, Director

FORWARD LOOKING STATEMENTS: This document includes forward-looking statements as well as historical information. Forward-looking statements include, but are not limited to, the continued advancement of the company's general business development, research development and the Company's development of mineral exploration projects. When used in this document, the words "anticipate", "believe", "estimate", "expect", "intent", "may", "project", "plan", "should" and similar expressions may identify forward-looking statements. Mountain Boy believes that their expectations reflected in these forward looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include the potential that fluctuations in the marketplace for the sale of minerals, the inability to implement corporate strategies, the ability to obtain financing and other risks disclosed in our filings made with Canadian Securities Regulators.

The Toronto Stock Exchange has not yet reviewed and does not take responsibility for the adequacy of the content of this news release.

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