First Tranche of Placement Closed Balance of Analytical Results Received
MMV-TSX-V MNRLF-OTCQB
NEWS RELEASE NO. 2015 – 08 JUNE 23, 2015
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
FIRST TRANCHE OF PLACEMENT CLOSED BALANCE OF ANALYTICAL RESULTS RECEIVED
(Vancouver, June 23, 2015): Mineral Mountain Resources Ltd. (“Mineral Mountain” or the “Company”) (TSXV: “MMV”) (OTCQB: “MNRLF”) is pleased to announce that it has closed the first tranche of its private placement first announced on April 17, 2015. The Company issued 6,345,000 units at a price of $0.05 per unit for total gross proceeds of C$317,250. Each unit consists of one common share and one transferable share purchase warrant, each warrant exercisable into one additional common share at a price of $0.09 for a period of 24 months from the date of issue.
The Company paid $22,207.50 in cash and issued 444,150 share purchase warrants in respect of finders’ fees on the placement. Each warrant is exercisable into one common share of the Company at a price of $0.09 per share for a period of 24 months from the date of issue.
All securities issued under the placement are subject to statutory hold periods expiring on October 23, 2015.
The proceeds of the placement will be used for exploration and development activities on the Company’s mineral properties, property payments and for general working capital.
Bullion Zone Drill Testing
The final analytical results from the Company’s recently completed Phase III drill campaign, HT-15-37 and HT-15-38 totaling 443.46 meters, are reported in this release. A total of 297 core samples were submitted to the laboratory. The two drill holes, HT-15-37 and HT-15-38, were drilled from the same set up, and were designed to test the down plunge extension of the Bullion Zone. HT-15-37 was drilled between the Bullion 300 and 600-foot levels about 30 meters from historic hole FD93-6 that yielded 12.89 g/t Au over 8.05 meters. This hole cut two well-developed mineralized structures in this hole, the Bullion main horizon and the East Vein recording anomalous, sub-economic gold values.
The final hole in the Company’s Phase III drill program, HT-15-38, was drilled down plunge of HT-15-37 above the Bullion 600-foot level near historic hole FD93-8 that cut 11.59 g/t Au over 2.44 meters. Unfortunately, this hole was abandoned when it pierced the Bullion 600-foot level workings, the desired target. Prior to piercing the 600-foot level workings, HT-15-38 intersected the well-developed, heavily mineralized Bullion structure recording the following results:
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Bullion: 0.52 g/t Au over 5 meters between 179.0 – 184.0 m, including 1.74 g/t Au over 0.85 m between 180.0 – 180.85 m.
East Vein: 0.29 g/t Au over 1.76 m between 203.74 – 205.5 m.
Commentary:
Nelson W. Baker, President and CEO of Mineral Mountain commented:
“The Bullion, Keystone, Bismarck and Holy Terror gold zones all occur within a 300 m wide, deep-seated structure that has many geological similarities to the Homestake Mine ores. We believe that each zone is capable of hosting gold grades of economic interest. Following the final closing of our private placement, a focused Phase IV drill program would enable us to release a maiden resource”.
QUALIFIED PERSONS
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101, reviewed and approved by Nelson W. Baker, P.Eng., the President and CEO of Mineral Mountain Resources Ltd. and a Qualified Person for this project. The exploration activities at the Holy Terror Project are carried out under the supervision of our Project Manager Kevin Leonard, P.Geo., another Qualified Person for this project.
Mr. Baker has supervised the work programs on the Holy Terror project, visited the property on multiple occasions, examined the drill core and/or photographs from the holes summarized in this release, discussed, reviewed the results with senior on-site geological staff and reviewed the available analytical and quality control results.
On Behalf of the Board of Directors
MINERAL MOUNTAIN RESOURCES LTD.
“Nelson W. Baker”, President and CEO
For further information, please contact:
Brad Baker, Vice-President Corporate Development & Director (778) 383-3975 [email protected]
Or visit our website: www.mineralmtn.com
Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed to be “forward-looking information” under Canadian securities laws. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, constitute forward looking- information. Forward looking information consists of 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 information are based on reasonable assumptions, such information does not constitute guarantees of future performance and actual results may differ materially from those in forward- looking information. Factors that cause the actual results to differ materially from those in forward-looking information 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 information 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 the forward-looking information 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.
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