NEWS RELEASE
08-06
Merit
Mining Arranges $3.5 Million Flow-Through Private Placement
February 26,
2008 – Vancouver, British
Columbia. Merit Mining Corp. (TSX-V: MEM) reports
that it has arranged a flow-through private placement of up to 10,000,000 shares,
priced at $0.35 per share, for gross proceeds of up to $3.5 million, subject to
acceptance for filing by the TSX Venture Exchange.
Jory Capital Inc. and certain other persons may assist
the Company by introducing potential subscribers for the private placement,
and, subject to acceptance for filing by the TSX Venture Exchange, will be paid
a finder’s fee of 5% of the total subscription proceeds (plus applicable
taxes) received from the subscribers introduced to the Company by such persons.
Proceeds of the flow-through private placement will be
used by the Company for qualifying flow-through expenses on its J&L
polymetallic property (gold/silver/zinc/lead), located near Revelstoke,
BC.
The J&L property is one of the largest undeveloped polymetallic
deposits in British Columbia. The 2,325 hectare
property has two known and significant polymetallic and precious mineral
deposits. The Main Zone is a stratiform, structurally controlled polymetallic
base and precious metal (Au-Ag-Zn-Pb) massive sulphide deposit. Historic underground drilling has
defined the Main Zone for a 1.4 kilometre strikelength. Surface exploration
has traced the Main Zone for 3 kilometres. The Main Zone averages 2.5 metres thick. The
Yellowjacket Zone is a very siliceous Zn-Pb-Ag stratabound deposit that sub
parallels and is in the immediate hangingwall of the Main Zone.
An exploration program comprised of underground
development (1,000
metres) commenced in December 2007 at the J&L
property, with underground diamond drilling (5,000 metres) planned
to commence in May 2008.
Meanwhile, at the Company’s Greenwood Gold
Project, located near Greenwood,
BC,
mill start up is on schedule for March 2008 to commence processing of a 10,000
tonne underground bulk sample from the Lexington-Grenoble mine.
Merit Mining Corp.
“Fred Sveinson”
Fred Sveinson,
President & CEO
For further information
please contact:
Fred Sveinson
at (604) 694-2344
For
Investor Relations Information Contact:
MarketSmart
Communications (604) 261-4466
(Toll Free 1-877-261-4466)
The TSX Venture Exchange has not reviewed and does not
accept responsibility for the adequacy or accuracy of this release.
The
statements made in this News Release may contain certain forward-looking
statements. Actual events or results
may differ from the Company’s expectations. Certain risk factors may also affect the
actual results achieved by the Company.
