Merit
Mining Corp. Closes Private Placement of $3,000,500
December 1, 2010 ? Vancouver,
British Columbia. Merit Mining Corp. (TSX-V: MEM) (the ?Company?) has closed a previously announced
non-brokered private placement of 3,530,000 common shares, priced at $0.85 per
share, for total gross proceeds of $3,000,500. A finders?
fee, comprised of a cash payment of $90,015, has been
paid. Securities issued
pursuant to the private placement are subject to a four month hold period
expiring April 1, 2011.
Proceeds of the private placement will be used for
exploration work on the Company?s
mineral projects, for the potential acquisition of additional mineral
properties, and for general working capital.
As previously reported, the Company commenced an
underground diamond drill program at its J&L polymetallic
(gold/silver/lead/zinc) project, located 35 kilometres north of Revelstoke, BC,
on November 14, 2010. Since
starting the drill program, the Company has decided to at least double the
original meterage to be drilled. Results are pending.
For further information
please contact:
Jeffrey Ren
(604) 694-2344
Neither the TSX Venture Exchange nor its
Regulations Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accept responsibility for the adequacy or accuracy of
this release.
CAUTIONARY STATEMENTS REGARDING FORWARD LOOKING INFORMATION
Certain of the statements made and information
contained herein may contain forward-looking statements or forward-looking
information within the meaning of applicable securities laws. Such forward-looking statements or
forward-looking information include, but are not limited to, statements
concerning: the disclosed use of proceeds and the results of the Company?s
drill program at the J&L project. Forward-looking statements
or information include statements regarding the expectations and beliefs of
management. Often, but not always, forward-looking statements and
forward-looking information can be identified by the use of words such as
?plans?, ?expects?, ?is expected?, ?budget?, ?scheduled?, ?estimates?,
?forecasts?, ?intends?, ?anticipates?, or ?believes? or the negatives thereof
or variations of such words and phrases or statements that certain actions,
events or results ?may?, ?could?, ?would?, ?might? or ?will? be taken, occur or
be achieved. Forward-looking
statements or information include, but are not limited to, statements or
information with respect to known or unknown risks, uncertainties and other
factors which may cause the actual results, performance or achievements of the
Company, or industry results, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements or information.
Forward-looking statements or information are
subject to a variety of risks and uncertainties which could cause actual events
or results to differ from those reflected in the forward-looking statements or
information, including, without limitation, risks and uncertainties relating
to: completion of announced transactions, history of losses; requirements for
additional capital; dilution; loss of its material properties; interest rates
increase; global economy; limited history of production; speculative nature of
exploration activities; periodic interruptions to exploration, development and
mining activities; environmental hazards and liability; industrial accidents;
failure of processing and mining equipment; labour disputes; supply problems;
commodity price fluctuations; uncertainty of production and cost estimates; the
interpretation of drill results and the estimation of mineral resources and
reserves; legal and regulatory proceedings and community actions; title
matters; regulatory restrictions; permitting and licensing; volatility of the
market price of common shares; insurance; competition; hedging activities;
currency fluctuations; and loss of key employees. Should one or more of these risks and
uncertainties materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those described in forward-looking
statements or information. Accordingly, readers are advised not to place undue
reliance on forward-looking statements or information. The Company disclaims
any intent or obligation to update forward-looking statements or information
except as required by law, and you are referred to the full discussion of the
Company?s business contained in the Company?s reports filed with the securities
regulatory authorities in Canada.