Miocene Metals Announces Start of Drilling on Salal Molybdenum Property

TORONTO, Aug. 24, 2011 /CNW/ - Miocene Metals Limited (TSX-V: MII) (the "Company" or "Miocene Metals") today announced that drilling has started on its Salal Creek molybdenum-rhenium-silver ("Mo", "Re", "Ag") property located in south-western British Columbia about 70 kilometres north of Pemberton. Up to 3,000 metres of drilling in 10 holes is planned to test up to five targets. The five targets are located along a 15 kilometre trend of molybdenite occurrences established by historic exploration on the property and confirmed by Miocene sampling in 2010 (see Miocene press release dated August 12, 2010, and map on Miocene Metals website (www.miocenemetals.com).

Bruce Jago, President and CEO of Miocene Metals stated "We are very pleased to begin drilling on Salal, which is one of Miocene's key exploration properties. The 15 kilometre trend of molybdenite occurrences identified by historic sampling has been very poorly tested by limited drilling in the past.  It is very seldom one comes across such a large mineralized system that is so poorly tested by drilling.  Drilling will start in the Logan Ridge and Mud Lake areas, two of five zones of wide-spread surface occurrences of molybdenite with drill-ready targets."

Molybdenite mineralization on the Salal property typically occurs at the contact between fine-grained and coarse-grained quartz monzonite in quartz-sericite-pyrite veins and vein stockworks, molybdenite fracture coatings and more rarely as zones of disseminated molybdenite. In the Logan Ridge area, mineralization in the contact zone is exposed in outcrop over a width of 500 metres with the most intense veining, which will be tested by drilling occurring over an outcrop width of about 200 metres. Photos of the mineralization can be seen on Miocene Metals website (www.miocenemetals.com).

Salal molybdenite is enriched in rhenium and accompanied by highly anomalous Ag values as demonstrated by Miocene sampling in 2010, which returned up 3.24% Mo, 3.55 ppm Re and 30.0 ppm Ag in two grab samples collected from outcrop in the Mud Lake area on the north side of the property.

Rhenium typically occurs at very low concentrations in the majority of mineral deposits but can be enriched in molybdenum mineralization. Rhenium occurs within the molybdenite mineral structure and is recovered during beneficiation of molybdenite ores. Rhenium is used in super alloys and electronics to prevent brittle failure in super-alloys at high temperatures and in platinum-rhenium catalysts, amongst other uses. Rhenium does not have a substitute in industrial applications as its properties are unique.

Rock samples were delivered directly to ALS Chemex Ltd. Laboratories in Vancouver for preparation and analysis. Samples were analysed for base metals, silver, mercury and trace elements using Chemex's ME-MS61-m package, which is an inductively-coupled plasma mass spectrometry (ICP-MS) method utilising a near total four acid digestion. The samples were assayed for Au by standard lead collection/fire assay fusion (Au-ICP21) using a 30 gram pulp split and an inductively coupled plasma atomic emission spectrometry (ICP-AES) finish.

The Qualified Person responsible for the technical content of this press release is Jose Sayo Garcia, P.Geo, Exploration Manager of Miocene Metals.

About Miocene Metals Limited

Miocene Metals is focused on the exploration and development of seven porphyry copper-gold-molybdenum properties in south-western British Columbia that occur within the Tertiary-aged Cascade Magmatic Arc. The Cascade Arc shares many geological characteristics with Tertiary-age porphyry belts that stretch the length of Chile and Peru in South America and hosts some of the world's largest porphyry copper-gold-molybdenum deposits. The Cascade Magmatic Arc hosts a number of significant porphyry Cu-Au and Mo deposits in Washington State, and Alaska (Glacier Peak and Margaret, and Quartz Hill respectively) but remains largely unexplored in British Columbia.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of the Corporation, including, without limitation, those listed under "Risk Factors" and " Forward-Looking Statements" in the Corporation's Final Prospectus (collectively, "forward-looking information"). Forward-looking information in this news release includes, but is not limited to, information concerning the Corporation's expectations and estimates regarding the Corporation's drilling program. The Corporation cautions investors about important factors that could cause actual results to differ materially from those projected in any forward-looking statements included in this news release. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that the expectations set out in the Corporation's Final Prospectus or herein will prove to be correct and accordingly, prospective investors should not place undue reliance on these forward-looking statements. These statements speak only as of the date of this press release and the Corporation does not assume any obligation to update or revise them to reflect new events or circumstances. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.

Image with caption: "Salal Drill Collar Locations - Logan Ridge and Mud Lake (CNW Group/Miocene Metals Limited)". Image available at: http://photos.newswire.ca/images/download/20110824_C5980_PHOTO_EN_2458.jpg

Image with caption: "Salal Work Areas (CNW Group/Miocene Metals Limited)". Image available at: http://photos.newswire.ca/images/download/20110824_C5980_PHOTO_EN_2459.jpg