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Mineral mountain closes 2nd tranche of its upsized private placement for gross proceeds of $975,000


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Mineral mountain closes 2nd tranche of its upsized private placement for gross proceeds of $975,000

  1. 1. MINERAL MOUNTAIN RESOURCES LTD. 201-1416 West 8th Avenue Vancouver, B.C. V6H 1E1 T: 604-714-0111 F: 604-714-1119 MMV.TSX-V Not for Distribution to U.S. News Wire Services or for Dissemination in the United StatesNEWS RELEASE December 24, 2010No. 2010-15 Mineral Mountain Closes 2nd tranche of its upsized Private Placement for Gross Proceeds of $975,000Vancouver, British Columbia, December 24, 2010: Mineral Mountain Resources Ltd.(MMV.TSX-V) (“Mineral Mountain” or the “Company”) announced today that further to its pressrelease of December 17, 2010, it has closed the non-brokered private placement with theMineralFields Group (the “Offering”). The Offering involved the issuance of 1,500,000 flow-through common shares (the “FT Shares”) at $0.65 per FT Share to the MineralFields Group forgross proceeds of $975,000.“We are very pleased to be entering into this relationship with the MineralFields Group”, saidNelson Baker, President and CEO. “This is an important milestone in the growth of MineralMountain and we look forward to working with the MineralFields Group as we develop ourShining Tree and Straw Lake holdings in the Abitibi Greenstone Belt region.”The Company intends to use the proceeds from the Offering for general explorationexpenditures, which will constitute Canadian exploration expenses (as defined in the IncomeTax Act). In connection with the Offering the Company paid a cash commission of $68,293.75to certain finders. The FT Shares issued are subject to a four month hold period.About MineralFields, Pathway and First Canadian Securities ®MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver,Montreal and Calgary, is a mining fund with significant assets under administration that offers itstax-advantaged super flow-through limited partnerships to investors throughout Canada as wellas hard-dollar resource limited partnerships to investors throughout the world. Pathway AssetManagement also specializes in the manufacturing and distribution of structured products andmutual funds (including the Pathway Multi Series Fund Inc. corporate-class mutual fund series).Information about MineralFields Group is available at First CanadianSecurities ® (a division of Limited Market Dealer Inc.) is active in leading resource financings(both flow-through and hard dollar PIPE financings) on competitive, effective and service-VAN_LAW 7161441  
  2. 2. friendly terms, and offers investment banking, mergers and acquisitions, and mining industryconsulting, services to resource companies. MineralFields and Pathway have financed severalhundred mining and oil and gas exploration companies to date through First CanadianSecurities ®.MINERAL MOUNTAIN RESOURCES LTD.Nelson W. Baker, President and CEOFor further information, please contactBrad Baker, DirectorTelephone: (604) 714-0111 Email: bbaker@mineralmountain.comKin Communications (604) 684-6730 Email: ir@kincommunications.comNeither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracy of this release.This release includes certain statements that may be deemed to be “forward-looking statements”. All statements inthis release, other than statements of historical facts, that address events or developments that the Company expectsto occur, including without limitation, the use of proceeds from the Offering, are forward looking statements. Forwardlooking statements are statements that are not historical facts and are generally, but not always, identified by thewords “expects”, “plans”, “could” or “should” occur. Although the Company believes the expectations expressed insuch forward looking statements are based on reasonable assumptions, such statements are not guarantees offuture performance and actual results may differ materially from those in forward looking statements. Factors thatmay cause the actual results to differ materially from those in forward-looking statements include gold prices, resultsof 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 orbusiness conditions. The Company cautions the foregoing list of important factors is not exhaustive. Investors andothers who base themselves on the Company’s forward-looking statements should carefully consider the abovefactors as well as the uncertainties they represent and the risk they entail. The Company believes that theexpectations reflected in those forward-looking statements are reasonable, but no assurance can be given that theseexpectations will prove to be correct. Please see the public filings of the Company at for furtherinformation.VAN_LAW 7161441