Vancouver, July 18, 2022): Mineral Mountain Resources Ltd. (“Mineral Mountain” or the “Company”) (TSXV: “MMV”) (MNRLF:OTCQB) (M8M-FRANKFURT) is pleased to announce that it has closed the second tranche of the private placement announced previously on April 5, 2022 issuing 485,000 units (“Units”) at a price of CAD$0.10/Unit for gross proceeds of CAD$48,500.
Each Unit consists of one common share and one common share purchase warrant (a “Warrant”). Each Warrant can be exercised for a one year period from the Closing Date at $0.25 per warrant share.
The securities issued pursuant to the private placement are subject to applicable resale restrictions, including a four month hold period from date of closing of the private placement under applicable Canadian securities laws. Net proceeds from the financing will be used to advance the Standby Mine Gold project and for general working capital.
About the Standby Mine Gold Target
All geologic, geophysical and drill results to date suggest a Homestake ledge-type target exists at Standby and is potentially of large scale. Mineral Mountain’s goal is to extend the Standby Mine gold mineralization down-plunge through systematic step-out drilling along strike and down-plunge in the Upper Tail to discover an Ore Centroid at depth.
MMV’s two previous core drilling campaigns between 2018 and 2020 extended known gold mineralization from the bottom of the historic Standby Mine workings from 130 meters below surface to a total plunge length of 850 meters.
Jeff Hrncir, the Company’s chief geologist commented: “Confirming the existence of an Ore Centroid at Standby would be a game-changing discovery for Mineral Mountain Resources and set the stage for future resource delineation drilling”.
On Behalf of the Board of Directors
MINERAL MOUNTAIN RESOURCES LTD.
“Nelson W. Baker”, President and CEO
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