Getting their ducks in a rowMineral Mountain Resources Ltd.: TSXVenture Exchange Approves Option Agreement for Straw Lake Beach GoldMine Property Prospecting Program Underway
VANCOUVER, BRITISH COLUMBIA, Oct 20, 2010 (MARKETWIRE via COMTEX News Network) --
MineralMountain Resources Ltd. (TSX VENTURE: MMV) ("Company") is pleased toreport that the TSX Venture Exchange has approved the Option Agreementthat the Company has entered into an Option Agreement with ShotgunExploration ("Shotgun"), a private company based in Atikokan, Ontario,to earn a 75% interest in Shotgun's 100%-owned Straw Lake Beach GoldMine, a former gold and silver producer that was forced to shut downearly in its mine life due to the lack of power needed to extract theore from the deeper levels and the onslaught of World War II (see newsrelease dated September 28, 2010). Gold mineralization in the Straw Lakearea occurs in four different geological environments supporting ahydrothermal origin The property lies approximately 70 km northeast fromRainy River Resources' (RR.V-TSX) 5 Moz gold deposit situated inRichardson Township and approximately 100 km northwest from BrettResources' (BBR.V-TSX) 6.9 Moz Hammond Reef deposit in the Kenora MiningDistrict.
The Straw Lake Property consists of 4 patented miningclaims which cover the mine shaft and 16 unpatented mining claimstotalling approximately 1,706 hectares (4,215 acres).
Beginningtoday, has engaged the services of Grassroots Syndicate Inc., aWinnipeg-based group to provide a 2-man professional prospecting partyto begin traversing and rock sampling in the eastern part of the StrawLake property searching for both new and historical gold showings withinthe property limits. As well, grid lines are planned for the areastraddling the original Straw Lake Beach Gold Mine zone.
About Mineral Mountain
Presently,Mineral Mountain has over $4 million in the treasury. To date, MineralMountain has identified three major gold projects that meet theCompany's objectives. In south eastern British Columbia, the Companyacquired the 89,000-hectare Kootenay Arc Project because it straddled ageological environment that could host hypogene, sediment hostedprecious metal deposits similar to those found in the Carlin Trend ofNevada. To date, several kilometric-scalegold-silver-lead-zinc-copper-arsenic-bismuth-mercury anomalies have beendefined by prospecting and systematic soil and stream sediment samplingwithin the project area. The 90 km2 Golden Harp Main Block option inthe emerging Shining Tree mining camp and the Straw Lake Beach MineProperty both are considered to have excellent bulk tonnage and highgrade gold potential.
MINERAL MOUNTAIN RESOURCES LTD.
Nelson W. Baker, President and CEO
Thisrelease includes certain statements that may be deemed to be"forward-looking statements". All statements in this release, other thanstatements of historical facts, that address events or developmentsthat the Company expects to occur, are forward looking statements.Forward looking statements are statements that are not historical factsand are generally, but not always, identified by the words "expects","plans", "could" or "should" occur. Although the Company believes theexpectations expressed in such forward looking statements are based onreasonable assumptions, such statements are not guarantees of futureperformance and actual results may differ materially from those inforward looking statements. Factors that cause the actual results todiffer materially from those in forward-looking statements include goldprices, results of exploration and development activities, regulatorychanges, defects in title, availability of materials and equipment,timeliness of government approvals, continued availability of capitaland financing and general economic, market or business conditions. TheCompany cautions the foregoing list of important factors is notexhaustive. Investors and others who base themselves on the Company'sforward-looking statements should carefully consider the above factorsas well as the uncertainties they represent and the risk they entail.The Company believes that the expectations reflected in thoseforward-looking statements are reasonable, but no assurance can be giventhat these expectations will prove to be correct. Please see the publicfilings of the Company at www.sedar.com for further information.