February 26, 2008 – Vancouver, British Columbia. Merit Mining Corp. (TSX-V: MEM) reports that it has arranged a flow-through private placement of up to 10,000,000 shares, priced at $0.35 per share, for gross proceeds of up to $3.5 million, subject to acceptance for filing by the TSX Venture Exchange.
Jory Capital Inc. and certain other persons may assist the Company by introducing potential subscribers for the private placement, and, subject to acceptance for filing by the TSX Venture Exchange, will be paid a finder’s fee of 5% of the total subscription proceeds (plus applicable taxes) received from the subscribers introduced to the Company by such persons.
Proceeds of the flow-through private placement will be used by the Company for qualifying flow-through expenses on its J&L polymetallic property (gold/silver/zinc/lead), located near Revelstoke, BC. The J&L property is one of the largest undeveloped polymetallic deposits in British Columbia. The 2,325 hectare property has two known and significant polymetallic and precious mineral deposits. The Main Zone is a stratiform, structurally controlled polymetallic base and precious metal (Au-Ag-Zn-Pb) massive sulphide deposit. Historic underground drilling has defined the Main Zone for a 1.4 kilometre strikelength. Surface exploration has traced the Main Zone for 3 kilometres. The Main Zone averages 2.5 metres thick. The Yellowjacket Zone is a very siliceous Zn-Pb-Ag stratabound deposit that sub parallels and is in the immediate hangingwall of the Main Zone.
An exploration program comprised of underground development (1,000 metres) commenced in December 2007 at the J&L property, with underground diamond drilling (5,000 metres) planned to commence in May 2008.
Meanwhile, at the Company’s Greenwood Gold Project, located near Greenwood, BC, mill start up is on schedule for March 2008 to commence processing of a 10,000 tonne underground bulk sample from the Lexington-Grenoble mine.
Merit Mining Corp.
Fred Sveinson, President & CEO
For further information please contact:
Fred Sveinson at (604) 694-2344
For Investor Relations Information Contact:
MarketSmart Communications (604) 261-4466
(Toll Free 1-877-261-4466)
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company’s expectations. Certain risk factors may also affect the actual results achieved by the Company.