August 18, 2008 – Vancouver, British Columbia. Merit Mining Corp. (TSX-V:MEM) reports that in order for the Company to achieve positive cash flow from its Greenwood operation by late 2008 and in light of the current financial markets, it has temporarily suspended exploration work at its J&L polymetallic exploration project, located near Revelstoke, BC.
The aim of the J&L program is to reconfirm the historical resource of the Main Zone deposit and prepare a National Instrument 43-101 compliant resource. The delay in the J&L program is expected to bring Merit into cash positive territory before the end of 2008.
Certain personnel and equipment from the J&L project are being redeployed to the Company’s Greenwood Gold Mine in order to optimize operations and cash flow.
The J&L camp and infrastructure will be put on care and maintenance, allowing for restart of the exploration program on short notice.
Merit Mining Corp.
Signed “Fred Sveinson”
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.