NEWS RELEASE 09-13
Merit Mining Corp. Revises Shares for Debt Settlement with Debentureholders

November 2, 2009 – Vancouver, British Columbia. Merit Mining Corp. (TSX-V:MEM) reports
that the Company has revised an earlier proposal dated October 16, 2009 and now proposes to settle debt held in the form of secured convertible debentures in the principal amount of $8,198,411 plus accrued interest, at the deemed price of $0.24 per share, after giving effect to certain agreed discounts on the debentures, subject to approval of the debentureholders. The shares for debt transaction is subject to TSX Venture Exchange approval.

Of the above noted debentures, Wega Mining ASA, which currently holds a 58% interest in the Company, holds a debenture in the principal amount of $2,698,149. As a result of the shares for debt transaction and assuming accrued interest to October 31, 2009, Wega Mining ASA will hold 15,023,658 shares, representing ~57.9% interest in the Company. As a result of the transaction, Munday Home Sales Ltd., which holds a debenture in the principal amount of $1,030,262, will become an insider of the Company holding 4,772,621 shares, representing ~18.4% of the Company’s issued and outstanding shares post-transaction, assuming accrued interest to October 31, 2009.

In December 2008, unable to achieve positive cash flow at its Greenwood Gold Project in the face of operating difficulties, falling metal prices, and poor financial markets, the Company shut down its operations and filed a Notice of Intention to Make a Proposal under the Bankruptcy and Insolvency Act. Subsequently, in the spring of 2009, the Company made a proposal to its unsecured creditors, which was approved by the creditors and the Court. In September 2009, the Company completed a consolidation of its common shares.

The proposed settlement of the debentures is a key step in this lengthy restructuring process.

Merit Mining Corp.
Signed “Fred Sveinson”
Fred Sveinson, President & CEO
For further information please contact:
Fred Sveinson at (604) 694-2344