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Message: Debt Proposal to Debentureholders Rejected

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Debt Proposal to Debentureholders Rejected

posted on Dec 05, 09 01:32PM

Merit Mining Corp. Shares for Debt Proposal to Debentureholders Rejected

December 3, 2009 – Vancouver, British Columbia. Merit Mining Corp. (TSX-V:MEM) reports
that the Company’s proposal (NR 09-13 dated November 2, 2009) 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, has been rejected by certain of the debentureholders.

As previously announced, the Company is continuing to review strategic alternatives, including settlement of the debenture debt, in light of the announcement that Infinity Gold Mining Inc. (“Infinity”) has entered into an agreement with Wega Mining AS (“Wega”), whereby Infinity proposes to acquire somewhere between 3.62% and all of the shares of Merit and, possibly, convertible debt held by Wega.

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

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