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Message: Merit Completes J&L Property Acquisition

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Merit Completes J&L Property Acquisition

posted on Aug 11, 10 11:09AM (Log in to use the IP Check tool) ^[?]

NEWS RELEASE 10-13
Merit Mining Corp. Completes 100% Acquisition of J&L Property

August 10, 2010 – Vancouver, British Columbia. Merit Mining Corp. (TSX-V: MEM) (the
“Company”) reports that it has completed the acquisition of a 100% undivided interest in the J&L polymetallic property, located 45 kilometres north of Revelstoke, British Columbia.

Under the terms of the J&L option agreement dated April 13, 2007, the Company acquired an initial 85% interest in the property in the first year of the option by making cash payments totalling $5.0 million and issuing 275,000 common shares, with further cash payments totalling $5.79 million and annual share issuances due on or before April 13, 2014, in order to complete the 100% acquisition, of which the Company has paid $150,000 and has issued 127,500 common shares. In consideration for a one-time cash payment of $4.75 million, the Company has now completed the acquisition early.

Fred Sveinson, President and CEO of Merit, states “we are pleased to complete the 100% acquisition of the J&L early and are now working on our exploration plans for the project.”

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