Letter of Intent Signed for a Joint Venture

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Letter of Intent Signed for a Joint Venture

posted on Dec 02, 2010 07:49PM

CMC Metals Ltd. News Release

Thursday, December 02, 2010
Letter of Intent Signed for a Joint Venture

Vancouver, B.C.: CMC Metals Ltd. (the "Company") is pleased to announce it has signed a Letter of Intent (LOI) with Pruett Ballarat Inc. (PBI), a Nevada mine developer, to progress mine and mill developments in California and Nevada. The principal of PBI has a 40 year history in Nevada and California. PBI currently operates the Radcliff gold mine and has a number of mining claims that require developing. The Company felt the network and experience PBI has developed will strategically strengthen the Company's Bishop Mill facility business unit in California.

The LOI states the principles to guide the transition to a Joint Venture (JV) agreement. A $20,000 initial payment was incurred on signing the LOI, and an additional payment of $30,000 will be required on or before signing the final JV agreement. PBI currently has several mine claims that will be registered with the Company as 50 percent owners in the properties. As the properties are co-registered, the Company will provide a news release with the property descriptions. The focus of the JV will be the immediate development of mine properties as feedstock for the Bishop Mill facility. President and CEO of the Company Don Wedman stated "This is a positive strategic alliance that will strengthen our presence in California and Nevada plus our ability to maximize the financial potential from the Bishop Mill facility."

The Company also wishes to announce that it will not proceed with spending any further funds on the Wheelbarrow property and will proceed to terminate its Agreement. The property is too early stage and the anticipated exploration costs would far out weigh any immediate benefit to the Company.

In compliance with NI 43-101, Don Wedman, P.Eng., President and Chief Executive Officer of the Company, is the Qualified Person who prepared or supervised the preparation of the technical information presented in this news release.

This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.

On behalf of the Board:

"Donald W. Wedman"
Donald W. Wedman, P.Eng.
CMC METALS LTD

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