TORONTO, CANADA January 29, 2013 Mr. George A. Brown, President of MacMillan Minerals Inc., (TSX-V:MMX) wishes to announce that the Company has completed the SEDAR filing of the Audited Financial Statements for the years ended September 30, 2012 and 2011 and the accompanying Management Discussion and Analysis.
Highlights include:
As at September 30, 2012 fiscal year end:
Cash – $50,087.
Shares issued and outstanding 55,077,375
Fully diluted – 73,852,375
Additional working capital injection if fully diluted – $1,990,000.
For the fiscal year ended September 30, 2012:
Expenses – $373,166. (excluding non cash stock based compensation and exploration expenditures)
Exploration expenditures – $678,607.
Brokered financing completed – $500,000.
Stock options exercised – $180,000.
Warrants exercised – $261,000.
Shares placed into escrow – 8,962,714*
Warrants placed into escrow – 3,260,250*
( * subject to release over three years commencing in May 2012)
The Company was successful in becoming listed and trading on the TSX Venture Exchange as MMX effective May 23, 2012.
During 2012, the Company completed six diamond drill holes totaling 817.95 metres on three separate target areas of the Las Cucharas Gold & Silver Project. Three holes were completed in May and June at the La Raizura Target (September 27, 2012 news release). Two diamond drill holes were completed in June at the El Molino Target and one diamond drill hole was drilled in July at the La Azurita Target (October 15, 2012 news release).
The Company expects to receive titles for additional properties won at lottery in Mexico as early as February. Three diamond drill holes have been completed, sampled, and assayed from these properties that are expected to be titled shortly. The results from these drill holes, that are yet to be received, will be made available by the assay lab and news released by the Company soon after titles have been received from the Mexican ministry responsible for issue.
In November 2011, the Company signed an agreement allowing the rights of West Timmins Mining Inc. and Lake Shore Gold Corp. in the La Violetta Project to be assigned to Revolution Resources Corp. The Company continues to hold a 30% carried interest until a bankable feasibility is completed on a mineral resource defined at least in part on the properties which comprise the La Violetta Project.
MacMillan is an exploration company with a focus on gold and silver exploration on numerous properties in Mexico. The corporate mission is to advance exploration properties to a stage whereby they may attract a more senior company to either purchase them outright or enter into a joint venture earn in under which the Company would maintain a carried interest until bankable feasibility or production decision.
Additional information on the Company is available at www.sedar.com
For additional information, contact: Tel: (416) 867-1101 Fax: (416) 867-1222
Email: [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release
