Miocene Metals Announces Agreement with Wallbridge Mining on Funding for Summer Program

    




 TORONTO, June 14, 2012 /CNW/ - Miocene Metals Limited  (the "Company" or "Miocene Metals") today announced that it has reached  agreement with its major shareholder Wallbridge Mining for a $1 million  Line of Credit ("LOC"), which will be used to fund its summer  exploration program.  Work will be focused on the MacKenzie Property,  where surface copper mineralization has been traced over a 1.2  kilometre strike length. Objectives of the 2012 program are to obtain  the first drill intercepts of the high-grade mineralized structures  which have been identified on surface and to identify the intrusive  source for this mineralization. 

 Commenting on the agreement with Wallbridge, Bruce Jago, President and  CEO of Miocene Metals stated, "We are pleased to have been able to  complete this arrangement with Wallbridge. It allows us to carry out a  significant summer program, without unduly diluting our shareholders  during this period of extremely low valuations for junior companies. We  are also continuing with our efforts to secure joint venture funding  for our Rogers Creek and Salal properties as well as raising additional  capital through the equity markets." 

 Marz Kord, President and CEO of Wallbridge stated, "This agreement is  the best way of ensuring the ability of Miocene to build shareholder  value during this extremely difficult period.  As Miocene's major  shareholder, Wallbridge and its shareholders will also benefit from the  success of Miocene." 

 The Mackenzie property is located 80 kilometres to the northwest of  Pemberton BC and is one of Miocene Metals key copper-gold exploration  properties. As reported in a February 17, 2012 press release, the  MacKenzie property was increased in size 8-fold from 36.3 square  kilometres to 299.03 square kilometres. The property was increased in  size on the basis of mapping and sampling results in 2010 and 2011,  which suggested high-grade copper-gold surface exposures were related  to a buried copper-gold porphyry system, which will be the focus of  Miocene's 2012 exploration program. 

 Copper-gold mineralization at MacKenzie consists of: 

 1) Strike-persistent, shallow-dipping (~35(0) E), high-grade copper-gold mineralized structures ranging in thickness  from 0.3 metres to 9 metres, and mapped on surface over an area of 700  by 1,200 metres (see Miocene press releases dated August 12, 2010 and  December 9, 2011), and, 

 2) Disseminated chalcopyrite, bornite and molybdenite mineralization in  potassically altered Coastal Range plutonic rocks that are cross-cut by  younger, fine-grained granodioritic and dioritic rocks of possible  Miocene age. 

 More comprehensive descriptions and photographs of MacKenzie  mineralization can be found on the company's website at www.miocenemetals.com. 

 The 2012 exploration program at MacKenzie will focus on drill-testing  the high-grade mineralized structures, which have been identified on  surface, surface mapping and 3D modelling to locate the potential  buried porphyry source for the mineralization and the collection of  stream sediment and prospecting samples from the enlarged property  package to explore for other occurrences of copper-gold mineralization. 

 Terms of the LOC with Wallbridge: 

 The LOC shall be in the principal amount of $1,000,000 and advanced in  monthly instalments based upon Miocene's monthly budgets. Principal  amounts advanced shall bear interest at the rate of 8% per annum  (calculated annually not in advance) on each principal amount advanced  calculated from the date of advance until repayment of such advance in  full. The LOC shall be repaid in full, including all interest accrued  thereon, on the earlier of March 31, 2013 or immediately upon receipt  of any joint venture financing or private placement financing, in  either case which results in net proceeds to Miocene of not less than  $1,250,000. Miocene shall provide a first charge on Miocene's two  properties known as Salal and MacKenzie together with a collateral  assignment of Miocene's Portable Assessment Credits ("PAC") net of  Miocene's 2013 PAC requirements as at December 31, 2012. Miocene  covenants that during the term of the LOC its working capital,  excluding the amounts advanced under the LOC, shall not be negative.   Should such working capital amount become negative during the term of  the LOC, the LOC and all interest accrued thereon shall immediately  become payable. The contractual provisions of this agreement shall be  interpreted and construed in accordance with the laws having  application in the Province of Ontario, Canada. The agreement is  subject to approval of those directors of each of Miocene and  Wallbridge who are not directors or officers of the other company. The  agreement is also subject to any approval which may be required from  the TSX Venture Exchange. 

 The Qualified Person responsible for the technical content of this press  release is Jose Sayo Garcia, P.Geo, Vice President Exploration of  Miocene Metals. 

 About Miocene Metals Limited 

 Miocene Metals is focused on the exploration and development of six  porphyry copper-gold-molybdenum properties in south-western British  Columbia that occur within the Tertiary-aged Cascade Magmatic Arc. The  Cascade Arc shares many geological characteristics with Tertiary-age  porphyry belts that stretch the length of Chile and Peru in South  America and hosts some of the world's largest porphyry  copper-gold-molybdenum deposits. The Cascade Magmatic Arc hosts a  number of significant porphyry Cu-Au and Mo deposits in Washington  State, and Alaska (Glacier Peak and Margaret, and Quartz Hill  respectively) but remains largely unexplored in British Columbia. 

 Neither the TSXV nor its Regulation Services Provider (as that term is  defined in the policies of the TSXV) accepts responsibility for the  adequacy or accuracy of this release. 

 FORWARD-LOOKING STATEMENTS 

 This news release contains forward-looking information that involves  substantial known and unknown risks and uncertainties, most of which  are beyond the control of the Corporation, including, without  limitation, those listed under "Risk Factors" and " Forward-Looking  Statements" in the Corporation's Final Prospectus (collectively,  "forward-looking information"). Forward-looking information in this  news release includes, but is not limited to, information concerning  the Corporation's expectations and estimates regarding the  Corporation's drilling program. The Corporation cautions investors  about important factors that could cause actual results to differ  materially from those projected in any forward-looking statements  included in this news release. Any statements that express, or involve  discussions as to, expectations, beliefs, plans, objectives,  assumptions or future events or performance are not historical facts  and may be forward-looking and may involve estimates, assumptions and  uncertainties which could cause actual results or outcomes to differ  materially from those expressed in such forward-looking statements. No  assurance can be given that the expectations set out in the  Corporation's Final Prospectus or herein will prove to be correct and  accordingly, prospective investors should not place undue reliance on  these forward-looking statements. These statements speak only as of the  date of this press release and the Corporation does not assume any  obligation to update or revise them to reflect new events or  circumstances. The Corporation disclaims any intention or obligation to  update or revise any forward-looking statements, whether as a result of  new information, future events or otherwise, save and except as may be  required by applicable securities laws. 



Miocene Metals Limited


CONTACT:  Please visit the Miocene Metal's website atwww.miocenemetals.com, orcontact:Miocene Metals LimitedBruce C. Jago, Ph.D., P.GeoPresident and CEO of Miocene Metals(604) 654-2581 [e-mail] Miranda BerukoffVice-President Investor's Relations(604) 654-2585 [e-mail] 


    

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