TSX VENTURE SYMBOL "MC"
CALGARY, July 27 /CNW/ - MILL CITY GOLD CORP. ("Mill City") announces that, further to its option and joint venture agreement made September 2, 2008 with Temex Resources Corp. ("Temex") (TSX.V-TME) and Rainy Mountain Royalty Corp. (formerly East West Resource Corporation) ("Rainy Mountain") (TSX.V - RMO) to acquire a 50% interest in 17 mining claims known as the GP2 Property in the Noront-McFaulds Lake area, located in the Sachigo Greenstone Belt in the James Bay Lowlands region of Northern Ontario, Mill City has given notice to Temex and Rainy Mountain of its intention to extend the time for completion of work commitments required on the GP2 Property of $1,500,000 by September 2, 2010 and an additional $3,000,000 by September 2, 2011 for one year (the "Extension").
The Extension will require the Company to issue 125,000 common shares to each of Temex and Rainy Mountain for an aggregate of 250,000 common shares (the "Extension Shares") and is subject to TSX Venture Exchange approval. Mill City intends to apply to the TSX Venture Exchange for approval of said Extension and, if such approval is obtained, will issue the Extension Shares promptly thereafter. The Extension Shares will be subject to a four-month hold period.
ON BEHALF OF THE BOARD OF DIRECTORS
"James R. Brown"
James R. Brown
Chairman, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE MILL CITY GOLD CORP.
For further information: For further information: James R. Brown at 403-640-0110 or visit the Company's website at www.millcitygold.com