Mill City Gold Corp. - Grant of Incentive Stock Options and Amendment to Stock Option Plan



    TSX VENTURE SYMBOL "MC"

    CALGARY, Jan. 29 /CNW/ - MILL CITY GOLD CORP. ("Mill City" and/or the
"Company") has today granted to a director and officer of the Company
incentive stock options to purchase a total of 47,841 common shares of the
Company under the Company's current stock option plan. The options will vest
as to 25% upon the date of grant and 12 1/2% every quarter thereafter with an
expiry date of January 29, 2013 and are exercisable at a price of $0.21 per
share, being the closing price of the Company's common shares on the TSX
Venture Exchange on the trading day immediately preceding the date of this
press release.
    The directors of the Company also approved today, subject to requisite
approval by the Company's shareholders and the TSX Venture Exchange, an
amendment to the Company's stock option plan to increase the maximum number of
common shares issuable under the plan from 7,707,841 to 8,534,841, being 20%
of the Company's issued and outstanding common shares as at the date hereof.
Under the Company's stock option plan as so amended, the Company has today
granted to a director and officer additional incentive stock options to
purchase a total of 752,159 common shares. These options may not be exercised
until the requisite shareholder approvals have been received and will vest as
to 25% upon TSX Venture Exchange approval of the amendment to the Company's
stock option plan for filing and 12 1/2% every quarter thereafter with an
expiry date of January 29, 2013 and are exercisable at a price of $0.21 per
share.

    ON BEHALF OF THE BOARD OF DIRECTORS

    "James R. Brown"
    James R. Brown
    Chairman, President & CEO

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this Release.





For further information:

For further information: James R. Brown at (403) 640-0110 or visit the
Company's website at www.millcitygold.com

Organization Profile

MILL CITY GOLD CORP.

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