TSX Venture Exchange: MHI
Frankfurt Stock Exchange: N8Z/WKN: AODLHP
Pink Sheets: MHIFF
VANCOUVER, June 28 /CNW/ - Mineral Hill Industries Ltd (the "Company' or "Mineral Hill") is pleased to announce that it has entered into a letter of intent ("LOI") for an Earn-In Option Agreement ("EIO Agreement") and a joint venture encompassing 127 gold and precious metals mining claims in the United States (the "Gold Mine Project"). The Gold Mine Project was in production when in 1999, it had to cease due to a litigation which, in 2007, was clarified through the courts. Under the LOI, the Company is required to raise $1 million towards the acquisition price of the project and $1.5 million towards processing a previous stockpiled bulk sample of 40,000 cubic yards and the preparation for processing of a further 1.4 million cubic yards of previously exposed material within the gold bearing channel. Mineral Hill is currently completing its due diligence process. Its prospective joint venture partner has initiated the renewal of the exploration and extraction permits, which is a pre-requisite for the EIO-Agreement in order to facilitate an immediate start-up of the joint work program as soon as Mineral Hill's due diligence is completed and the Company has received its regulatory approvals. Upon completion of its due diligence, Mineral Hill will enter into the EIO Agreement. Further details will be announced in due course.
As announced on May 18, 2010, Mineral Hill's discussions and exchange of information with Ascot Mining Plc are still under way in order to determine mutually acceptable terms for a business transaction. The possible Gold Mine Project acquisition by Mineral Hill will not impact or delay any possible joint undertakings of both companies. A combined effort to develop Mineral Hill's promising lithium and gold assets is of great interest to both Ascot Mining Plc and Mineral Hill. Further details in this regard will also be announced in due course.
About Mineral Hill Industries Ltd.
Mineral Hill Industries Ltd. is a Canadian based mineral exploration and development company trading on the TSX Venture Exchange (MHI), the Frankfurt Exchange (N8Z/WKN: AODLHP), and the OTC Pink Sheets (MHIFF). Mineral Hill has accumulated a diversified portfolio of quality lithium and precious metal properties primarily in Canada and the USA. The Company's determination to develop its promising lithium exploration projects in Quebec, Canada, and in Nevada, USA, will remain a major focus. The Company's pursuit in accelerating the development of its existing gold exploration and production opportunities and attracting a strong management team will enhance its effectiveness to execute its objectives and mission.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
SOURCE Mineral Hill Industries Ltd.
For further information: For further information: on Mineral Hill Industries Ltd. and its projects visit the Company's website at www.mineralhill.com or contact: John Punzo, President, Mineral Hill Industries Ltd., Telephone: (604) 685-4170, Email: firstname.lastname@example.org; Dieter Peter, Chief Executive Officer, Mineral Hill Industries Ltd., Telephone: (604) 685-4170, Email: email@example.com