Non-Brokered Private Placement to Raise $476,795 With the MineralFields Group



    /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
    UNITED STATES./

    Trading Symbol: TSXV-MTB

    VANCOUVER, Aug. 27 /CNW/ - The Company is pleased to announce it has
agreed with the MineralFields Group ("MineralFields") to complete a private
placement to raise proceeds of up to $476,795. It has been agreed the offering
will be comprised of up to 3,178,633 flow-through units at a price of $0.15
per unit. The units will be comprised of one common share and one
non-flow-through warrant, with each warrant being exercisable for the purchase
of an additional share, at a price of $0.25 per share, for a two year period.
The private placement remains subject to receipt of necessary stock exchange
approvals.
    Proceeds of the offering will be expended on mineral exploration on the
Company's properties.
    This is the fifth financing that MineralFields has entered into with the
Company recently.
    The Company has agreed to pay a cash commission of 5% of the proceeds
raised and a warrant equal to 10% of the units sold, exercisable at a price of
$0.15 per unit for a two year period.

    Mountain Boy Minerals Ltd. is a Canadian-based mineral exploration
company whose activities are in the Stewart and Mackenzie area of B.C. It is
actively exploring for gold-silver-base metals on the Silver Coin project,
silver-zinc metals on the Barbara project, silver-base metals on their
American Creek properties, copper-gold in the Stewart area, porphyry
molybdenum in the Stewart and Mackenzie areas and copper-nickel-platinum group
metals in the Mackenzie area.

    MineralFields Group (a division of Pathway Asset Management) is a
Toronto-based mining fund with significant assets under administration that
offers its tax-advantaged super flow-through limited partnerships to investors
throughout Canada during most of the calendar year, as well as hard-dollar
resource limited partnerships to investors throughout the world. Pathway Asset
Management also specializes in the manufacturing and distribution of
structured products and mutual funds. Information about MineralFields Group is
available at www.mineralfields.com. First Canadian Securities(R), a division
of Limited Market Dealer Inc., is active in leading resource financings (both
flow-through and hard dollar PIPE financings) on competitive, effective and
service-friendly terms, with investors both within, and outside of
MineralFields Group.

    ON BEHALF OF THE BOARD OF DIRECTORS

    "Randolph Kasum"
    ------------------------
    Randolph Kasum, Director

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.

    %SEDAR: 00013756E




For further information:

For further information: John Thornton at (778) 855-7823 or Ed
Kruchkowski at (250) 636-9232 or visit the website at
http://www.mountainboyminerals.ca

Organization Profile

MOUNTAIN BOY MINERALS LTD.

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