NWM Mining Corporation Announces Initial Closing and an Increase and
Extension in the Size of the Private Placement

    
    /THIS NEWS RELEASE IS NOT INTENDED FOR DISTRIBUTION IN THE UNITED STATES/

    TSX Venture Exchange
    Symbol: NWM
    Shares Outstanding: 107,994,527
    

TORONTO, Sept. 30 /CNW/ - NWM Mining Corporation ("NWM" or the "Company") (TSX-V: NWM) is pleased to report an initial closing and increase in the size and extension of the offering, in connection with the previously announced non-brokered private placement for up to $4,000,000 at $0.06 per unit, as stated in the July 28, 2009 and September 4, 2009 news releases. The Company has received subscription agreements for 55,012,000 units for $3.3 million and has closed today on $2.6 million. The balance of the subscription agreements is scheduled to close shortly. Each unit consists of one common share of NWM and one common share purchase warrant ("Warrant"). Each Warrant is exercisable for a period of twenty-four (24) months from the date of issuance at an exercise price of $0.08 per Warrant for the first twelve (12) months and at an exercise price of $0.10 per Warrant for the next twelve (12) months. After six months and one day from the date of issue, the Warrants will be subject to an accelerated expiration clause, being expiry 30 days after the 20 day Volume Weighted Average Price of the common shares of NWM on the TSX-V is at or above $0.12.

Fees totalling $125,979 and warrants totalling 3,481,500 units have been paid to placement agents in relation to this private placement. The warrants have the identical terms to the Warrants comprising a part of the Units. NWM also paid $28,807 to a fiscal agent, in relation to this private placement.

Directors and insiders of NWM have subscribed for 5,150,000 units, which is 9.36% of this private placement financing.

NWM has increased the amount of the private placement offered on the same terms by $1.1 million, to an aggregate total of up to $5.1 million, and the final closing of the private placement is expected to be completed within 30 days.

The common shares and Warrants comprising the units will be subject to a hold period, ending February 1, 2010, which is four months plus one day from the date of issuance, in accordance with the policies of the TSX Venture Exchange and applicable securities laws. The private placement offering is subject to regulatory approval and the completion of definitive documentation.

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

SOURCE NWM Mining Corporation

For further information: For further information: NWM Mining Corporation at (416) 364-6799

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NWM Mining Corporation

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