Miocene Metals Announces Corporate Changes

TORONTO, Dec. 21, 2012 /CNW/ - Miocene Metals Limited (TSX-V: MII) (the "Company" or "Miocene Metals") today announced the resignation of the current President and CEO, Bruce Jago, as officer of the Company to be effective January 1, 2013. Mr. Jago will remain on the Board of Directors of the Company, and will be available to provide technical advisory services to the Company. The duties of the Chief Executive Officer will be assumed by the Company's Executive Chairman, Mr. Alar Soever on an interim basis. Mr. Soever is also Executive Chairman of the Company's largest shareholder, Wallbridge Mining Company Limited (TSX:WM). Mr. James J. Jackson has been appointed Lead Independent Director.

The Company would like to thank Mr. Jago for his service and valuable contribution to the Company and wishes him well in his future endeavours.

The Company also announced that, in view of the current economic climate, it has implemented measures to reduce corporate overhead costs.  These include renegotiation of key contracts and consolidation of its Vancouver office with that of its major shareholder, Wallbridge Mining Company Limited, which provides the Company with accounting and administrative services and with whom it shares a Chief Financial Officer.  As part of the cost cutting measures the Company has terminated the investor relations services of SummitRG effective December 31, 2012.

The Company continues to enjoy the support of its major shareholder, Wallbridge and is in the process of renegotiating the terms of the line of credit facility ("LOC") with Wallbridge (see press release dated June 14, 2012 for terms of this facility).  As an interim step, 1) Wallbridge has agreed to provide an additional loan of $50,000 to be drawn in Quarter 1, 2013 on a dollar for dollar basis against equity injections; 2) the LOC will carry an interest rate of 12% effective January 1, 2013.

The Company continues in its efforts to secure major partner funding for its exploration efforts on its British Columbia properties.  Large mineralized porphyry copper-gold systems have been identified on both the Mackenzie and Rogers Creek properties, and these properties will be the focus of future exploration programs.

About Miocene Metals Limited

Miocene Metals is focused on the exploration of six porphyry copper-gold-molybdenum properties in south-western British Columbia that occur within the Tertiary-aged Cascade Magmatic Arc. The Cascade Arc shares many geological characteristics with Tertiary-age porphyry belts that stretch the length of Chile and Peru in South America and hosts some of the world's largest porphyry copper-gold-molybdenum deposits. The Cascade Magmatic Arc hosts a number of significant porphyry Cu-Au and Mo deposits in Washington State, and Alaska (Glacier Peak and Margaret, and Quartz Hill respectively) but remains largely unexplored in British Columbia.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of the Corporation, including, without limitation, those listed under "Risk Factors" and " Forward-Looking Statements" in the Corporation's Final Prospectus (collectively, "forward-looking information"). Forward-looking information in this news release includes, but is not limited to, information concerning the Corporation's expectations and estimates regarding the Corporation's drilling program. The Corporation cautions investors about important factors that could cause actual results to differ materially from those projected in any forward-looking statements included in this news release. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that the expectations set out in the Corporation's Final Prospectus or herein will prove to be correct and accordingly, prospective investors should not place undue reliance on these forward-looking statements. These statements speak only as of the date of this press release and the Corporation does not assume any obligation to update or revise them to reflect new events or circumstances. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.


SOURCE: Miocene Metals Limited

For further information:

Please visit the Miocene Metal's website at www.miocenemetals.com, or contact:

Miocene Metals Limited
Alar Soever,
Executive Chairman
1-705-682-9297
asoever@miocenemetals.com

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