NWM Announces Convertible Debenture Restructuring

    TSX Venture Exchange
    Symbol: COL
    Shares Outstanding: 96,970,527

    TORONTO, Jan. 27 /CNW/ - NWM Mining Corporation (TSX-V: COL) announces it
has agreed to amend the terms of CAD$1.1 million convertible debenture due
January 17, 2009 to extend the maturity date to June 10, 2010, amend the
conversion privilege to eliminate the anti-dilution ratchet-down provision,
fix the conversion rate at $0.10 per common share, eliminate the half-warrant
previously included upon conversion and redenominate the convertible debenture
as a US dollar obligation. The convertible debenture was recently acquired
from a third party by Global Resource Fund, which provided financing to NWM
Mining Corporation in December, 2008 pursuant to a multi-tranche credit
facility. NWM also announces that 1,872,400 company share options have expired
or been cancelled since the end of September, 2008.
    "An outstanding convertible obligation has been replaced with a note that
has a clearly defined single share conversion price and a further 18 months to
maturity. This, in conjunction with outstanding option reductions, is progress
on company balance sheet and capital structure adjustment," said Chris Berlet,
CEO of NWM Mining Corporation.
    Completion of amendment of the convertible debenture is subject to TSX
Venture approval.

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


    This press release may contain forward-looking statements.
Forward-looking statements are frequently characterized by words such as
"plan", "expect", "project", "intend", "believe", "anticipate" and other
similar words, or statements that certain events or conditions "might" or
"will" occur. Forward-looking statements are based on current expectations
that involve a number of risks and uncertainties which could cause actual
events or results to differ materially from those reflected herein.
Forward-looking statements are based on the estimates and opinions of
management of the Company at the time the statements were made. These factors
include the inherent risks involved in the development, construction and
operation of mining and gold recovery projects, fluctuations in commodity and
equity markets, the possibility of project cost overruns or unanticipated
costs and expenses, uncertainties relating to the availability and costs of
financing needed in the future and other factors. Readers are cautioned not to
place undue reliance on these forward-looking statements, which speak only as
of the date the statements were made.

    %SEDAR: 00004373E

For further information:

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

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