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Millstream Sets Terms of Financing

TORONTO, ONTARIO--(Marketwire - Dec. 9, 2008) - Millstream Mines Ltd. (TSX VENTURE:MLM)(FRANKFURT:NJD) wishes to announce that it is endeavouring to raise funds by way of a non-brokered private placement flow-through deal of up to 3,000,000 units for maximum gross proceeds of $150,000. Each unit is comprised of (1) one flow-through common voting share and a one half (1/2) common voting share purchase warrant. Each full purchase warrant will entitle the holder to purchase one (1) additional common voting share for a period of one (1) year at a price of $0.20. The above share issuance and attached warrants are subject to a four (4) month hold period from the date of closing.

About Millstream Mines Ltd.:

Millstream Mines Ltd. is a Canadian-based mineral exploration company whose principle objective is to enhance and develop known mineral properties to production potential. The Company has projects in the Province of Ontario, Canada and in the State of Montana, USA. The past producing Potter Mine Property is host to copper-zinc-cobalt "stacked" mineralized zones located in the highly prolific Abitibi Greenstone Belt and more specifically in the Kidd-Munro Assemblage near the town of Matheson in north eastern Ontario. A recently published initial NI 43-101 compliant resource estimate on the Potter revealed an indicated resource of 3,028,767 tonnes at 1.45% copper, 1.19% zinc, 389.7 ppm cobalt, 11.1 ppm silver, and 127.5 ppb gold along with an inferred resource of 2,071,101 tonnes at 1.08 % copper, 1.05 % zinc, 301.4 ppm cobalt, 8.7 ppm silver, and 81.7 ppb gold. The Tamarack Gold Property, a high grade former gold producer in the Tobacco Root Mountains of south western Montana, is in an advanced stage of underground exploration and development operating under the Small Mines Exclusion Act of the State of Montana.

Millstream seeks safe harbour with regard to forward looking statements.

64,051,707 SHARES ISSUED

Dec. 8, '08 Close: $0.03

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