Millstream Gives Update on Montana Joint Venture Deal
December 11, 2008 at 09:00 AM EST
TORONTO, ONTARIO--(Marketwire - Dec. 11, 2008) - Ernest Harrison, Chairman of Millstream Mines Ltd. (TSX VENTURE:MLM)(FRANKFURT:NJD), wishes to announce that Nirek Resources Inc.'s Option to purchase a 49% interest in Millstream's Tamarack Gold property (PR April 01/08) has been terminated and is no longer valid. Accompanying the original signed Letter of Intent between the parties Millstream issued to Nirek a non-brokered Flow-through share (FTS) Offering priced at $1.00 per FTS. Nirek only subscribed to 160,000 FTS of the Offering. Effective December 31, 2008 Millstream shall close such Offering.
The above share issuance is subject to a twelve (12) 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. 10, '08 Close: $0.03The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.