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Millstream Completes $390,000 Flow-Through Financing

TORONTO, ONTARIO--(Marketwire - Dec. 31, 2008) - Millstream Mines Ltd. (TSX VENTURE:MLM) (FRANKFURT:NJD) is pleased to announce that it has completed a non-brokered private placement of $390,000 through the sale of 7,800,000 flow-through units ("FT Units") at $0.05 each, of which 7.0 million units have been taken up by the MineralFields Group. Each Unit is comprised of one flow-through share of the Company, and one-half (1/2) non-flow through common share purchase warrant. Each full warrant grants the right to purchase one non-flow-through common share at an exercise price of $0.20 per share within 12 months from the closing date. The Company has paid a cash commission of $17,500 to the finder, Limited Market Dealer Inc., and issued broker options granting the finder the right to purchase 490,000 units on the same terms as the subscriber's units within 12 months from the closing date. The above share issuance and attached warrants are subject to a four (4) month hold period from the date of closing.

The intended use of these proceeds is for exploration on Millstream's Potter Mine and Airport East Properties. The above private placement is subject to final TSX Venture Exchange approval.

"We are very pleased to be entering into this relationship with MineralFields Group", said Robert Chase, President. "This is an important milestone in the growth of Millstream and we look forward to working with MineralFields Group as we continue to further the Company's projects."

About MineralFields Group

MineralFields Group (a division of Pathway Asset Management), based in Toronto and Vancouver, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at First Canadian Securities (R) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities (R).

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.

Dec. 30, '08 Close: $0.03

64,051,707 SHARES ISSUED

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