TORONTO, ONTARIO--(Marketwire - Feb. 8, 2010) - Millstream Mines Ltd. (TSX VENTURE:MLM)(FRANKFURT:NJD) is pleased to announce that it has negotiated a C$170,000 third party unsecured private demand loan bearing 6% annual interest, compounded monthly. The Company has executed a Promissory Note in support of the loan.
Millstream Mines will use the net proceeds for working capital and general corporate purposes.
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. An 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.
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Feb. 5, 2010 Close: $0.065
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Millstream seeks safe harbour with regard to forward looking statements.