January 22, 2010
Initial Distribution Made to Unsecured Creditors of Merit Mining Corp.

January 22, 2010 - Vancouver, British Columbia. Merit Mining Corp. (TSX-V:MEM) reports that during the month of December 2009, Abakhan & Associates Ltd., trustee for the Company, made the first distribution, comprised of 15% of the proven claim amounts of the unsecured creditors of Merit, pursuant to a Proposal, which was made to the unsecured creditors of the Company, under the Bankruptcy and Insolvency Act ("BIA") earlier in 2009. 

The Proposal process began on December 3, 2008, when the Company filed a Notice of Intention to Make a Proposal to its creditors under the BIA.  The Proposal was filed with the Office of the Superintendent of Bankruptcy on March 23, 2009. The requisite percentages of the unsecured creditors voted to approve the Proposal at a meeting held on April 14, 2009 and on May 6, 2009 the Supreme Court of British Columbia made an Order approving the Company's Proposal to its unsecured creditors. 

The Proposal provides that the unsecured creditors will receive funds equal to 30% of their claims, to be paid upon receipt by the Company of 2007 and 2008 Mineral Exploration Tax Credits ("METC's"), which were anticipated to be received in the spring and fall of 2010, respectively. The Company received its 2007 METC refund earlier than anticipated, enabling the first distribution, which totalled $333,524.62. 

Merit Mining Corp.

Signed "Fred Sveinson"

Fred Sveinson, President & CEO

For further information please contact:

Fred Sveinson at (604) 694-2344

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

CAUTIONARY STATEMENTS REGARDING FORWARD LOOKING INFORMATION

Certain of the statements made and information contained herein may contain forward-looking statements or forward-looking information within the meaning of applicable securities laws.  Such forward-looking statements or forward-looking information include, but are not limited to, statements concerning: the Company's plans for distributions to creditors.    Forward-looking statements or information include statements regarding the expectations and beliefs of management. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.  Forward-looking statements or information include, but are not limited to, statements or information with respect to known or unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. 

Forward-looking statements or information are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks and uncertainties relating to: history of losses; requirements for additional capital; dilution; loss of its material properties; interest rates increase; global economy; limited history of production; speculative nature of exploration activities; periodic interruptions to exploration, development and mining activities; environmental hazards and liability; industrial accidents; failure of processing and mining equipment; labour disputes; supply problems; commodity price fluctuations; uncertainty of production and cost estimates; the interpretation of drill results and the estimation of mineral resources and reserves; legal and regulatory proceedings and community actions; title matters; regulatory restrictions; permitting and licensing; volatility of the market price of common shares; insurance; competition; hedging activities; currency fluctuations; and loss of key employees.  Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. The Company disclaims any intent or obligation to update forward-looking statements or information except as required by law, and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada.

Back to news index