Exploration Licences Held By Subsidiaries Of Meritus Minerals Limited Not Affected By New Regulations Adopted By Mongolian Government
Vancouver, B.C.: Meritus Minerals Ltd. (MML)(TSX-V - MER) is pleased to advise that the two exploration licenses held by its subsidiary company Gutain Davaa LLC (The Gutain Davaaa Project) are not affected by changes to the Mongolian Mining Legislation announced on 17th November 2010.
The two exploration licences in which Sutirem LLC, Meritus' other Mongolian subsidiary, has an interest are not affected either.
In July this year in response to public concern over the environmental impacts of mining activity, particularly placer gold (OOTC:PGCR) mining activity ,the Mongolian Government introduced new legislation that gave it the power to cancel mining tenements in sensitive forested areas and water catchments. Such areas are located largely but not entirely in the northern quarter of Mongolia. Following a review of the mining and exploration activity in these areas by national, provincial and local authorities the Mongolian Government has announced the cancelation of 254 mining licences used for placer (alluvial) gold mining.
The government has also announced that compensation will be paid to licence holders. No exploration licences have been cancelled. It appears that only mining licences used for the production of gold by placer mining methods are involved although this has yet to be confirmed.
For the purpose of this release the qualified person is Terence E. Bates, MSc (Geol), the Company's Chief Executive Officer and President. All technical information in this release has been reviewed or compiled by Mr. Bates. Mr. Bates is a Fellow of the Australian Institute of Mining and Metallurgy, and is a qualified person as defined by NI 43-101.
Meritus Minerals Ltd (C.MER) is a mineral exploration company committed to building shareholder value through the acquisition of base and precious metal properties. For additional information, contact Richard Schnoor at 604 618-9327.
On Behalf of the Board of Directors
Meritus Minerals Ltd.
Terence E. Bates - CEO and President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further Information please visit our website at: www.meritusminerals.com