Dec. 23, 2009 (Filing Services Canada) -- Mega Precious Metals Inc. (MGP - TSX Venture), announced today that it acquired ownership of 8,000,000 common shares of Rolling Rock Resources Corporation ("Rolling Rock") (representing approximately 17.3% of the outstanding common shares of Rolling Rock) at an aggregate price of $1,272,960 in cash, or $0.15912 per share. The shares were purchased from Kinross Gold Corporation ("Kinross") pursuant to a share sale agreement (the "Share Sale Agreement") between Mega and Kinross.
The purchase was completed in accordance with the terms of the Share Sale Agreement. Mega acquired the common shares of Rolling Rock for the purpose of potentially establishing a business relationship with Rolling Rock. Mega intends to review its holding in Rolling Rock on a continuing basis and may increase or decrease its holding of securities of Rolling Rock in the future. Any such increase or decrease will depend on various factors, including, among other things, the price and availability of securities of Rolling Rock, subsequent developments affecting Rolling Rock or its business, other available business opportunities, general stock market and economic conditions, tax considerations and required regulatory approvals.
Mega Precious Metals Inc. is a well financed Canadian-based mineral exploration company with sufficient cash to carry out all planned exploration programs on properties in Northwestern Ontario, Nunavut and the Yukon. Mega is committed to an accelerated growth strategy, and is backed by a team of experienced mining experts and a strong financial position. Mega is poised for rapid expansion through quick response to new opportunities and changes in the market. Mega's common shares trade on the TSX Venture Exchange under the symbol MGP.
For further information and presentation material, please review the Mega website at www.megapmi.com.
For further information (including obtaining a copy of the early warning report filed under applicable securities legislation), please contact:
Mega Precious Metals Inc.
Jim Rogers, President and Chief Executive Officer
Certain statements in this press release relating to Mega's future plans, including with respect to further acquisition of an interest in, or disposition of its interest in, Rolling Rock, may constitute "forward-looking information" within the meaning of applicable securities legislation. Mega does not intend, and does not assume any obligation, to update such forward-looking information, except as required by applicable laws. Such forward-looking information represents management's best judgment based on current facts and assumptions that management considers reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause actual results to differ materially from a conclusion, forecast or projection contained in such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information. More information about risks and uncertainties affecting Mega and its business is available in Mega's filings which are posted on SEDAR at www.sedar.com.
Neither 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.
Maximum News Dissemination by Filing Services Canada Inc. *