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METROPOLITAN MINING INC. (TSX.V: MNZ) -- FACT SHEET
| Incorporation: | Business Corporations Act (B.C.) -- July 16, 2007 |
| Founder/Promoter: | Marc Levy, President & Chief Executive Officer |
| Directors: | Marc Levy, Michael Thomson and Douglas Good |
| Officers: | Douglas Good (CFO) & Derek Thomson (Corporate Secretary) |
| Auditors: | Brent Axworthy, Berris Mangan, Chartered Accountants |
| 43-101 Report: | Kenneth Dawson, P. Eng. Ph. D. -- Terra Geological Consultants |
| IPO: | July 15, 2008 -- 3,000,000 Common Shares @ $0.30 per Share |
| IPO Agent: | First Canada Capital Partners Inc. - Vancouver |
| Exchange Listing: | TSX Venture Exchange: Listing Date: July 18, 2008 |
| Corporate Office: | Suite 780 - 333 Seymour Street, Vancouver, BC V6B 5A6 |
| Contact: | Phone: 778-370-1725; Fax: 778-370-1726 |
Corporate Summary: Metropolitan Mining Inc. ("Metropolitan") was incorporated on July 16, 2007 under the Business Corporations Act of British Columbia and is engaged principally in the acquisition, exploration and development of mineral resource properties. Since incorporation, the Company has, amongst other matters: completed a round of seed financing; entered into an option agreement to acquire up to a 60% interest in a mineral property in Argentina; completed an initial public offering; obtained a listing on the TSX Venture Exchange; and performed exploration work on the Fruso property, Salta, Argentina which is the subject of the option agreement entered into by the Company. A summary of these transactions is set out below.
Effective October 18, 2007, the Company entered into a letter of understanding with Argentine Frontier Resources Inc. ("AFRI") outlining the principal terms for an option agreement in respect of the Fruso mineral property (the "LOU") comprised of the two claims in the province of Salta, in northwestern Argentina, Fruso Este and Aracar, comprised of 5,684 Hectares (the "Fruso Property").
A formal option agreement was entered into on March 31, 2008 and amended on November 24, 2008 and February 28, 2011 (the "Option Agreement") between the Company, Salta Exploraciones S.A. ("SESA") and AFRI, (collectively with SESA and AFRI as the "Optionor") whereby the Company has an option to earn up to a 60% interest in the Fruso Property by completing the following on or before January 31, 2012. To date the Company has incurred qualifying expenditures of approximately US$625,000 and earned a 20% interest in the Fruso property.
In accordance with the amendement agreement entered into on February 28, 2011, the Company has until Janiuary 31, 2012 to spend an additional US$625,000 on the property in order to qualify for the full 60% earned interest. In addition, the Company is required to pay an additional US$200,000.
In the event that the Company will have earned up to a 60% interest in the Fruso Property, then the Optionor and the Company agree to associate on a joint venture basis for further exploration and development of the Fruso Property and to contribute to all further costs including exploration and development in accordance with their respective interests in the Fruso Property.
As at January 31, 2011, the Company had incurred approximately US$625,000 of qualifying expenditures, earned a 20% interest in the Fruso Property.
The Company may terminate the Option Agreement at any time upon 30 days' written notice to the Optionor and subject to certain requirements as set out in the Option Agreement.
As of June 6, 2008 the Company became a reporting issuer in the provinces of Ontario, Alberta and British Columbia. Effective July 15, 2008, the Company completed an initial public offering of 3,000,000 common shares (the "Offering"), at a price of $0.30 per common share, for gross proceeds of $900,000
On July 18, 2008, the common shares of the Company were listed and called for trading on the TSX Venture Exchange under the symbol "MNZ".
Vancouver Office: Metropolitan Mining Inc.: Suite 780, 333 Seymour Street, Vancouver B.C., V6B 5A6.
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