Mineral Mountain Announces Update ON Private Placement Mmv-TSX-V Mnrlf-OTCQB M8M:FRANKFURT

MINERAL MOUNTAIN ANNOUNCES UPDATE

ON PRIVATE PLACEMENT

MMV-TSX-V

MNRLF-OTCQB

M8M:FRANKFURT

VANCOUVER, BC

,

Feb. 4, 2022

/CNW/ - Mineral Mountain Resources Ltd. ("

Mineral Mountain

" or

the "

Company

") (TSXV: MMV) (OTCQB: MNRLF) (FRANKFURT: M8M) announces further to its

news release of

November 22, 2021

and

January 6, 2022

regarding plans to complete a private

placement, that the TSX Venture Exchange has granted the Company an additional 30-day extension

to close the private placement with the new expiry date for the closing being

March 4, 2022

.

The Company's news release dated

November 22, 2021

and

January 6, 2022

contemplated a

private placement of up to 35,000,000 units (the "Units") at a price of

CDN$0.18

per unit for gross

proceeds of up to

CDN$6,300,000

. Each Unit consists of one common share and one common

share purchase warrant ("Warrant"). Each Warrant can be exercised for one year at

CDN$0.35

per

share.

The private placement is subject to approval of the TSX Venture Exchange and the securities will be

subject to a four month hold period under Canadian securities laws. Net proceeds from the private

placement will be used to complete a fully permitted

9,000m

drill program to test the down plunge

extension of

200m

wide by

1800m

long Standby Mine gold zone, for drill permitting applications to

test the newly acquired King of the West Trend (NR,

June 28, 2021

) and for general working capital.

About the Standby Mine Gold Target

All geologic, geophysical and drill results to date suggest a Homestake ledge-type target exists at

Standby and is potentially of large scale. Mineral Mountain's goal is to extend the Standby Mine gold

mineralization down-plunge through systematic step-out drilling along strike and down-plunge in the

Upper Tail to discover an

Ore Centroid

at depth.

Approximately 50,000-60,000 tons of ore were mined historically from the Standby Mine before

1950, mostly from oxidized ores in four large open cuts connected by underground workings to a

maximum depth of 130 meters. Historic outcrop surface sampling from the walls and rim of the open

cuts averaged

9.1 m

@ 10 g/t Au

with grab samples up to

38 g/t Au

. A shaft was sunk to the

130

m

(425- ft) level and underground channel sampling assayed

10.1 m

@ 6.0 g/t Au

. Historical drilling

at the Standby Mine consists of

16,360 m

(53,677 ft) across 45 core holes, all in the Upper Tail.

MMV's two previous core drilling campaigns between 2018 and 2020 extended known gold

mineralization from the bottom of the historic Standby Mine workings from 130 meters below surface

to a total plunge length of 850 meters.

Mineral Mountain's proposed drilling program in the Rochford District will focus on the Standby Mine

Target and is fully permitted for drilling, subject to this proposed financing and COVID-19

restrictions. The 9,000-meter drilling program as currently constituted will be focused on three target

areas in general: 1) Several additional holes around MMV hole ST18-006, which cut

43.5 m

@ 1.21

g/t Au

including several higher-grade internal zones such as

2.5 m

@ 4.39 g/t Au and

1.50 m

@

5.24 g/t Au.

This hole was near historic drill hole BLG-UG-03 that cut, including. These intercepts

were 100-

150 m

below surface and represent the opportunity to outline a near-surface high-grade

ore shoot in the Upper Tail environment.

A series of proposed holes to intersect the same depth interval cut by historic Homestake Mining

Co. drilling in the SM-86 and SM-87 holes thought to be the upper parts of the Standby Ore

Centroid. These historic holes represent a significant step-off along strike and down-plunge from the

Standby Mine and the deepest historic exploration work performed at the Standby Target Trend

(1,000 and

1,800 m

down-plunge from surface respectively). These results were highly encouraging,

including

3.05 m

@ 10.23

g/t Au. These two holes potentially intersected the crucial Upper Tail-Ore

Centroid transition and need to be replicated by MMV and further tested with systematic step-out

drilling to confirm internally consistent high grade gold is present.

Jeff Hrncir

, the Company's chief geologist commented "Confirming the existence of an Ore Centroid

at Standby would be a game-changing discovery for Mineral Mountain Resources and set the stage

for future resource delineation drilling"

On Behalf of the Board of Directors

MINERAL MOUNTAIN RESOURCES LTD.

"Nelson W. Baker"

, President and CEO

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.

Forward looking information

This release contains "forward-looking information" within the meaning of applicable Canadian

securities legislation ("Forward-looking information"). Forward-looking information includes, but is not

limited to, statements that address activities, events or developments that the Company expects or

anticipates will or may occur in the future, including such things as future business strategy,

competitive strengths, goals, expansion, growth of the Company's businesses, operations, plans and

with respect to exploration results, the timing and success of exploration activities generally,

permitting time lines, government regulation of exploration and mining operations, environmental

risks, title disputes or claims, limitations on insurance coverage, timing and possible outcome of any

pending litigation and timing and results of future resource estimates or future economic studies.

Often, but not always, forward-looking information can be identified by the use of words such as

"plans", "planning", "planned", "expects" or "looking forward", "does not expect",

SOURCE

Mineral Mountain Resources Ltd.

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/February2022/04/c5316.html

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For further information:

Brad Baker, Vice-President Corporate Development & Director, (778)

383-3975, [email protected] Or visit our website: www.mineralmtn.com

CO: Mineral Mountain Resources Ltd.

CNW 16:00e 04-FEB-22