BLDS.V · 2023-01-23 12:00:00

Mineral Mountain Closes Financing

Financings

FOR IMMEDIATE RELEASE

News Release January 23, 2023

MINERAL MOUNTAIN CLOSES FINANCING

Vancouver, January 23, 2023: Mineral Mountain Resources Ltd. (“Mineral Mountain” or the

“Company”) (TSXV: “MMV”) (MNRLF: “OTCQB”) (M8M: “FRANKFURT”) further to its August 24,

2022 and September 1, 2022 news releases, the Company announces that it has filed documents

with the TSX Venture Exchange (the “Exchange”) for final approval to close its $0.07 unit financing

(the “Financing”) for aggregate gross proceeds of $300,190. Conditional approval for this

Financing was provided by the Exchange on August 4, 2022. The Company has issued 4,288,439

units (“Units), each Unit consisting of 1 common share and 1 common share purchase warrant,

each warrant being exercisable for an additional common share at an exercise price of $0.15 for

a period of 6 months, and has paid cash finder’s fees of $8,119.30 to an arm’s length finder.

The Financing was effected with 3 insiders, subscribing for a total of $53,200 or 760,000 Units,

that portion of the Financing a “related party transaction” as such term is defined under MI 61-

101 – Protection of Minority Security Holders in Special Transactions. The Company is relying on

exemptions from the formal valuation requirement of MI-61-101 under sections 5.5(a) and (b) of

MI 61-101 in respect of the transaction as the fair market value of the transaction, insofar as it

involves the interested party, is not more than 25% of the Company’s market capitalization.

The Company further announces that it no longer intends to close on the remaining tranches of

the Financing.

The proceeds are to be used primarily to fund a 9,000-metre drill program at the Company’s

largest and most advanced gold projects in the Rochford District of South Dakota. Preparations

for this drill program are currently underway.

On Behalf of the Board of Directors

MINERAL MOUNTAIN RESOURCES LTD.

“Nelson W. Baker”, President and CEO

For further information, please contact:

Brad Baker, Vice-President Corporate Development & Director

Or visit our website: www.mineralmtn.com

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.