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TORONTO, Feb. 8, 2013 /CNW/ - Miocene Metals Limited (TSX-V: MII) (the "Company" or "Miocene Metals") today provided the following
Shareholder Update and outlined its plans for 2013.


The downturn in the junior resource market that began in 2011 continued
through 2012. In spite of this, Miocene Metals, with the continued
support of its major shareholder, Wallbridge Mining Company Limited
("Wallbridge"), was able to complete an active summer exploration
program. This work led to the discovery of widespread copper
mineralization on the western part of the MacKenzie property. Limited
work was carried out on the Rogers Creek property, where the large
alteration/mineralization system defined by work to date remains open
to the north and south.


The Company's current properties and assets are 100% owned and
sufficient assessment work has now been completed and filed to hold the
key parts of the Rogers Creek, and MacKenzie properties until 2019 and
2021 respectively.


There are signs that global markets are starting to recover with signs
of renewed growth in China, a stronger US economy and housing market,
and some stability in the European Union. Throughout the current
downturn in the mining markets, base and precious metal prices have
remained strong, and with the downturn, input costs for exploration and
mining projects are starting to decline; setting the stage for a
recovery in the junior resource markets.


In January, the Company announced it had reached an agreement with its
major shareholder, Wallbridge, on an extension of the terms of the line
of credit ("LOC") facility with Wallbridge until September 30, 2014. In
addition to the extension of the LOC, the Company also announced its
intention to complete a non-brokered private placement to raise gross
proceeds totalling up to $300,000 to finance general working capital.
These two initiatives will allow the Company to meet corporate needs
for the rest of the year and into 2014.


The Company continues in its efforts to secure major partner financing
for its exploration efforts on its B.C. properties. Large mineralized
porphyry copper-gold alteration systems have been identified on both
the MacKenzie and Rogers Creek properties, and these properties will be
the focus of future exploration programs, funded either by joint
venture partners or further equity issuances.


The fact that:



after the current financing we will have the funds in place to meet
corporate needs; and,


the large size of the mineralized systems on our properties; will, we
believe, make us attractive to major partners, or flow-through
investors should efforts to secure major partner funding prove
unsuccessful.



Currently, subject to securing the necessary financing without unduly
diluting our existing shareholders, we plan to conduct work programs on
both our Rogers Creek and MacKenzie properties. Work on Rogers Creek
will focus on extending and testing the mineralized system to the north
of the 2011 drilling which intersected wide zones of anomalous
copper/gold values within what was interpreted as the pyritic shell of
a porphyry system.


MRC-006 and MRC-007, the last holes drilled in 2011, both intersected
elevated copper and gold values within sparsely disseminated
pyrite-chalcopyrite mineralization and porphyry-style alteration
(propylitic and chloritic/argillic) assemblages along substantial core
lengths (up to 150 metres). (see Press Release dated January 12, 2012).
As with holes WRC-001 and WRC-002, alteration assemblages and the
intensity of Cu-Au mineralization are consistent with an intersection
through the outer pyritic halo of a buried porphyry system. The most
interesting mineralization to date was observed in hole MRC-007 (the
last hole in the 2011 program), which intersected 380 ppm Cu over 150.9 metres from 345.60 to 496.50 metres, including:



0.050% Cu over 14.7 metres from 365.0 to 379.7 metres


0.172% Cu over 12.1 metres from 422.2 to 434.3 metres


0.067% Cu over 6.0 metres from 447.0 to 453.0 metres



The proposed 2013 program will focus on the area northeast of hole
MRC-007, and north of the post-mineral breccia pipe which contains
clasts of potassic altered mineralized material, more indicative of the
central part of a porphyry system. Planned work consists of induced
polarization geophysical surveying and geologic mapping and sampling,
followed by diamond drilling.


On MacKenzie, work will focus on the copper-gold mineralization
discovered on the western part of the property during the latter part
of the 2012 exploration season. This mineralization, discovered late in
the 2012 exploration season consists of scattered
quartz-bornite-malachite +/- chalcopyrite +/- tetrahedrite veins and
stringers up to 20 centimetres wide which occur over a strike length of
7.5 kilometres along the edge of the Miocene-age Bridge River pluton
and within the host Coast Plutonic Complex. Fourteen of the 27 grab
samples collected in this area during the initial reconnaissance of
this area last summer have copper values in excess of 0.25% copper with
values ranging up to a maximum of 4.34% Cu with gold and silver values
ranging from 0.001 to 0.445 g/t Au, and from 3.34 to 4,170 g/t Ag,
respectively. (see Press Release dated September 13, 2012).


Planned work in this area, which has never seen modern systematic
exploration, includes an airborne magnetic/resistivity survey, mapping
and sampling, IP surveys and follow-up drilling.




We look forward to an active and successful 2013.




Alar Soever

Chairman and CEO


The Qualified Person responsible for the technical content of this press
release is Shannon Baird, P.Geo., Project Geologist for Miocene Metals.


About Miocene Metals Limited


Miocene Metals is focused on the exploration of six porphyry
copper-gold-molybdenum properties in south-western British Columbia
that occur within the Tertiary-aged Cascade Magmatic Arc. The Cascade
Arc shares many geological characteristics with Tertiary-age porphyry
belts that stretch the length of Chile and Peru in South America and
hosts some of the world's largest porphyry copper-gold-molybdenum
deposits. The Cascade Magmatic Arc hosts a number of significant
porphyry Cu-Au and Mo deposits in Washington State, and Alaska (Glacier
Peak and Margaret, and Quartz Hill respectively) but remains largely
unexplored in British Columbia.


Neither the TSXV nor its Regulation Services Provider (as that term is
defined in the policies of the TSXV) accepts responsibility for the
adequacy or accuracy of this release.


FORWARD-LOOKING STATEMENTS


This news release contains forward-looking information (including
"forward-looking information" within the meaning of applicable Canadian
securities legislation and "forward-looking statements" within the
meaning of the US Private Securities Litigation Reform Act of 1995)
that involves substantial known and unknown risks and uncertainties,
most of which are beyond the control of the Company, including, without
limitation, those listed under "Risk Factors" and " Forward-Looking
Statements" in the Company's Final Prospectus (collectively,
"forward-looking information"). Forward-looking information in this
news release includes, but is not limited to, information concerning
the Company's expectations and estimates regarding the Company's
drilling program, working capital requirements and market outlook. The
Company cautions investors about important factors that could cause
actual results to differ materially from those projected in any
forward-looking statements included in this news release. Any
statements that express, or involve discussions as to, expectations,
beliefs, plans, objectives, assumptions or future events or performance
are not historical facts and may be forward-looking and may involve
estimates, assumptions and uncertainties which could cause actual
results or outcomes to differ materially from those expressed in such
forward-looking statements. No assurance can be given that the
expectations set out in the Company's Final Prospectus or herein will
prove to be correct and accordingly, prospective investors should not
place undue reliance on these forward-looking statements. These
statements speak only as of the date of this press release and the
Company does not assume any obligation to update or revise them to
reflect new events or circumstances. The Company disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise, save and except as may be required by applicable securities
laws.





SOURCE: Miocene Metals Limited



For further information:

Please visit the Miocene Metal's website at http://www.miocenemetals.com/">www.miocenemetals.com, or contact:

Miocene Metals Limited Alar Soever, Chairman and CEO 1-705-682-9297 asoever@miocenemetals.com