NWM Mining Corporation (“NWM”) announces that, effective as of the close of business October 28th, 2010, the exercise price of all of the 19,521,000 outstanding common share purchase warrants previously exercisable at $0.08 per share and expiring October 28, 2011 (subject to earlier expiry as described below) is increased to $0.10 (10 cents) per share and effective as of the close of business September 30th, 2010, the exercise price of all of the 41,924,500 outstanding common share purchase warrants previously exercisable at $0.08 per share and expiring September 30, 2011 (also subject to earlier expiry as described below) was increased to $0.10 (10 cents) per share.

All outstanding NWM share purchase warrants now have a strike price of $0.10 (10 cents) and a maturity of less than twelve months as follows:

“61,445,500 of the Warrants may be subject to earlier expiry than September 30, 2011 and October 28, 2011 as above. In the event the closing Volume Weighted Average Price (“VWAP”) of NWM’s common shares on the TSX Venture Exchange is at or greater than $0.12 (12 cents) per share for any 20 consecutive trading days, the Warrants will expire 30 days after notice to the holders that the trading target has been achieved.

“This is a part of a planned simplification of the NWM capital structure. There are now only outstanding warrants with a strike price at $0.10 (10 cents) per share. The early expiry trigger now provides that when the closing VWAP of the Company’s shares is at or above $0.12 (12 cents) for 20 consecutive trading days, over 90% of the outstanding warrants will be subject to early expiry unless exercised. This capital structure rationalization comes concurrently with NWM becoming a commercial gold producer at the Lluvia de Oro gold mine and as NWM undertakes drilling designed to increase quantities of proven and probable gold reserves around the Lluvia de Oro and La Jojoba gold deposits.” said Chris Berlet, President and CEO.