| | December 20, 2007
Quinto Mining To Raise $6.6 Million In Private Placement Financing
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| | Consolidated Thompson Iron Mines And Aberdeen International To Become Significant Shareholders
Vancouver, BC, December 20, 2007 -- Quinto Mining Corporation ("Quinto Mining) is pleased to announce that it has agreed to a non brokered private placement in the amount of $6,620,250. The private placement consists of 10,185,000 units at $0.65 per unit. Each unit is comprised of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to subscribe for one additional common share of Quinto Mining at a price of $1.00 for a period of two years from closing. Consolidated Thompson Iron Mines and Aberdeen International have agreed to purchase 5,000,000 units each.
Quinto Mining President Tyrone Docherty stated " We are extremely pleased to have attracted Consolidated Thompson and Aberdeen International as new shareholders. We anticipate that we will be able to call on them for their expertise as we continue to develop our Peppler Lake, Quebec iron property. Peppler Lake and its satellite properties continue to show the potential to host a significant iron-ore play."
Consolidated Thompson will be adding their expertise to Quinto by naming Bruce Humphrey to Quinto's Board of Directors.
The proceeds received from this offering will be used to accelerate Quinto Mining's exploration program on its Peppler Lake property and for general working capital.
The offering is expected to close on or about January 5, 2008, and is subject to certain conditions, including the approval of the TSX Venture Exchange. The securities of the Company issuable pursuant to the private placement will not be subject to any hold or restricted period which extends beyond four months and one day after the closing date.
Quinto Mining will pay a finders fee in cash and securities as allowable under TSX Venture Exchange policies.
The securities proposed to be offered in the private placement have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
Quinto Mining is also announcing that in accordance with its approved stock option plan, it has granted 3,125,000 options to various directors, employees of Quinto Mining Corporation. The options are exercisable at $0.65 per share and are for a term of five years
About Quinto Mining
Quinto Mining is a junior mining exploration development company with two advanced projects in the Province of Quebec. The Peppler Lake Iron Ore project is located in the Mount-Wright region of North Central, Quebec, approximately half way between the mining towns of Gagnon and Fermont. The Lac Gueret graphite project is located 300km North Northwest of Baie Comeau along the Southwest shore of Reservoir Manicouagan. Further information is available at www.quintomining.com
Forward Looking Information
Certain information regarding the Company set forth in this press release, including the use of proceeds, and management's assessment of the Company's future plans and operations contain forward looking information that involve substantial known and unknown risks and uncertainties. The forward looking information is subject to numerous risks and uncertainties, some of which are beyond the Company's and management's control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, imperfection of reserve estimates, environmental risks, industry competition, availability of qualified personnel and management, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources. The Company's actual results, performance or achievement could differ materially from those expressed in or implied by, the forward looking information and accordingly, no assurance can be given that any of the events anticipated to occur or transpire form the forward looking information will provide any benefits to the Company.
For further information please contact:
Frank Chaid:
Quinto Mining
(604) 952-0900
quinto@dccnet.com
www.quintomining.com
Elric Martinez
Lippert/Heilshorn & Associates, Inc.
(212) 838-3777
emartinez@lhai.com
ON BEHALF OF THE BOARD OF DIRECTORS OF
QUINTO MINING CORPORATION
_____________________________
Tyrone Docherty
President
THIS PRESS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE |
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| | You can view the Next News Releases item: Tue Jan 22, 2008, Quinto Mining Corporation Closes $7,270,250 Private Placement
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