MGM Mineral Resources Provides Corporate Update

MGM Mineral Resources Provides Corporate Update

Tuesday, August 15th 2006

Metro Gold Mines Mineral Resources Inc., a growing gold mining company engaged in the acquisition and development of production properties in South and Central America, recently ended a week of corporate meetings in Medellin, Colombia.

“The week long meetings in Colombia were a complete success,” said Kenneth Lamb, President of MGM Mineral Resources. “What we initially believed would transpire over a day turned into a week of restructuring and reorganization of the Company, not only internally, but externally as well.”

The initial meeting with the Board of Directors outlined the tasks and vision for the Company, which was followed up by meetings with the local owners of the Company’s current mines. It was a pleasure to see that the Company’s Directors, land owners, and staff were able to focus on the same common goals and reach decisions that will greatly affect all aspects of the Company. The entire week consisted of additional meetings with owners of mines that are currently in production, as well as with members of Regional, Provincial, and Federal governments within Colombia, in order to facilitate acquisitions, mining permits, and future projects.

The Company was also able to retain the services of a lawyer with a background in international law, Mr. Luis Trujillo, as well as external accountants to handle the financial end of operations. It was also concluded that the Company is to centralize and update their offices in Medellin for all administrative duties.

“MGM Mineral Resources is pleased to announce its greatest accomplishment of all,” said Kenneth Lamb. “We were able to secure a minimum of six joint ventures and acquisitions, and are currently still negotiating further mines. We will be releasing the names of our new properties shortly, with specific information pertaining to the individual mine. The entire week, along with these acquisitions, represent a major step in establishing ourselves as a major gold mining company in Colombia.”

About MGM Mineral Resources (PINKSHEETS: MGMX)

Metro Gold Mines Mineral Resources Inc. is a growing, expertly managed gold mining company focused on acquiring and producing an impressive portfolio of exploration and production properties in South and Central America. MGM Mineral Resources is working to establish itself as a world-class gold company, capitalizing on smart acquisitions, breakthrough technology, modernized operations, deep industry expertise and a strong gold market to cost-effectively produce high quality gold. The company has identified a significant opportunity to exploit proven but under-developed mineral resources in Colombia. MGM Mineral Resources was initially targeting the richest gold zone in Colombia, Segovia, but, is now extending to other areas throughout the company. For more information please visit

Forward-Looking Statements

Statements contained in this news release, which are not historical facts, are forward-looking statements within the meaning and pursuant to the Safe Harbor provisions of the Securities Litigation Reform Act of 1995 that involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things: volatility and sensitivity to market prices for gold; replacement of reserves; procurement of required capital equipment and operating parts and supplies; equipment failure; unexpected geological or hydrological conditions; political risks arising from operating in certain developing countries; imprecision in reserve estimates; success of future exploration and development initiatives; competition; operating performance of the facilities; environmental and safety risks including increased regulatory burdens; seismic activity, weather and other natural phenomena; failure to obtain necessary permits and approvals from government authorities; changes in government regulations and policies including tax and trade laws and policies; ability to maintain and further improve positive labor relations; and other development and operating risks. Although MGM Mineral Resources believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this report. The company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Contact: Mr. Kenneth Lamb President


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