Miocene Metals Finds New Gold-Copper Mineralization Four Kilometres West of Rogers Creek Discovery Area

TORONTO, July 8, 2011 /CNW/ - Miocene Metals Limited (the "Corporation" or "Miocene Metals"), today announced it had discovered gold- copper mineralization in outcrop, four kilometers west of the original Rogers Creek discovery showing in southwestern BC.  The new mineralization was discovered during follow-up of previous work, which had defined a 6 by 2 kilometre area of alteration, and/or mineralization, known as Targets I and II on the central part of the property. The current work is being completed as part of the summer 2011 exploration program, which is being funded using flow-through funds raised in 2010 and the net proceeds of the Corporation's initial public offering ("IPO)", which is currently underway.

Prospecting within an open-ended gold-copper soil anomaly on the western flank of Target II in the Rogers Creek valley discovered gold-copper mineralization in bedrock over an 80 by 100 metre area, which is open in all directions. The discovery site is about 4 kilometers southwest of Target I, which was the site of the original discovery of mineralization on the Rogers Creek Property and which has been the focus of most of the work to date (see related figure at on Miocene Metals limited website at www.miocenemetals.com).

Eight of the initial 11 grab samples collected from the mineralized area returned values in excess of 1.0 g/t gold ("Au") or 0.5 % copper ("Cu").  Highlights include:

Sample K881055:  3.72% Cu and 15.75 ppm Au,
Sample K881054:  0.723% Cu and 4.910 ppm Au,
Sample K881053:  0.792% Cu and 2.190 ppm Au,
Sample K880323:  0.817% Cu and 0.836 ppm Au

"These are very exciting results this early in the field season", stated Bruce Jago, President and CEO of Miocene Metals, "Not only do they expand what is already a very large mineralized system on the central part of the Rogers Creek Property, they also demonstrate the degree to which this entire belt of rocks known as the Cascade Magmatic Arc is underexplored.  The fact we are able to find new mineralization exposed at surface, within three hours drive of downtown Vancouver underscores the lack of exploration in this belt and the potential of our seven properties, which cover over 1,300 square kilometers."

Results from all of the initial 11 samples collected in the discovery area to date are given below:

* Cpy + Py: chalcopyrite and pyrite
** Contains malachite (secondary copper mineral) on fracture surfaces and rimming chalcopyrite grains

The assay results quoted above represent grab samples of mineralization collected from outcrop by Miocene Metals staff.  Grab samples are selective by nature and are unlikely to represent average grades on the property. In each case samples of mineralized outcrop weighing approximately 0.5 to 2 kg were collected using a rock hammer. Rock samples were crushed to 70% passing 2 mm, after which a split was taken with a riffle splitter and pulverized to 85% passing 75 microns.  The samples were then analyzed for 48 elements using Chemex's ME-MS61 package, which is an inductively-coupled plasma mass spectrometry (ICP-MS) method utilizing a near total four acid digestion. The samples were assayed for Au by standard lead collection/fire assay fusion (Au-ICP21) using a 30 gram pulp split and an inductively-coupled plasma atomic emission spectrometry (ICP-AES) finish.

The Qualified Person responsible for the technical content of this press release is Jose Sayo Garcia, P.Geo, Exploration Manager of Miocene Metals.

About Miocene Metals Limited

Miocene Metals is focused on the exploration and development of seven 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 Corporation has obtained TSX Venture Exchange (the "TSXV") conditional approval to the listing of its Common Shares. The TSXV conditional approval is subject to the Corporation fulfilling all of the listing requirements of the TSXV on or before August 6, 2011.

At present the Corporation is completing its Initial Public Offering. Macquarie Private Wealth Inc. (the "Agent") is acting as agent on a commercially reasonable efforts basis for the Offering.

A copy of the Final Prospectus is available on Miocene's corporate profile page, which may be accessed at www.sedar.com or may be acquired directly from Macquarie Private Wealth Inc. at 4100 Yonge Street, Suite 500, North York, ON, M2P 2B5, Attention: Bijan Levine, Tel: (416) 512-3680, e-mail: bijan.levine@macquarie.com. Please direct all inquiries to Mr. Bijan Levine.

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.

The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Corporation in any jurisdiction.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of the Corporation, including, without limitation, those listed under "Risk Factors" and " Forward-Looking Statements" in the Corporation's Final Prospectus (collectively, "forward-looking information"). Forward-looking information in this news release includes, but is not limited to, information concerning the proposed initial public offering, its completion and receipt of necessary approvals, the Corporation's objectives, the Corporation's expectations and estimates regarding the Corporation's intended drilling program. The Corporation 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 Corporation'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 Corporation does not assume any obligation to update or revise them to reflect new events or circumstances. The Corporation 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.

Maps for Rogers Creek and associated properties are available at http://files.newswire.ca/978/Miocene.pdf.