CALGARY, ALBERTA -- (MARKET WIRE) -- 03/30/12

MILL CITY GOLD CORP. ("Mill City" and/or the "Company") (TSX VENTURE:MC)(OTCBB:MCYGF)(FRANKFURT:NJ6) has closed its previously announced non-brokered private placement of units to raise gross proceeds of $300,000. In connection with the financing, Mill City issued a total of 6 million units. Each unit was issued at a price of $0.05 per unit and consisted of one common share of Mill City and one common share purchase warrant, each warrant entitling the holder thereof to acquire one additional common share of Mill City for a period of 60 months at a price of $0.10 per share. All securities issued in connection with the private placement are subject to a statutory hold period expiring July 30, 2012.

A Director and officer of the Company participated in the private placement, constituting a related party transaction pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the transaction did not exceed 25% of the Company's market capitalization.

Proceeds of the financing will be used for general corporate purposes.

ON BEHALF OF THE BOARD OF DIRECTORS

James R. Brown, Chairman, President & CEO

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this Release.

Contacts:
Mill City Gold Corp.
James R. Brown
403-640-0110
www.millcitygold.com