Mr. Richard Revelins reports

MERYLLION RESOURCES CLOSES SHARES-FOR-DEBT SETTLEMENT

Meryllion Resources Corp. has closed its previously announced shares-for-debt transaction with Croesus Mining Pty. Ltd. (a company controlled by David Steinepreis, a director of the company) to settle an outstanding loan of $50,000. Pursuant to the transaction, a total of 2.5 million common shares in the capital stock of Meryllion were issued at a deemed issued price of two cents per share. All shares issued pursuant to the transaction are subject to a hold period of four months and one day from the date of issuance.

The issuance of the shares pursuant to the transaction constitutes a related-party transaction as such term is defined by Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The corporation relies on the exemptions from the valuation and minority shareholder approval requirements for related-party transactions in connection with the issuance of the shares that are set out in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the issuance of the shares exceeds 25 per cent of the corporation's market capitalization (as determined under MI 61-101).

Early warning disclosure

In connection with the transaction, David Steinepreis acquired ownership, control or direction over common shares of the corporation requiring disclosure pursuant to the early warning requirements of applicable securities regulation.

Immediately prior to the transaction, Mr. Steinepreis had ownership of, or exercised control or direction over, 16,934,599 shares and 2,341,625 warrants to purchase shares. Pursuant to the transaction, Mr. Steinepreis, indirectly through Croesus Mining, acquired 2.5 million shares, and now holds, or exercises control or direction over, 19,434,599 shares and 2,341,625 warrants.

Following the transaction, Mr. Steinepreis's common share ownership (direct and indirect) in the corporation increased from approximately 23.20 per cent to 25.74 per cent. In the event that Mr. Steinepreis was to exercise all of his warrants, his common share ownership of the corporation would increase to approximately 27.98 per cent on a partially diluted basis.

All securities of the corporation held or controlled by Mr. Steinepreis are held for investment purposes. In the future, Mr. Steinepreis, directly or indirectly, may acquire and/or dispose of securities through the market, privately or otherwise, as circumstances or market conditions may warrant.

We seek Safe Harbor.