An anonymous director reports

METALLIC MINERALS ANNOUNCES $6 MILLION BOUGHT DEAL PRIVATE PLACEMENT WITH CANACCORD

Metallic Minerals Corp. has entered into an agreement with Canaccord Genuity Corp. to act as lead underwriter, on its own behalf and, if applicable, on behalf of a syndicate of underwriters, pursuant to which the underwriters have agreed to purchase for their own account or arrange for substituted purchasers to purchase on a bought deal private placement basis 15 million units of the company, at a price of 40 cents per unit, for gross proceeds of $6-million.

Each unit will consist of one common share of the company and one-half of one common share purchase warrant. Each warrant will be transferable and entitle the holder to acquire one common share of the company for 24 months from the closing of the offering at a price of 60 cents.

The company will grant the underwriters an option, exercisable, in whole or in part, at any time up to three days prior to the closing of the offering, to purchase up to such number of units as is equal to 15 per cent of the number of units purchased under the offering.

The net proceeds received from the offering will be used for the company's exploration and development activities and for general corporate purposes.

It is anticipated that closing of the offering will occur about mid-August or such other date as the company and the lead underwriter may agree. The offering is subject to the satisfaction of certain conditions, including receipt of all applicable regulatory approvals including the approval of the TSX Venture Exchange. The securities to be issued under the offering will have a hold period of four months and one day from the applicable closing date in accordance with applicable securities laws.

In consideration for their services, the underwriters will receive a cash commission equal to 6.0 per cent of the gross proceeds of the offering (reduced to 3.0 per cent for purchasers on the president's list) and broker warrants in an amount equal to 6.0 per cent of the number of units issued under the offering (reduced to 3.0 per cent for purchasers on the president's list) exercisable for a period of 24 months at the issue price.

About Metallic Minerals Corp.

Metallic Minerals is a growth stage exploration company, focused on high-grade silver and gold in underexplored brownfields mining districts. The company's objective is to create shareholder value through a systematic, entrepreneurial approach to exploration in the Keno Hill silver district, La Plata silver-gold-copper district, and Klondike gold district through new discoveries and advancing resources to development. All three districts have seen significant mineral production and have existing infrastructure, including power and road access.

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