Midnight Sun acquires option over Namibian copper-silver properties, announces private placement

VANCOUVER, BRITISH COLUMBIA–(Marketwire – Aug. 16, 2011) – Midnight Sun Mining Corp. (the “Company”) (TSX VENTURE:MMA) is pleased to announce that it has entered into an agreement dated July 28, 2011 (the “Agreement”) with Logwood Investments Inc., a closely held Namibian Corporation at arms length to the Company (the “Optionor”), whereby the Company has acquired the option (the “Option”) to earn a 60% interest in certain mineral properties in Namibia (the “Properties”). In order to exercise the Option, the Company is required to incur $5,000,000 of work expenditures on the Properties over 4 years, $1,350,000 of which is a firm commitment to be spent within the first 18 months. Under the terms of the Agreement, the Company is also to issue to the Optionor a total of 10,000,000 common shares of which 1,000,000 are to be issued upon receipt of all necessary regulatory approvals, 3,000,000 are to be issued within 18 months and another 6,000,000 are to be issued within 36 months.

Read the full news release here.