Mutiny Gold Limited (ASX:MYG) Signed Options Underwriting Agreement To Move Forward Gold Production At Deflector Project

Perth, Australia (ABN Newswire) - In accordance with ASX Listing Rule 3.11.3 Mutiny Gold Ltd (ASX:MYG), ('Mutiny' or 'the Company') is pleased to announce that it has entered into an underwriting agreement with an unrelated party, Vennor Ross Holdings Pty Ltd (Underwriter), to underwrite the listed 10c options due to expire at 5.00pm (AEST) on 30 June 2011 (MYGO).

The Underwriter will underwrite up to a maximum of 5,000,000 shortfall shares (being the underlying securities) resulting from unexercised MYGO options.

The Underwriter will be paid an underwriting fee of 4% of the shortfall shares the Underwriter ultimately subscribes for (unknown until the MYGO options expire) and a 1% management fee of the underwritten amount (A$5,000).

The Board would like to encourage holders of the expiring options to exercise their options before the expiry date. It is an excellent opportunity to acquire shares in the Company without incurring brokerage or any other fees that apply to an on-market purchase.

Managing Director, John Greeve, commented, 'The funds from the exercise of the options will further strengthen the Company's balance sheet as we move towards gold production at Mutiny's flagship Deflector project'.

Further information concerning the current news and activities of Mutiny can be found at our website http://www.mutinygold.com.au.

About Mutiny Gold Limited:

Mutiny Gold Ltd is a public company that listed on the Australian Securities Exchange (ASX) in July 2006. The Company's focus is on the development of its gold, nickel and copper tenements in Western Australia.

Source:

Mutiny Gold Limited

Contact:

John Greeve
Managing Director
Mutiny Gold Limited
Tel:  61-8-9368-2722
Email: mgl@mutinygold.com.au
http://www.mutinygold.com.au