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NYBob

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Re: NYBob post# 1

Tuesday, 05/29/2007 5:37:58 PM

Tuesday, May 29, 2007 5:37:58 PM

Post# of 36
Merit Mining Closes $9.0 million Second Tranche of Investment
by Wega Mining ASA And Appoints New Directors
VANCOUVER, May 7 /CNW/ -

Merit Mining Corp.
("Merit") (TSX-V: MEM) reports that it has closed the second
tranche of a private placement investment by Wega Mining ASA
of Oslo, Norway for an equity financing of 42,857,143 common
shares, priced at $0.21 per share, for total proceeds
of $9,000,000.

Concurrently with the second tranche, Wega Mining has
been issued two warrants to acquire:
(i) 17,142,857 common shares, at an exercise price of
$0.35 per share, on or before October 30, 2007 and
(ii) 12,500,000 common shares, at an exercise price of
$0.40 per share, on or before May 3, 2008.

Securities issued pursuant to the second tranche
investment are subject to a four month hold until
September 4, 2007.

Merit will use the proceeds of the private placement
to advance its Greenwood Gold Project and to fund
other development properties.

The Company also announces the following changes to its
Board of Directors:

- Fred Sveinson has resigned as a director, but will
retain his positions as President & CEO of the Company.
- Paul Cowley has resigned as a director, but will
retain his position as Vice President Exploration.
- Messrs. Lars Marius Furu, Hans-Arne L'orange, and Ronald
G. MacArthur have been appointed as directors
of the Company.

Ronald MacArthur, B.Sc. (Geology) has 35 years experience
in the Canadian and international mining industry,
including 26 years with the Noranda Group.
From 1990 through 1996, Mr. MacArthur was Exploration Manager
for Noranda's South American operations, with a focus
on base metals and gold.
Since 1999 he has been active as a private investor
and consultant in the resource industry.
A Canadian citizen based in Vancouver, Mr. MacArthur
is currently a director of Wega Mining ASA.

Lars Marius Furu, a Norwegian citizen, is currently CEO
for Wega Mining ASA.
He holds a Bachelor in Business Administration degree
and is a Certified European Financial Analyst (AFA).
He joined Wega Mining from Fondsfinans, where he was
partner and analyst in the Materials and Energy Sector.
Previously, he worked as a financial analyst for ten years
in several securities firms.

Hans-Arne L'orange, MBA, a Norwegian citizen, has a
strong background in executive and financial management
with a number of European-based public and private companies.
As a mergers & acquisitions and capital market specialist,
he has managed and been involved in more than 20 financings
or M&A transactions.
Mr. L'orange joined Wega Mining from Vyke Communications Plc,
where he served as CEO. He is currently engaged in
M&A services for Wega Mining ASA.

Fred Sveinson, President & CEO of Merit, states
"We look forward to working with the representatives
from Wega Mining who have joined our board.

They will provide key expertise to Merit in the areas
of financing, public markets, and exploration."

Merit Mining Corp.

Signed "Fred Sveinson"

Fred Sveinson, President & CEO

The TSX Venture Exchange has not reviewed and does not accept

responsibility for the adequacy or accuracy of this release.

The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.

Source: Canada NewsWire (May 7, 2007 - 5:07 PM EDT)

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