Metalline Receives an Extension From the NYSE Amex
Coeur d'Alene, Idaho - Metalline Mining Company (NYSE Amex: MMG) has reported that on July 13, 2009 the NYSE Amex LLC (formerly American Stock Exchange (the "Exchange")) notified Metalline that Metalline has been granted an extension to regain compliance with the continued listing standards set forth in the NYSE Amex LLC Company Guide (the "Company Guide"). As such, and subject to certain conditions, Metalline's common stock will continue to be listed on the Exchange during the extension period.
Metalline submitted a plan of compliance to the Exchange on June 1, 2009 addressing how it intends to regain compliance with certain of the Exchange's continued listing standards. Although Metalline is not currently in compliance with Sections 1003(a)(iv) and 1003(a)(iii) of the Company Guide, based on information contained in Metalline's plan of compliance the Exchange has informed Metalline that it has until November 2, 2009 to regain compliance with Section 1003(a)(iv) of the Company Guide and until November 1, 2010 to regain compliance with Section 1003(a)(iii) of the Company Guide. Metalline's failure to meet these time frames could result in Metalline's common stock being delisted from the Exchange. There is no assurance that Metalline will be able to successfully implement its plan of compliance with the time frames prescribed by the Exchange, although it intends to vigorously pursue that course of action.
About Metalline Mining Company
Metalline Mining Company is an exploration stage enterprise engaged in the business of mining. The Company currently owns mining concessions in the municipality of Sierra Mojada, Coahuila, Mexico. The Company conducts its operations in Mexico through its wholly owned Mexican subsidiaries, Minera Metalin S.A. de C.V. and Contratistas de Sierra Mojada S.A. de C.V. To obtain more information on Metalline Mining Company, visit the Company's web site (www.metallinemining.com).
This news release contains forward-looking statements regarding future events and Metalline's future results that are subject to the safe harbors created under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act"). These statements are based on current expectations, estimates, forecasts, and projections about the industry in which Metalline operates and the beliefs and assumptions of Metalline's management. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "continues," "may," variations of such words, and similar expressions, are intended to identify such forward-looking statements. In addition, any statements that refer to projections of Metalline's future financial performance, Metalline's anticipated growth and potentials in its business and other characterizations of future events or circumstances are forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict, including those identified elsewhere herein, Metalline's Annual Report on Form 10-K for the fiscal year ended October 31, 2008 under "Risk Factors", and in subsequent Quarterly Reports on Form 10-Q. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Metalline undertakes no obligation to revise or update any forward-looking statements for any reason.