MPM Technologies, Inc. (OTCBB:MPML) announced that its wholly owned subsidiary MPM Mining Inc has entered into a Joint Venture Agreement with Forbes Financial Group to develop the company’s mining properties.

The agreement calls for the parties to create a new holding company, with MPM Mining owning 55% and Forbes Financial Group owning 45%. MPM Mining will contribute 300 acres of patented and unpatented claims in the Emery District, known for past gold and silver mining operations, an existing 200tpd mill and approximately $1.8 million in operating equipment.

Forbes Financial will provide not less than $5,000,000 of initial financing to commence operations. Forbes will do so via coordinating development of a related corporate bond issuance.

The property has a significant gold-silver resource in the mining stockpiles and dumps which remain from historic mining on the property. There have been at least 5 exploration drilling campaigns on the Emery property over the past 25 years. The focus of these programs was to expand the indicated resources in the District. Drill results showed a resource of approximately 100,000 ounces of gold and 1.6 million ounces of silver. Additional work will be done in Phase 4 of the program, as outlined below, to further prove up this resource and expand the potential reserves.

In December 2009 MPM Mining announced it had begun a 4-Phase Mining Plan.

  • Phase 1; which included the schedule and cost estimates for running the Emery Dump Sales was completed in February. Phase 2; includes dump pile sampling, metallurgical testing, permitting, mill negotiations and drilling in the dump piles to convert the indicated resource to a measured resource.
  • Phase 3; is comprised of operations including dump removal, milling and ore sales.
  • Phase 2 and 3 will begin in the 2nd quarter of 2010. Phase 4; will include expansion, upgrading the company’s 200 ton per day mill and to initiate exploration, development and drilling across the company’s properties to prove up further gold and silver reserves. This phase in part will run parallel during the latter stages of Phase 3.

MPM CEO Michael J. Luciano stated, “We are pleased to joint venture with a sophisticated investment group such as Forbes Financial Group LLC. This will enable us to start with our original plan, while simultaneously revamping the existing mill to current standards, and increasing the resource via drilling and mapping further reserves that all geologists have indicated are available. MPM and Forbes are both excited to work together in a powerful joint venture that will be mutually beneficial to both parties and great for our loyal shareholders”.

“Our long term strategy targets acquiring and/or joint-venture (“JV”) with undeveloped, “Junior Mining” properties with gold, silver and zinc resources/reserves offering minimal funding, existing permits to ensure expediency to production. Tactically, we identify rich deposits from previously mined locations or with proven resource/reserves to acquire interests and/or claims with the objective of being operational within 6-12 months,” stated Steve Forbes, President of Forbes Financial Group LLC.

MPM Technologies, Inc is a holding company with three subsidiaries: MPM Mining Inc., an exploration and development company with gold and silver mining properties in Montana, Nupower Inc, which is engaged in the development and commercialization of Skygas™ a unique electrokinetic process that converts solid and semisolid carbonaceous wastes into a clean-burning synthesis gas and AirPol, Inc. which builds, installs and services industrial air pollution control systems. Find more information at: www.mpmtech.com.

Forbes Financial Group LLC is a private, independent consulting and investment company providing corporate advisory services, focusing on business operations consulting, capital raisings, preparations for Offering Circulars and investment opportunities. The firm specializes in Business Plan Development, Strategies and Tactical Deployments, Capital Raising for companies seeking to raise debt, equity and equity-linked securities, and providing financial advisory services for a variety of corporate finance transactions including capital structure strategies, mergers, acquisitions and restructurings. Find out more information at: www.forbesfinancialservice.com.

Statement Under the Private Securities Litigation Reform Act.

With the exception of the historical information contained in this release, the matters described herein contain forward-looking statements that involve risk and uncertainties that may individually or mutually impact the matters herein described, including but not limited to, product acceptance, economic, competitive, governmental, results of litigation, technological and/or other factors which are outside the control of the company.

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