ELGIN MINING INC. - TSX VENTURE EXCHANGE APPLICATION

TORONTO, Sept. 8 /CNW/ - Elgin Mining Inc. ("Elgin" or the "Company") announced today that it intends to apply for a listing on the TSX Venture Exchange ("TSXV"), subject to TSXV approval, with a view to having its common shares listed on that exchange in connection with the delisting of its common shares from the Toronto Stock Exchange (the "TSX"). As previously announced by the TSX, Elgin has been advised that its common shares will be delisted from trading on the TSX for failure to meet the continued listing requirements of the TSX because it ceased to be actively engaged in ongoing business.

Elgin ceased to be actively engaged in ongoing business on May 4, 2010 when it announced the sale of sale of substantially all of its assets (the "Asset Sale"). The Asset Sale was part of the Company's strategic initiative of exiting the coal industry.

Robert Buchan, the Company's Chairman, President and Chief Executive Officer, is currently working with several investment bankers and is actively evaluating accretive opportunities in the global resource sector to redeploy its capital into assets with the goal of generating significant shareholder value.

About Elgin Mining Inc., formerly Phoenix Coal Inc.

Elgin Mining Inc. is located in Toronto, Ontario and is currently evaluating the potential acquisition of assets in the global natural resource sector. For additional information, visit www.elginmining.com.

FORWARD-LOOKING STATEMENTS

Certain information set forth in this press release contains "forward-looking statements", and "forward-looking information" under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking information which includes the listing of the Company's common shares on the TSXV, the commencement of trading of Elgin's shares on the TSXV and management's assessment of Elgin's future plans and are based on Elgin's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of this forward-looking information may be identified by words such as "intends", "expects" "anticipates", "believes", "projects", "plans", and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking information necessarily involve known and unknown risks and uncertainties, which may cause Elgin's actual performance and results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking information. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Elgin undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.

The TSX has neither approved nor disapproved of the contents of this press release.

For further information: David Feick, The Equicom Group, Investor Relations, 403 218 2839, [email protected]