TORONTO, March 26 /CNW/ - Mantis Mineral Corp ('Mantis'--CNSX 'MYN') is
pleased to announce that it now owns 100% interest in its Cree Lake Gold
Property having fulfilled the terms of its option agreement ('the agreement').
The terms of the agreement were 240,000 Mantis shares over a 3-year term, plus
$100,000 in exploration expenditures by the expiration of the agreement June
6, 2010. The Vendors retain a 1 1/2% NSR (net smelter royalty).
The option agreement executed June 6th, 2007 affected four claims
(4203275, 4203295, 4203296, and 4209811) comprising 48-units totaling
768-hectares which encompass the high grade Flint Rock gold occurrence and the
Buffalo Canadian gold occurrence.
As of February 27, 2009, 100% interest in these mining claims has been
transferred by the vendors to Mantis. This transfer effectively positions
Mantis as the sole owner of the claims without any attached encumbrances other
than fulfilling normal assessment reporting as required by the Ontario Mining
Act.
Mantis recently reported (press release March 10, 2009), on Cree Lake's
consistent, high grade vein, hosted within an envelope of gold bearing sheared
volcanic, over a 2-meter width and 100-meter strike length. Highlights from
the trenching and sampling yielded gold values as high as 1,300 gpt (37.91
opt).
Mantis can now focus on its exploration strategy which will not only
target the Flint Rock occurrence, but also the high gold potential area south
of Cree Lake contained within the contact zone of a felsic intrusive. To this
end, a spring summer program of prospecting, mapping, sampling and trenching
with late summer drilling, followed by a winter drill program is being
contemplated.
With the additional two new claims announced December 8, 2008, the Cree
Lake Gold Property now consists of 18-claims (all 100% owned by Mantis))
totaling 3,904-hectares (9,647-acres). The property covers two zones of highly
favorable geology and structure. One zone extends along an 8.5-kilometer
east-west length incorporating the Flint Rock and Buffalo Canadian
occurrences. Another zone, 2,000-meters south of this trend incorporates the
highly prospective contact zone which hosts multiple sub-parallel, subzones of
encouraging gold values along 1,200-meters of strike length.
Commented Robin Ross, CEO, "We are very pleased that Mantis has been able
to meets its option conditions so quickly and so early in its evaluation of
the Cree Lake Gold Property. Mantis now has 100% ownership of this very
exciting high grade gold property. This is very exciting, as we now have a
high grade gold project with a consolidated land package of highly favorable
and diverse gold environments, which have demonstrated at an early stage of
exploration significant large scale potential".
Cautionary note:
While the historical assays reported do not conform to National
Instrument 43-101 they are generally considered reliable according to local
industry standards.
This news release has been viewed and approved by Walter Hanych, senior
geologist and project manager, who is responsible for program design and
quality control of exploration undertaken by the Company. All samples were
analyzed by ALS Chemex.
About Mantis Mineral Corp.
Mantis Mineral Corp. is a Canadian based resource and exploration company
traded publicly under the symbol MYN on the CNSX. Mantis is focused on
creating shareholder value through the exploration and development of its
suite of strategically located, high-impact Canadian exploration projects.The CNSX has not reviewed and does not accept responsibility for the
adequacy of this release.%SEDAR: 00008151E
For further information: Mr. Robin Ross, Chairman & CEO: (416) 362-1800,
rross@mantismineralcorp.com, or visit our corporate website at
www.mantismineralcorp.com
