TORONTO, June 17 /CNW/ - Mantis Mineral Corp. ("Mantis", CNSX: 'MYN') is pleased to announce that it has entered into an option agreement (the "Agreement") with Gold Bar Resources Inc. ("Gold Bar") to acquire its 21.62% registered undivided interest in leased claim CLM266 which consists of 11 standard or one-unit claims located in Chester Township. The balance of the undivided interest in CLM266 was recently subject to an option agreement by Trelawney Mining and Exploration Inc. ("Trelawney", TSX-V :'TRR'). Claim CLM266 also known as 'the Jack Rabbit', is a significant component of the claim fabric known as 'Chester-3 Zone' which was recently the subject of a drill program as press released by Trelawney.
Additional information on CLM266 and Gold Bar's registered 21.62% interest is available in the 43-101 report dated January 14, 2010 and titled 'Technical Report on the Chester Township Porperties, Ontario, Canada' by Scott Wilson Roscoe Postle Associates Inc., published on Trelawney's website.
In Trelawney's press release on February 22, 2010, Trelawney reported on 4 of 12 diamond drill holes completed on the Chester-3 Zone, where drilling confirmed the gold mineralization reported by previous operators. The Chester-3 Zone is located one kilometre north of the Chester-1 Zone, which is 2.5 km east-northeast of and along strike with the Chester-2 Zone.
The Agreement provides that Mantis may acquire Gold Bar's 21.62% registered undivided interest in CLM266 by making an initial payment of 500,000 common shares within 10 days of the signing of the Agreement, and further paying an aggregate of $1,000,000 in cash, or equivalent value in common shares of Mantis over three years. Any common shares issued by Mantis under the terms of the Agreement are to be priced at $ 0.15. subject to regulatory approval and a four month regulatory hold period from date of issue. The Agreement provides that upon Mantis exercising the option fully, Gold Bar retains a 1.5% net smelter return royalty.
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.
SOURCE Mantis Mineral Corp.
For further information: For further information: Mr. Robin Ross, Chairman & CEO: (416) 362-1800, firstname.lastname@example.org, or visit our corporate website at www.mantismineralcorp.com