TORONTO, Sept. 5 /CNW/ - Mantis Mineral Corp. ("Mantis" CNQ: 'MINT') is
pleased to announce it has recently entered into a "Letter of Intent" (the
"LOI") with Uravan Minerals Inc. ("Uravan" TSX-V: 'UVN') whereby Mantis has
been granted an option (the "Option") to earn an aggregate 60% interest on
Uravan's 100% owned Rottenstone nickel - copper - platinum group element
(Ni-Cu-PGE) property (the "Rottenstone Property"), northern Saskatchewan by
funding a cumulative ten million dollars ($10,000,000) in exploration
expenditures. The LOI consists of two options: (1) the first option grants
Mantis the exclusive right to earn a 50% interest in the Rottenstone Property
by funding $6,000,000 in exploration expenditures over five years and (2) the
second option grants Mantis the exclusive right to earn an additional 10%
interest in the Rottenstone Property by funding an additional $4,000,000 in
exploration expenditures and completing a bankable feasibility report. Upon
Mantis earning either a 50% or 60% interest, a joint venture will be formed
between Uravan and Mantis (collectively the "Parties) with the Parties funding
their pro-rata share of future exploration expenditures. At its election,
Mantis shall be the operator during the earn-in period of the Option.
The Rottenstone Property is located about 130 kilometers north of La
Ronge, SK and consists of 8 Mineral Dispositions covering about
13,364 hectares of mineral claims. The Rottenstone Property lies within the
Rottenstone domain, a northeast trending arcuate tonalite-migmatite belt. This
belt lies between the plutonic rocks of the Wathaman batholith
(1855(+ or -)6 Ma) to the northwest and the metavolcanic-metasedimentary rocks
and granitoid plutons of the La Ronge domain to the southeast.
Uravan's previous exploration focused on delineating zones that could
host magmatic nickel-copper-platinum/palladium (Ni-Cu-PGE) bearing net
textured, semi-massive to massive sulphide within ultramafic intrusive rocks
similar to the Rottenstone deposit. The Rottenstone deposit was mined in the
mid-late 1960's, producing approximately 40,000 tons of high-grade ore grading
3.28% Ni, 1.83% Cu and 9.63 g/t PGE. The extremely high Ni-Cu-PGE grades in
association with high contained sulphides (40% to 60%) hosted in a small
ultramafic body strongly indicates that the Rottenstone deposit is an
extension of a much larger ultramafic intrusive body hosting a much larger
high-grade Ni-Cu-PGE deposit in the area or at depth.
The most significant exploration work previously completed by Uravan
consists of: (1) a 2,776 line Km airborne Magnetic and VLF-EM geophysical
survey, (2) a 130 square kilometre helicopter-borne treetop biogeochemical
survey, (3) several ground geophysical surveys consisting of TEM, Magnetic,
MaxMin, IP and gravity surveys, (4) several local area B-horizon soil
geochemical surveys and, (5) several drill programs resulting in forty (40)
BQ-size diamond drill holes completed totaling 5242.7 metres drilled. This
exploration work was equally divided between reconnaissance work on a property
wide basis and more focused exploration activity conducted within a one-square
kilometre area around the previously mined Rottenstone deposit.
The first phase of exploration that Mantis proposes to complete on the
Rottenstone Property is a deep penetrating high-resolution VTEM B-field
electromagnetic (EM) +Magnetic airborne geophysical survey with a follow-up
Mantis and Uravan are committed to working closely to bring the highest
level of technical knowledge and Ni-Cu-PGE exploration experience into the
annual exploration programs.
This press release has been prepared under the supervision of Dr. Allan
Miller, P. Geo., who is a Qualified Person as defined by National instrument
In order to meet its funding requirements, Mantis announces that it will
be holding a special meeting of shareholders (the "Meeting") on September 19,
2007. At the Meeting shareholders will be asked to approve the consolidation
of all of the Mantis' common shares without par value on a five (old) for one
(new) basis. The resolution approving the consolidation must be passed by not
less than two thirds of the votes cast by the shareholders present in person
or by proxy at the Meeting. The previously issued and outstanding 170,982,733
common shares of Mantis will be consolidated into approximately 34,196,547
common shares of Mantis. The consolidation is subject to regulatory approval.
Commented Robin Ross, CEO, "Mantis has now accumulated an inventory of
exciting exploration properties. Management feels it is in the best interest
of shareholders to consolidate its shares in order to meet the necessary
funding requirements of its projects."
Mantis Mineral Corp. is a Canadian exploration company with a portfolio
of quality gold and base metal properties located in mining friendly Canada.
Further information is available under the company's profile at
The CNQ Exchange has not reviewed and does not accept responsibility for
the adequacy of this release.
For further information:
For further information: Mr. Robin Ross, Chairman & CEO, (416) 362-1800,
email@example.com; Or visit our corporate website at