TORONTO, July 28 /CNW/ - Mantis Mineral Corp. ("Mantis" - CNQ "MINE") is
pleased to announce today that it has entered into an agreement with an arms
length third party to acquire potash exploration permits (KP's) which have
been applied for in highly prospective potash areas of Saskatchewan. The KP's
are approximately 60 km to the north to the existing Lanigan Mine held by
Potash Corporation of Saskatchewan. Mantis' properties cover an area of 3,957
Mantis's KP's are contiguous or regionally north of companies with Potash
landholdings currently being explored / developed or mined. These include, BHP
Billiton, Potash Corporation of Saskatchewan Inc.'s Lanigan Mine, Diamonds
Inc., Canada Potash Corp., Prairie Potash Corp. and Athabasca Potash Corp..
The potash beds of Saskatchewan occur in the upper part of the Prairie
Evaporate Formation. There are three main potash beds within the KP's, the
Patience Lake Member, the Belle Plaine Member and the Esterhazy Member. The
potash in this area occurs as sylvite, and is contained within the Devonian
Prairie Evaporite with intercepts of potash (sylvite) occuring between 800 to
1000 meters depth. The potash beds in this area contain multiple layers of 1
to 9 meter thick sylvite-rich potash beds.
Well log data, gamma ray response and physical examination of drill core
from adjacent or regional properties obtained from the Saskatchewan government
database and private sources have been used to correlate geometrically Potash
potential. An independent report prepared by Petrolane Consulting (2007) Ltd.
on Mantis' KP's reviewed seven wells found regionally for the existence of the
Prairie Evaporate Formations. Potash Beds within the study area correlate to
the existing Lanigan Mine to the south. Identifiers within the well logs were
Gamma Ray Responses for the Upper and Lower Patience Lake Formations and the
Belle Plaine formations. Four wells within the study area around the
boundaries of Mantis' KP's all showed consistent intersections of Potash or
equivalent gamma ray response. Based on the Petrolane report, a geometrical
projection between the wells suggests there is a lateral extent for Potash
potential to exist within Mantis' KP's covering 39.57 sq km's at an average
thickness of 4 meters containing potentially 623 million tons.
While the drill log data or gamma ray response herein reported are of a
historical nature and do not conform to National Instrument 43-101 they are
generally considered reliable according to local industry standards
Commented Robin Ross, CEO, "We are very excited to be acquiring this land
position in known proximity to potash deposits."
Terms of the Transaction
Under the terms of the agreement, the company has agreed, subject to CNQ
acceptance, to acquire a 100% interest in the Potash exploration permits from
an arm's-length party for the following consideration:
The payment of $50,000 immediately, and the issuance to the vendor of
500,000 common shares in the capital of the company upon issuance by the
Saskatchewan government of the potash permits.
The technical contents of this release were approved by Walter Hanych,
the qualified person as defined by National Instrument 43-101.
About Mantis Mineral Corp.
Mantis Mineral Corp. is a dynamic Canadian based resource company,
possessing a diversified portfolio of mineral properties across Canada,
including direct participation in three major area plays: Tamarack, Orphan and
Grass River. The company holds substantial land positions hosting gold,
nickel, copper and platinum group metals.
The CNQ has not reviewed and does not accept responsibility for the
adequacy of this release.
NEWS RELEASE TRANSMITTED BY CNW Group
For further information:
For further information: Mr. Robin Ross, Chairman & CEO, (416) 362-1800,