Canadian Trading and Quotation System Inc.
Shares Outstanding: 54,346,942
TORONTO, Oct. 22 /CNW/ - Mantis Mineral Corp. (CNQ - MINE) is pleased to
announce that it has entered into an agreement to acquire a 100% interest in
approximately 10,000 acres comprising 20 claim dispositions ("The Grass River
Claims") located near Snow Lake, Manitoba.
These claims are contiguous with VMS Venture's (TSXV - VMS) Reed Lake
property where the company recently reported a drill intercept which
encountered 4.38% copper over 43.05 metres, including 10.50 metres of 11.19%
Grass River Claims numbers 2, 3, 4 and 5 directly adjoin the claim block
on which VMS reported its discovery hole, laying as close as 2.4 kilometres
from the discovery at the closest point.
Robin Ross, Mantis CEO stated, "This exciting acquisition positions
Mantis as a central player in the Flin-Flon-Snow Lake VMS Belt. The Mantis
Grass River claims put the company in the closest proximity to the Reed Lake
discovery. With this acquisition, Mantis is now a direct participant in three
potentially world class mineral and metal districts in Canada based on recent
discoveries in: the James Bay Lowlands (Noront TSXV - NOT), the
Beardmore-Geraldton Gold Camp (Kodiak TSXV - KXL), and now the Flin-Flon-Snow
Lake VMS Belt (VMS Ventures TSXV - VMS). We intend on pursuing aggressive work
programs on each of these projects in the coming months."
Noranda explored a part of what now comprises the current Grass River
Claims in the 1990s as part of their larger property package at the time,
which included the present VMS Ventures project.
SPECTREM anomalies were identified by Hudson Bay Exploration and
Development Corp. in 1994 on the Grass River Claims. The Company intends to
follow up with a VTEM survey, which should give a much clearer look at the
anomalies on the Grass River Claims, and target previously unidentified
conductors. This is the same exploration method employed by VMS on their
adjoining property, which identified their current 800-metre strike length.
A detailed work program for the Grass River property will be released
shortly. The Noranda report is available here
http://www.gov.mb.ca/data/em/application/assessment/73023.pdf A map of the
concessions acquired will be available shortly at the company's website
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 Grass River Claims from two
separate arm's-length parties for the following consideration:
- The issuance to the vendors of 2.75 million common shares in the
capital of the company immediately, and 2.75 million common shares in
the capital of the company in 180 days;
- The granting to the vendors of a 2% net smelter return royalty and a
2% gross overriding royalty (for diamonds); 1% of each royalty can be
purchased by the company for consideration of $1 million.
The company will pay finders' fees to arm's-length third parties in
connection with the acquisition of the Grass River Claims in accordance with
CNQ Exchange policies.
About Mantis Mineral Corp.
Mantis Mineral Corp. is a Canadian based resource and exploration company
traded publicly under the symbol MINE on the CNQ. Mantis is focused on
creating shareholder value through the exploration and development of its
suite of strategically located, high-impact Canadian exploration projects.
The CNQ has not reviewed and does not accept responsibility for the
adequacy of this release.
This press release includes "forward looking statements", within the
meaning of applicable securities legislation, which are based on the opinions
and estimates of management and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or results to
differ materially from those projected in the forward looking statements.
Forward-looking statements are often, but not always, identified by the use of
words such as "seek", "anticipate", "budget", "plan", "continue", "estimate",
"expect", "forecast", "may", "will", "project", "predict", "potential",
"targeting", "intend", "could", "might", "should", "believe" and similar words
suggesting future outcomes or statements regarding an outlook. Such risks and
uncertainties include, but are not limited to, risks associated with the
mining industry (including operational risks in exploration development and
production; delays or changes in plans with respect to exploration or
development projects or capital expenditures; the uncertainties involved in
the discovery and delineation of mineral deposits, resources or reserves; the
uncertainty of resource and reserve estimates and the ability to economically
exploit resources and reserves; the uncertainty of estimates and projections
in relation to production, costs and expenses; the uncertainty surrounding the
ability of the Company to obtain all permits, consents or authorizations
required for its operations and activities; and health and safety and
environmental risks), the risk of commodity price and foreign exchange rate
fluctuations, the ability of the Company to fund the capital and operating
expenses necessary to achieve the business objectives of the Company, the
uncertainty associated with commercial negotiations and negotiating with
foreign governments and risks associated with international business
activities, as well as those risks described in public disclosure documents
filed by the Company. Due to the risks, uncertainties and assumptions inherent
in forward-looking statements, prospective investors in securities of the
Company should not place undue reliance on these forward-looking statements.
Statements in relation to "resources" and "reserves" are deemed to be
forward-looking statements, as they involve the implied assessment, based on
certain estimates and assumptions, that the reserves described can be
profitably produced in the future.
Readers are cautioned that the foregoing lists of risks, uncertainties
and other factors are not exhaustive. The forward-looking statements contained
in this press release are made as of the date hereof and the Company
undertakes no obligation to update publicly or revise any forward-looking
statements contained in this press release or in any other documents filed
with Canadian securities regulatory authorities, whether as a result of new
information, future events or otherwise, except in accordance with applicable
securities laws. The forward-looking statements contained in this press
release are expressly qualified by this cautionary statement.
For further information:
For further information: Mr. Robin Ross, Chairman & CEO: (416) 362-1800,
email@example.com Or visit our corporate website at