Mantra Resources: Quarterly report to the Australian Securities Exchange for
the period ending 31 March 2010

PERTH, Western Australia, April 30 /CNW/ - Mantra Resources Limited ('Mantra' or 'Company') (ASX: MRU, TSX: MRL) is pleased to present its quarterly report for the period ended 31 March 2010. The Company's primary focus during the period was the completion of the pre-feasibility study ('PFS'), the commencement of the definitive feasibility study ('DFS') and the advancement of exploration of the Nyota Prospect ('Nyota' or 'the Prospect'), part of the Mkuju River Project ('MRP' or 'the Project') in southern Tanzania. The quarter's highlights include:

    
    - A substantial increase in the Nyota Mineral Resource Estimate ('MRE'):
        -  MRE has increased by 89% from the previous statement (44.6 Mlbs);
        -  28.5 Mlbs U(3)O(8) or 34% of the MRE classified as an Indicated
           Resource;
        -  A 200 ppm U(3)O(8) lower cut-off grade has been maintained and the
           average grade of the MRE has increased by 2%;
        -  Majority of the MRE is within 60 metres of surface;
        -  Aggressive and successful exploration drilling has lead to rapid
           growth in the MRE over the past year;
        -  The potential exists to continue to substantially increase the
           resource base with ongoing work;
        -  Further drilling programs at Nyota, aimed at expanding the MRE and
           upgrading the resource classification, have already commenced;
        -  Drill testing of Satellite Targets within the MRP, but outside the
           Nyota Prospect, also has the potential to deliver promising
           results after the positive results of an initial appraisal
           (announced 22 January 2010); and

    -------------------------------------------------------------------------
                    Mkuju River Project - Nyota Prospect
               Mineral Resource Estimate as at 26 January 2010
    -------------------------------------------------------------------------
                                                                Contained
                             Tonnage            Grade            U(3)O(8)
                        (million tonnes)   (U(3)O(8) ppm)   (million pounds)
    -------------------------------------------------------------------------
    Indicated Resource        25.1              515               28.5
    -------------------------------------------------------------------------
    Inferred Resource         57.3              442               55.8
    -------------------------------------------------------------------------
    The resource is estimated at a lower cut-off grade of 200 ppm U(3)O(8)
    All figures are rounded to reflect appropriate levels of confidence.
    Apparent differences may occur due to rounding

    -   Completion of the PFS confirming the technical and economic viability
        of the Project and its capacity to operate with strong cash margins:
           -  Average annual production of 3.7 million pounds of U(3)O(8);
           -  Initial mine life of twelve years, with strong potential to
              increase;
           -  Life of mine average operating cost of US$25.05 per pound of
              U(3)O(8);
           -  Capital cost, including all associated infrastructure, of US
              $298 million; and
           -  Study based on the January 2010 Mineral Resource Estimate.

    -   Commencement of the DFS with the appointment of DRA Mineral Projects
        ('DRA') as the Engineering, Procurement, Construction and Management
        ('EPCM') Contractor. The DFS is scheduled for completion during the
        fourth quarter of 2010. A key component of the DFS is a comprehensive
        integrated pilot metallurgical test program which will be conducted
        at ANSTO in Sydney with the aim of testing and optimising the current
        Project flow sheet and minimising Project risk. Other key aspects of
        the DFS include:
           -  Further resource infill and exploration drilling;
           -  Permitting; and
           -  Uranium marketing and off-take arrangements.

    -   The 2010 exploration and resource infill drilling programs are
        currently ramping up. The Company has taken advantage of lower than
        expected rainfall during the quarter and has already completed
        approximately 315 holes for 21,500 metres of infill drilling.

    -   During the quarter the Company completed institutional and private
        placements that raised C$67.2 million (approximately A$72.5 million)
        before costs, which will further assist the Company to achieve its
        strategic objective of becoming a significant uranium producer in the
        short to medium term.

    -   In January, Mantra appointed Mr Peter Breese as Chief Executive
        Officer ('CEO') of the Company. Mr Breese was previously Chief
        Executive of Norilsk Nickel International, following its acquisition
        of LionOre Mining International, where he was Chief Operating
        Officer. Mr Breese has over 25 years experience in the mining
        industry.
    

Regulatory Disclosures:

For further information regarding the Mkuju River Project, including a description of Mantra's quality assurance program, quality control measures, the geology, samples collected and testing procedures in respect of the Mkuju River Project please refer to the technical reports prepared in accordance with NI 43-101 entitled "January, 2010 Resource Update - Mkuju River Project, located in Tanzania, Africa" dated 10 March 2010, "December, 2009 Resource Update - Mkuju River Project" dated 7 December 2009 and "Technical Report on the Mkuju River Project located in Tanzania, Africa" dated 18 September 2009, which are available under the Company's profile at www.sedar.com.

A full complete version of the Company's 'Quarterly Report to the Australian Securities Exchange for the Period Ending 31 March 2010 with details of the work completed, including supporting assay results and details of the Company's QA/QC procedures, is available on the Company's website (www.mantraresources.com.au), ASX (www.asx.com.au), and SEDAR (www.sedar.com).

Competent Person / Qualified Person Statements

The information in this report that relates to Exploration Results is based on information compiled by Mr. Robert Behets, who is a Fellow of The Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr. Behets is a full-time employee of the Company. Mr. Behets has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code) and is a "Qualified Person" under National Instrument 43-101 - 'Standards of Disclosure for Mineral Projects'. The Qualified Person has verified the data disclosed in this report, including sampling, analytical and test data underlying the information contained in this release. Details in relation to the verification of the data are included in the notes to Table 1. The QP was satisfied with the verification process and consents to the disclosure in this release. Mr Behets consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to in-situ Mineral Resources is based on information compiled by Mr Malcolm Titley of CSA Global Pty. Ltd. He is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code) and is a "Qualified Person" under National Instrument 43-101 - 'Standards of Disclosure for Mineral Projects'. The Qualified Person has verified the data disclosed in this report, including sampling, analytical and test data underlying the information contained in this release. Mr Titley consents to the inclusion of such information in this Report in the form and context in which it appears.

The information in this report that relates to the Pre-Feasibility Study is based on information compiled by Mr Dave Dodd, who is a Chemical Engineer and a Fellow of the South African Institute of Mining and Metallurgy. Mr Dodd is a Technical Consultant of MDM Engineering Ltd, a consultant of Mantra Resources Limited. Mr Dodd has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code) and is a "Qualified Person" under National Instrument 43-101 - 'Standards of Disclosure for Mineral Projects'. The Qualified Person has verified the data disclosed in this report, was satisfied with the verification process and consents to the disclosure in this release. Mr Dodd consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Forward Looking Statements

This report contains 'forward-looking information' that is based on the Company's expectations, estimates and projections as of the date on which the statements were made. This forward-looking information includes, among other things, statements with respect to the Company's business strategy, plans, objectives, performance, outlook, growth, cash flow, earnings per share and shareholder value, projections, targets and expectations, mineral reserves and resources, results of exploration and related expenses, property acquisitions, mine development, mine operations, drilling activity, sampling and other data, grade and recovery levels, future production, capital costs, expenditures for environmental matters, life of mine, completion dates, uranium prices, demand for uranium, and currency exchange rates. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as 'outlook', 'anticipate', 'project', 'target', 'likely', 'believe', 'estimate', 'expect', 'intend', 'may', 'would', 'could', 'should', 'scheduled', 'will', 'plan', 'forecast' and similar expressions. Persons reading this report are cautioned that such statements are only predictions, and that the Company's actual future results or performance may be materially different.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Forward-looking information is developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to the risk factors set out in the Company's Annual Information Form.

This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. The Company disclaims any intent or obligations to update or revise any forward-looking statements whether as a result of new information, estimates or options, future events or results or otherwise, unless required to do so by law.

SOURCE MANTRA RESOURCES LIMITED

For further information: For further information: Enquiries: Peter Breese, Chief Executive Officer, Phone: +27 82 888 6852; Robert Behets, Executive Director, Phone: +61 9322 6322; www.mantraresources.com.au

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MANTRA RESOURCES LIMITED

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