Monroe Minerals announces $2,500,000 million offering



    CALGARY, Oct. 24 /CNW/ - Monroe Minerals Inc. (TSX Venture: MMX)
("Monroe" or the "Corporation") announces that it is proceeding, subject to
regulatory approval, with a non brokered offering of up to 16,666,667 units
("Units") by way of private placement at a purchase price of $0.06 per Unit
and 20,000,000 flow through units ("FT Units") at a purchase price of $0.075
per FT Unit for aggregate consideration of up to $2,500,000 (the "Offering").
Each Unit will consist of one common share in the share capital of Monroe
("Common Share") and one common share purchase warrant ("Unit Warrant"). Each
FT Unit will consist of one flow through common share and one FT Unit warrant
("FT Unit Warrant"). Each Unit Warrant will be exercisable into one Common
Share at a price of $0.10 per Common Share for 12 months from the date of
issuance and $0.12 per Common Share for the following 12 months, subject to
earlier expiry in certain circumstances. Each FT Unit Warrant will be
exercisable into one Common Share at a price of $0.12 per Common Share for
12 months from the date of issuance and $0.15 per Common Share for the
following 12 months, subject to earlier expiry in certain circumstances.
    MineralFields Group has expressed interest in subscribing for 13,333,332
FT Units and 1,666,666 Units subject to completion of final documentation.
    "We are very pleased to have been introduced to MineralFields Group,"
said Derek J. Moran, President and CEO of Monroe. "This is an important
milestone in the growth of Monroe and we look forward to working with
MineralFields Group as we develop our uranium holdings in Canada."
    Eligible arm's length finders will receive a cash finder's fee in an
amount of up to 8% of the gross proceeds of the sale of the Units of FT Units
that results from introductions from the finder and will also be issued a
non-transferable finder's option ("Finder's Option") to purchase units equal
in number to 10% of the Units or FT Units sold in connection with the
Offering. Each Finder's Option will entitle the holder to purchase one
Finder's Unit ("Finder's Units") at a purchase price of $0.075 on or before 12
months from the closing date of the Offering. Each Finder's Unit will consist
of one common share and one common share purchase warrant exercisable for 12
months from the date of exercise of the Finder's Option upon payment of $0.12
and for 12 months thereafter at a price of $0.15 subject to early expiry in
certain circumstances.
    Monroe will use the proceeds of the Offering to work towards the assembly
of a portfolio of uranium properties and exploration thereon, for the
exploration and development of its diamond properties and for general working
capital purposes. The Offering is subject to regulatory approval.

    About MineralFields, Pathway and First Canadian Securities(R)
    -------------------------------------------------------------
    MineralFields Group (a division of Pathway Asset Management) is a
Toronto-based mining fund with significant assets under administration that
offers its tax-advantaged super flow-through limited partnerships to investors
throughout Canada during most of the calendar year, as well as hard-dollar
resource limited partnerships to investors throughout the world. Pathway Asset
Management also specializes in the manufacturing and distribution of
structured products and mutual funds. Information about MineralFields Group is
available at www.mineralfields.com. First Canadian Securities(R), a division
of Limited Market Dealer Inc., is active in leading resource financings (both
flow-through and hard dollar) on competitive, effective and service-friendly
terms, with investors both within, and outside of MineralFields Group.
    Monroe is engaged in the exploration and development of gem quality
diamond properties in Southern Africa and the assembly of an international
portfolio of uranium projects. Its strategy is well defined: enhancing
shareholder value by combining Monroe's recognized twin strengths of technical
expertise and professional management to advance mining projects to profitable
long term production. Monroe's shares trade on the TSX Venture Exchange under
the symbol MMX. For more information please visit www.monroeminerals.com.
    To receive company news releases via e-mail, please advise val@chfir.com
and specify "Monroe press releases" in the subject line.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this News Release

    Forward-looking statements: Except for statements of historical fact, all
statements in this news release, without limitation, regarding new projects,
acquisitions, future plans and objectives are forward-looking statements which
involve risks and uncertainties. There can be no assurance that such
statements will prove to be accurate; actual results and future events could
differ materially from those anticipated in such statements.

    %SEDAR: 00007777E




For further information:

For further information: Derek J Moran, President and CEO, Monroe
Minerals Inc., + 27 82 440 3426; Robin Cook, Account Manager, CHF Investor
Relations, (416) 868-1079 X 228, robin@chfir.com

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MONROE MINERALS INC.

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