In c8490 transmitted at 08:30e today, an error occurred in the first
sentence of the release. "Mantis Mineral Corp (CNQ- MINT)" should have
read "Mantis Mineral Corp (CNQ- MINE)". Corrected copy follows:
Open letter to Mantis Mineral Corp. Shareholders
TORONTO, Nov. 15 /CNW/ - Mantis Mineral Corp (CNQ- MINE)
Dear Fellow Shareholders,
As a follow-up to my June 28, 2007 'Letter to Shareholders', I thought it
fitting to provide some insight into the tremendous strides taken by your
company in the last six months, and outline our upcoming plans.
Further to my goal of building a premier Canadian exploration company, we
have managed to acquire prospective projects exposing Mantis to three exciting
area plays, two of which have already demonstrated mineralization. Our market
capitalization appears to be undervalued relative to the valuations achieved
by other companies in similar area plays, but given the newness of Mantis as
an exploration company I believe it is only a matter of time before we catch
up, particularly as our broker/investor relations information dissemination
program rolls out across the country.
Nevertheless, your company has set all time trading records for CNQ for
the month of October as well as hitting the top ten in investor newswire
'hits' for CNW Group on October 30, 2007. So clearly your company is getting
on a few radar screens, not the least of which include Pinetree Capital Ltd.
(TSX:PNP) who recently acquired a total of 15.8% of Mantis. It is critically
important to have credibility in this business and Pinetree brings this, and a
great deal more to the 'table'. We understand that Pinetree is extremely
excited about our company and we believe that they can bring both
institutional orders and institutional credibility to this story.
All of this success has come very quickly as it usually does in the
mining business. This is one of the reasons we are in this game. That said, we
have been extremely fortunate in being able to retain a top-notch team of
senior geologists headed by Walter Hanych, who is experienced in all facets of
mineral exploration and development. The team includes diamond drilling
companies, geophysical crews and consulting firms. With our recent funding we
plan on moving ahead aggressively, with a view to significantly increasingly
shareholder value through development work across our entire suite of
I continue to believe ardently in the old adage, 'look for gold where
gold has been found'. As a result, Mantis plans on sparing no effort to locate
and acquire previously worked properties, which for one reason or another have
been passed over. Our plan is to use the latest mining methods and
technologies available to uncover, outline, and develop what others have
missed or left behind as a result of the less sophisticated exploration tools
available in previous cycles.
Our Rottenstone property in Saskatchewan is a fabulous example of this.
It was mined by Inco 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. It
is anticipated the today's deep penetrating high-resolution VTEM B-field
electromagnetic (EM) + Magnetic airborne geophysical survey equipment should
help identify this potentially massive feeder source to the high-grade
material mined by Inco ($1,800 rock value/ton at current metal prices).
It is important to remember that mining is a risky business, but the
rewards associated with discovery are far greater than any other business we
know of. We cannot guarantee success but we as management continue to believe
in the quality of our projects and the expectation that we will add meaningful
value for our shareholders.
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,