TORONTO, June 15 /CNW/ - Mantis Mineral Corp. ("Mantis" -CNSX: MYN) is pleased to announce that the summer drill program on its Cree Lake gold project in the Swayze Belt of Northern Ontario will commence in approximately one week. The property was recently optioned by Probe Mines Limited ("Probe" -TSX-V: PRB) who is also the operator.
Highlights of the Cree Lake Gold Project
The Cree Lake Gold Project is host to a new gold zone discovered by Mantis in 2009 and is characterized by thick, near surface, drill intersections of up to 15.5 metres averaging 2.05g/t Au. This style of mineralization is not typical of the Swayze Belt and represents excellent potential for the delineation of a near-surface, large tonnage, low-grade gold deposit. Follow-up trenching conducted by Mantis immediately west of hole CL09-6 exposed a 50-meter length of intermittent quartz veining and shearing over a 10-meter width. Grab samples within this zone yielded significant gold values ranging from 0.61g/t to 43.2 g/t, with an average of 6.47 g/t.
The property is situated along the Ridout deformation zone, a 130-kilometer long structure that hosts past producers such as the Jerome, Tyrranite and Kenty Mines, as well as numerous gold showings. The area has received recent attention with the identification of thick intervals of gold mineralization by Trelawney Mining on its Chester Gold Project, located approximately 60 kilometres southeast along strike in the Swayze Belt. Probe can earn up to a 70% interest in the property from Mantis Mineral Corp.
Drilling will be comprised of six holes designed to test the new gold zone near surface and at depth along a 150 metre strike length and is expected to take approximately one week. Results of the drilling will be announced as soon as they are received.
Amendment to Warrants
Mantis announces that the Company proposes to amend the terms of 40,000 common share purchase warrants which were issued pursuant to the Company's private placement on July 11, 2005. In particular, the Company proposes to reduce the exercise price of the warrants from $0.50 to $0.15 per share and extend the term of the warrants by three years from July 11, 2010, to July 11, 2013.
Pursuant to the policies of the CNSX the amended warrants must include an acceleration clause which provides that if the common shares of the Company trade at greater than $0.20 for 10 consecutive trading days then the Company would be required to trigger an acceleration of the expiry date of the warrants to the date which is 37 days following such 10 day period.
The amendments will not apply to warrants issued to agents in connection with the private placement. The amendments are subject to the consent of the affected warrant holders and regulatory approval, including satisfaction of the requirements of the CNSX.
Shares for Services
The Company is pleased to settle $7,680 of indebtedness owed to two arm's length creditors by the issuance of 153,600 common shares of the Company. Completion of the debt settlement is subject to regulatory approval, including satisfaction of the requirements of the CNSX.
About Mantis Mineral Corp.
Mantis Mineral Corp. is a Canadian based resource and exploration company traded publicly under the symbol MYN on the CNSX. Mantis is focused on creating shareholder value through the exploration and development of its suite of strategically located, high-impact Canadian exploration projects.
The CNSX has not reviewed and does not accept responsibility for the adequacy of this release.
SOURCE Mantis Mineral Corp.
For further information: For further information: Mr. Robin Ross, Chairman & CEO: (416) 362-1800, firstname.lastname@example.org, or visit our corporate website at www.mantismineralcorp.com