Mantis announces option agreement with Fieldex Exploration Inc. on its Case
Pegmatite Project

TORONTO, March 10 /CNW/ - Mantis Mineral Corp., ('Mantis'-CNSX 'MYN') is pleased to announce that Fieldex Exploration Inc. (FLX: TSXV and F7E: Frankfurt) has entered into an option agreement pursuant to which Fieldex has an exclusive and irrevocable option to acquire up to a 60% interest in five mining claims covering 480 hectares comprising the Case Pegmatite Project, a lithium-tantalum-rich pegmatite, located in the Steele township 75 kilometres East of Cochrane in the Province of Ontario.

Pursuant to the option agreement, Fieldex may earn a 50% undivided interest in the Case Pegmatite Project by making an initial payment of $50,000 cash and 200,000 common shares of Fieldex within 10 days of the signing of the option agreement, and by making aggregate mining expenditures of $1,450,000 over a period of three years and issuing an aggregate of a further 700,000 common shares of Fieldex over a period of two years. Upon completing all the payments mentioned above, Fieldex will have an option to acquire an additional 10% undivided interest in the Case Pegmatite Project by issuing 750,000 common shares to Mantis Mineral Corp. on or before March 1, 2013. Two of the claims comprising the Case Pegmatite Project are subject to a 2% net smelter return royalty in favor of previous vendors.

The table below summarizes the significant multi-rare elements .

    ZONE                 Li2O        Ta2O5            Be        Ga        Rb
    NORTH                  %        %    gpt         gpt       gpt       gpt
    Grades              1.076   0.037    370         100        39      1600
    Avg width meters      5.0            4.3         8.0       7.3       4.0
    Highest values    2.41/1m      2760/1.1m    0.055/1m     57/1m   2878/1m
    ZONE                 Li2O        Ta2O5            Be        Ga        Rb
    MAIN                   %        %    gpt         gpt       gpt       gpt
    Grades              1.419   0.023    230          67        39      2878
    Avg width meters      8.0            6.6         6.0      13.6       9.0
    Highest value     2.71/2m     1110/0.95m    0.028/2m     57/1m   5010/3m
    Ref :  Assessment Report filed with Ministry of Northern Development and
           Mines titled 'Geological Report on the Case Pegmatite Property'
           for Platinova A/S by P.C. LeCouteur, Ph.D, P.Eng, dated
           February 1, 2002
           Grades were determined from a weighted average of drill core from
           seven drill holes totaling 508 meters and six channel cuts
           representing 113-meters of cutting from which 116-samples were
           analyzed for multi-element associations.

The above grades are comparable to most rare-metal pegmatites with the exception of tantalum which exceeds grades currently being evaluated in Canada; including First Gold's Pivert-Rose property in northwestern Quebec, MDN Inc's Anita project in the Lac St. Jean region of Quebec, Canada Lithium's Quebec project in Lacorne township. Importantly, the tantalum grades equal those at the Tanco mine in Manitoba, and the Greenbushes mine in Australia.

    Highlighting the Case pegmatite's exploration potential, the
    following features standout:

    -   The North dike was explored along a 120-meter strike length to a 35-
        meter vertical depth and is up to 10 meters wide.

    -   The Main dike was explored along a 300-meter strike length to a 70-
        meter vertical depth and is up to 30 meters wide.

    -   The Case Pegmatite dikes remain open along strike and at depth and
        potentially are amenable to open pit mining.

    -   Commonly pegmatite dike complexes are stacked in sub-parallel
        arrangements; this aspect remains to be tested.

    -   Of the 303-samples for which Mantis currently has reviewed,
        representing 200-core and 103-channel samples, 7% of the Ta(2)O5
        values are (greater than or equal to) 400 ppm (gpt).

The Case pegmatite is now emerging as a multi-element rare metals project with significant exploration potential. The tantalum values observed are amongst the highest reported in Ontario and Quebec and make for a potential economic deposit when combined with other rare elements. The project is proximal to infrastructure, being located only 75-km east of Cochrane along a major road.

Results of re-sampling the recently retrieved 508 meters of drill core will be released as soon as available.

This news release has been viewed and approved by Walter Hanych, Senior Geologist and Project Manager, who is a Qualified Person as defined by National Instrument 43-101 and is responsible for program design and quality control of exploration undertaken by the Company. While these assays do not conform to National Instrument 43-101 they are generally considered reliable according to local industry standards.

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.

%SEDAR: 00008151E

SOURCE Mantis Mineral Corp.

For further information: For further information: Mr. Robin Ross, Chairman & CEO: (416) 362-1800,, or visit our corporate website at

Organization Profile

Mantis Mineral Corp.

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890