TORONTO, Nov. 29 /CNW/ - Mantis Mineral Corp ('Mantis'-CNQ 'MINE') is
pleased to announce that it has entered into an agreement to acquire up to a
60% interest in approximately 13,364 acres comprising 8 mining claim
dispositions ("Rottenstone Property") located in the Rottenstone Domain in
Northern Saskatchewan. In consideration for Mantis' 60% interest in the
Rottenstone Property, Mantis must fund an aggregate of $10,000,000 in
exploration expenditures. Mantis has committed to expend at least $800,000 in
2008. Mantis will also issue 350,000 common shares as a finder's fee to an
arm's-length third party in connection with the acquisition of the Rottenstone
Property, subject to regulatory approval, including satisfaction of the
requirements of the CNQ.
The Rottenstone Property was mined 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
indicate that the Rottenstone deposit is an extension of a much larger
ultramafic intrusive body hosting a much larger high-grade Ni-Cu-PGE deposit
at depth or in the area. While these assays do not conform to National
Instrument 43-101 they have been provided by the S.G.S. and are generally
considered reliable according to local industry standards.
Robin Ross commented, "We are very excited to test the deep potential of
the system. Mantis will immediately contract a deep penetrating
high-resolution VTEM B-field electromagnetic (EM) +Magnetic airborne
geophysical survey, to be flown as soon as possible. This will be followed in
the New Year by a significant deep drilling program designed to test all major
targets identified by the initial airborne and groundwork."
About Mantis Mineral Corp.
Mantis Mineral Corp. is a Canadian based resource and exploration company
traded publicly under the symbol MINE on the CNQ. Mantis is focused on
creating shareholder value through the exploration and development of its
suite of strategically located, high-impact Canadian exploration projects.
The CNQ 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,
email@example.com, or visit our corporate website at