TORONTO, Dec. 18 /CNW/ - Mantis Mineral Corp ('Mantis'--CNQ 'MINE') is
pleased to announce that it has entered into an agreement to acquire 100%
interest, in 56-claims totaling 14,240 hectares in the Tashota Onaman
greenstone belt of the Wabigoon sub-province. This is in addition to the
current claims that the company holds surrounding the former King-Dodds gold
discovery. In total the company now controls 17,056 hectares comprised of
66-claims in this former gold area.
During the early 1900's the Onaman-Tashota belt was the site of a great
deal of staking upon news of a gold discovery at what has become known as the
King Dodds occurrence. The original find revealed a 4-inch quartz vein exposed
for 2-feet that contained 25% gold, (Canadian Mining Journal, 1915).
Subsequently, 2640-feet west of the King-Dodds discovery two one to six foot
wide quartz veins were un-covered that yielded an average gold value from
samples of 0.968 ounces per ton, with some samples assaying over 5.0 ounces
per ton as reported by the Northern Miner. An adjoining claim to the south
known as the Peters claim reportedly contained a 20-foot wide quartz vein that
panned gold as reported by the Ontario Department of Mines.
The new ground acquired by Mantis covers 6-gold occurrences, including
the Richardson-Loudon-Oglivie showing which reportedly was traced for
200-feet. Coarse gold was observed on this property in seven locations along
the narrow quartz vein by L.F. Kindle of the Ontario Department of Mines in
1930 and was referenced in the Fortieth Annual Report for the Ontario
Department of Mines.
In its on-going geological compilation and research of this gold area
Mantis is constructing a data base of known and obscure gold occurrences, and
favorable geology to target areas for a campaign of prospecting, geological
mapping, trenching and sampling to commence in the spring of 2008.
Gold in the Onaman-Toshota greenstone belt is hosted in several
1) late quartz veins spatially associated with felsic intrusive rocks,
2) chemical metasediments,
3) structural brittle-ductile deformation zones.
Commented Robin Ross, CEO, 'I am excited by this new land acquisition as
it fits into Mantis' vision of acquiring properties with a history of
significant mineralization and certainly has the potential to become an
important gold camp.'
Terms of the Transaction
Under the terms of the agreement, the company has agreed, subject to CNQ
acceptance, to acquire a 100% interest in the additional King Dodds claims in
Ontario from an arm's-length party for the following consideration:
- The issuance to the vendors 1.1 million common shares in the capital
of the company;
- $100,000 cash payment paid to the Vendor contemporaneously with the
execution of the Agreement
The Company will pay finders' fees of 100,000 common shares to
arm's-length third parties in connection with the acquisition of the Grass
River Claims in accordance with CNQ Exchange policies.
The historical geological information presented above was completed prior
to the implementation of the National Instrument 43-101 ("NI 43-101")
requirements; however, the Company believes the information to be both
relevant and reliable. Hence, the historical information should not be relied
upon. The technical information in this news release has been prepared in
accordance with the Canadian regulatory requirements set out in NI 43-101 and
reviewed by Walter Hanych for Mantis, a qualified person under NI 43-101
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