Mantra Resources Limited - Additional drilling results expand new area at
Nyota

    
    Highlights:

    -  New exploration drilling results have further expanded the new area of
       mineralisation identified in the north-eastern part of the Nyota
       Prospect, named 'Nyota NE';
    -  Mineralisation has been intersected at shallow depths (from surface),
       including a peak intersection of 63 metres @ 559 ppm eU(3)O(8) from
       9 metres depth;
    -  Mineralisation now covers an area of approximately two square
       kilometres and remains open to the north and south; and
    -  Nyota NE has been drilled on a nominal 100 metre by 100 metre spacing
       for inclusion in the revised Mineral Resource Estimate due in Q1 2010.
    

PERTH, Western Australia, Nov. 23 /CNW/ - Mantra Resources Limited ('Mantra' or 'Company') (ASX: MRU, TSX: MRL) is pleased to announce further results from the exploration drilling program at the Company's Nyota Prospect ('Nyota' or 'the Prospect'), part of the wholly owned Mkuju River Project ('MRP' or 'the Project') in southern Tanzania. The Prospect currently hosts an Inferred Mineral Resource estimate ('MRE') of 35.9 million pounds U(3)O(8) (39.9 million tonnes at 409 ppm) reported in accordance with the JORC Code.

The exploration drilling has continued to focus on the significant new area of mineralisation, Nyota NE, approximately one kilometre to the northeast of the existing resource area.

The results returned from an additional 106 exploration drill holes have expanded the footprint of Nyota NE, with the mineralisation now occurring over a total area of approximately two square kilometres. Significant intersections continue to be recorded at shallow depths, up to 63 metres thick. Select intercepts include:

    
    ---------------------------------------------------------------
    Hole No.        Down Hole Intercept                From Depth
                                                       (Down Hole)
    ---------------------------------------------------------------
    MNEA0123        63m @ 559 ppm eU(3)O(8)                9m
    ---------------------------------------------------------------
    MNEA0129        21m @ 781 ppm eU(3)O(8)               11m
    ---------------------------------------------------------------
    MNEA0124        60m @ 235 ppm eU(3)O(8)               10m
    ---------------------------------------------------------------
    MNEA0103        29m @ 290 ppm eU(3)O(8)           surface
    ---------------------------------------------------------------
    MNEA0128        10m @ 776 ppm eU(3)O(8)               15m
    ---------------------------------------------------------------
    MNEA0206        12m @ 603 ppm eU(3)O(8)               43m
                    and 8m @ 732 ppm eU(3)O(8)            78m
    ---------------------------------------------------------------
    MNEA0121        11m @ 632 ppm eU(3)O(8)               32m
    ---------------------------------------------------------------
    MNEA0163        16m @ 368 ppm eU(3)O(8)               22m
    ---------------------------------------------------------------
    MNEA0199        8m @ 712 ppm eU(3)O(8)                32m
    ---------------------------------------------------------------
    MNEA0200        7m @ 745 ppm eU(3)O(8)                20m
    ---------------------------------------------------------------
    

Introduction

Mantra is pleased to report the latest set of results from the 2009 exploration drilling program at the Company's wholly owned MRP in southern Tanzania (Figure 1).

The Company has commenced a Pre-Feasibility Study ('PFS') and committed to large drilling and trenching programs that started in May 2009.

Exploration Drilling

Exploration drilling at Nyota is ongoing with three air drill rigs testing the high priority and priority exploration target areas (Figure 3).

To date, the exploration drilling program has comprised some 450 aircore holes for 31,100m. This phase of the program is scheduled to be concluded by December, and will be followed by a revised global MRE anticipated to be completed in the March quarter of 2010.

Figure 1: Mkuju River Project - Location Map

http://mantraresources.com.au/upload/documents/releases/asx/20091123_091123-NyotaExplorationDrilling_3_final.pdf

Figure 2: Mkuju River Project - Airborne Radiometric Image and Prospect Locations

http://mantraresources.com.au/upload/documents/releases/asx/20091123_091123-NyotaExplorationDrilling_3_final.pdf

Exploration Drilling Results

The results of 106 new exploration holes, drilled as part of an ongoing program testing Nyota NE, approximately 1km to the northeast of the existing resource area (Figure 3) are reported herein. The results are based on down-hole gamma logging data and are presented as 'equivalent' U(3)O(8) grades or eU(3)O(8). These are the last of the results to be reported for Nyota NE from the current drilling program.

The new drilling has extended the mineralisation to the north and west, and it now occurs over a total area of approximately 2km(2) (Figure 4). Significant intersections have been recorded at shallow depths, up to 63m thick. The mineralisation remains open to the north and south and already extends beyond the original target area in a number of directions. The topography steepens considerably to the north and the majority of the drill holes on the northern-most section (outside of the original target area) did not reach the anticipated target depth. A series of deeper holes (~100m depth) are planned be drilled in 2010 to test for extensions further to the north.

    
           Figure 3:  Nyota Prospect - Priority Exploration Targets
    

http://mantraresources.com.au/upload/documents/releases/asx/20091123_091123-NyotaExplorationDrilling_3_final.pdf

    
               Figure 4:  Nyota NE - Exploration Drilling Plan
    

http://mantraresources.com.au/upload/documents/releases/asx/20091123_091123-NyotaExplorationDrilling_3_final.pdf

Consistent with the existing resource areas, the new drilling has highlighted the presence of multiple stacked horizons at Nyota NE with a number of the holes intersecting mineralisation at depth below the shallow horizon (e.g. MNAE0206 with 8m @ 732 ppm eU(3)O(8) from 78m). It is also significant that the strong mineralisation recorded in the north of the target area is not coincident with surface radiometric anomalism and as such, represents another 'blind' target (refer ASX Announcement dated 4 December 2008).

The drilling at Nyota NE has been undertaken on a nominal 100m by 100m spacing to facilitate its inclusion in the revised Mineral Resource Estimate due to be completed in the March quarter of 2010.

All significant intersections returned from the new exploration drill holes, along with the details of the collar positions and depths, are summarised in Table 1.

    
    Table 1:  Summary of New Significant Exploration Drill Intersections

    -------------------------------------------------------------------------
                                 Elev-
     Drill     Northing Easting  ation  Depth  From   To  Interval  eU(3)O(8)
    Hole ID      (m)      (m)     (m)    (m)    (m)   (m)   (m)       (ppm)
    -------------------------------------------------------------------------
    MNEA0086    8892030  238089   710    21          Hole collapsed
    -------------------------------------------------------------------------
    MNEA0087    8891931  238230   710    48      7    10     3         462
    -------------------------------------------------------------------------
    MNEA0088    8891539  238067   734    48          Hole collapsed
    -------------------------------------------------------------------------
    MNEA0089    8891596  238051   732    40      7     9     2         137
    -------------------------------------------------------------------------
    MNEA0090    8891696  238048   728    40          Hole collapsed
    -------------------------------------------------------------------------
    MNEA0091    8891809  238028   726    36        Hole blocked at 12m
    -------------------------------------------------------------------------
    MNEA0092    8891904  238043   718    45          Hole collapsed
    -------------------------------------------------------------------------
    MNEA0093    8891698  238456   721    33     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0094    8891670  238373   723    36      5    11     6         246
    -------------------------------------------------------------------------
    MNEA0095    8891625  238290   725    42     14    15     1         298
    -------------------------------------------------------------------------
    MNEA0096    8891438  238354   734    48        Hole blocked at 25m
    -------------------------------------------------------------------------
    MNEA0097    8891348  238458   723    39     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0098    8891317  238339   730    45     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0099    8891341  238235   725    54     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0100    8892316  239682   749    58     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0101    8892204  239657   714    45      0     2     2         144
                                                 8    24    16         262
    -------------------------------------------------------------------------
    MNEA0102    8892200  239747   716    45      1    21    20         194
    -------------------------------------------------------------------------
    MNEA0103    8892213  239567   712    50      0    29    29         290
    -------------------------------------------------------------------------
    MNEA0104    8892287  239516   722    60      7    21    14         171
    -------------------------------------------------------------------------
    MNEA0105    8892294  239592   716    50     16    27    11         263
                                                30    32     2         133
    -------------------------------------------------------------------------
    MNEA0106    8892112  239605   707    45      0    14    14         156
    -------------------------------------------------------------------------
    MNEA0107    8892004  239650   701    30        Hole blocked at 14m
    -------------------------------------------------------------------------
    MNEA0108    8892003  239745   705    35     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0109    8892010  239825   713    50     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0110    8892095  239803   712    45        Hole blocked at 20m
    -------------------------------------------------------------------------
    MNEA0111    8891803  239739   705    40     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0112    8891913  239698   712    30          Hole collapsed
    -------------------------------------------------------------------------
    MNEA0113    8891893  239623   706    40          Hole collapsed
    -------------------------------------------------------------------------
    MNEA0114    8892196  239850   747    72     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0115    8892104  239708   716    50     12    13     1         214
    -------------------------------------------------------------------------
    MNEA0116    8892111  239887   735    40
    -------------------------------------------------------------------------
    MNEA0117    8891927  239799   724    40     18    29    11         127
    -------------------------------------------------------------------------
    MNEA0118    8891704  239781   714    50     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0119    8892104  239708   715    40     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0120    8892567  239356   740    70     33    35     2         141
                                                40    42     2         118
    -------------------------------------------------------------------------
    MNEA0121    8892490  239303   726    80     32    43    11         632
    -------------------------------------------------------------------------
    MNEA0122    8892480  239406   725    84     38    41     3         126
    -------------------------------------------------------------------------
    MNEA0123* 8892402  239342   719    75      9    72    63         559
    -------------------------------------------------------------------------
    MNEA0124    8892383  239246   716    75     10    70    60         235
    -------------------------------------------------------------------------
    MNEA0125    8892501  239167   734    80     17    27    10         343
                                                31    45    14         178
    -------------------------------------------------------------------------
    MNEA0126    8892582  239110   743    93     26    27     1         395
                                                44    54    10         219
    -------------------------------------------------------------------------
    MNEA0127    8892590  239048   743    90     19    20     1         249
                                                43    44     1         120
    -------------------------------------------------------------------------
    MNEA0128    8892507  239008   739    93     15    25    10         776
                                                40    49     9         224
    -------------------------------------------------------------------------
    MNEA0129    8892496  239097   732    69     11    32    21         781
                                                45    49     4         139
    -------------------------------------------------------------------------
    MNEA0130    8892409  239142   723    69     18    20     2         199
    -------------------------------------------------------------------------
    MNEA0131    8891970  239175   698    30      2     5     3         150
                                                 9    16     7         439
    -------------------------------------------------------------------------
    MNEA0132    8891900  239300   692    33      7    15     8         366
    -------------------------------------------------------------------------
    MNEA0133    8891607  239160   722    50     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0134    8892537  238214   732    85        Hole blocked at 24m
    -------------------------------------------------------------------------
    MNEA0135    8892464  239690   766    70     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0136    8892502  239564   766    70     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0137    8892598  239490   772    90          Hole collapsed
    -------------------------------------------------------------------------
    MNEA0138    8892735  239452   778    71     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0139    8892931  239506   776    80     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0140    8891244  238248   725    51     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0141    8891187  238197   742    57     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0142    8891126  238132   747    42        Hole blocked at 13m
    -------------------------------------------------------------------------
    MNEA0143    8891050  238252   747    60          Hole collapsed
    -------------------------------------------------------------------------
    MNEA0144    8891791  238804   717    60      1    17    16         221
    -------------------------------------------------------------------------
    MNEA0145    8891697  238886   720    60          Hole collapsed
    -------------------------------------------------------------------------
    MNEA0146    8891544  238696   730    60          Hole collapsed
    -------------------------------------------------------------------------
    MNEA0147    8892025  238981   705    36          Hole collapsed
    -------------------------------------------------------------------------
    MNEA0148    8892014  239098   700    36       Hole blocked at 13m
    -------------------------------------------------------------------------
    MNEA0149    8892003  238900   695    38     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0150    8892016  238598   690    42     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0151    8891929  238706   690    45     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0152    8892016  238798   695    42     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0153    8892108  238305   704    37     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0154    8892188  238307   707    56     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0155    8892194  238197   710    50      4    18    14         267
    -------------------------------------------------------------------------
    MNEA0156    8892346  238196   716    60     31    37     6         190
    -------------------------------------------------------------------------
    MNEA0157    8892376  238299   718    55     17    19     2         123
                                                34    38     4         187
    -------------------------------------------------------------------------
    MNEA0158    8892451  238104   728    75     27    28     1         254
                                                33    39     6         664
                                                44    54    10         173
    -------------------------------------------------------------------------
    MNEA0159* 8892548  238062   738    73     22    25     3         428
                                                43    45     2         157
                                                55    60     5         479
    -------------------------------------------------------------------------
    MNEA0160    8892445  238197   722    66      9    13     4         695
                                                35    37     2         113
    -------------------------------------------------------------------------
    MNEA0161    8892547  238308   726    66     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0162    8892497  238408   730    78     45    50     5         268
    -------------------------------------------------------------------------
    MNEA0163    8892740  238314   740    75     22    38    16         368
                                                63    64     1         285
                                                66    67     1         216
    -------------------------------------------------------------------------
    MNEA0164    8892648  238261   732    84     23    29     6         129
                                                42    44     2         164
                                                53    57     4         192
                                                61    63     2         181
    -------------------------------------------------------------------------
    MNEA0165    8892202  239151   708    60     11    16     5         269
    -------------------------------------------------------------------------
    MNEA0166    8892202  239151   708    84     12    24    12         245
                                                32    35     3         271
                                                52    57     5         267
    -------------------------------------------------------------------------
    MNEA0167    8891905  239303   692    45          Hole collapsed
    -------------------------------------------------------------------------
    MNEA0168    8891494  238174   776    60     17    23     6         180
                                                40    42     2         162
    -------------------------------------------------------------------------
    MNEA0169    8891860  238381   730    45      4     8     4         100
    -------------------------------------------------------------------------
    MNEA0170    8891794  238328   738    60     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0171    8892884  239725   746    50          Hole collapsed
    -------------------------------------------------------------------------
    MNEA0172    8892802  239670   752    55          Hole collapsed
    -------------------------------------------------------------------------
    MNEA0173    8892701  239193   760    66     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0174    8892704  238861   826    72     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0175    8892968  238597   834    75     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0176    8892981  238297   812    75     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0177    8892891  238061   812    80     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0178    8892645  238001   782    80     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0177    8892891  238061   812    80     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0178    8892645  238001   782    80     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0179    8892380  237908   752    60     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0180    8892408  237808   730    30     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0181    8892390  237693   720    30     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0182    8892587  237791   738    36     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0183    8892770  237849   746    55     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0184    8892687  237652   736    40     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0185    8892551  237868   762    72     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0186    8892392  238001   766    80     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0187    8891797  239644   696    39        Hole blocked at 10m
    -------------------------------------------------------------------------
    MNEA0188    8891687  239603   690    33     12    19     7         124
    -------------------------------------------------------------------------
    MNEA0189    8891724  239493   688    33      2    11     9         316
                                                18    20     2         156
    -------------------------------------------------------------------------
    MNEA0190    8891853  238502   710    36     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0191    8891956  238506   702    36     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0192    8891953  238401   708    40      6     8     2         152
    -------------------------------------------------------------------------
    MNEA0193    8891955  238292   708    35          Hole collapsed
    -------------------------------------------------------------------------
    MNEA0194    8891191  238004   808    72     58    60     2         140
                                                63    66     3         144
    -------------------------------------------------------------------------
    MNEA0195    8891286  238074   800    81     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0196    8891305  237962   802    75     62    64     2         161
    -------------------------------------------------------------------------
    MNEA0197    8891490  237798   768    78     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0198    8892550  238600   750   100     28    31     3         186
                                                35    37     2         131
                                                62    64     2         157
    -------------------------------------------------------------------------
    MNEA0199    8892650  238665   750   102     32    40     8         712
                                                57    67    10         198
    -------------------------------------------------------------------------
    MNEA0200    8892525  238500   740    87     11    15     4         453
                                                20    27     7         745
                                                30    33     3         176
                                                43    52     9         283
                                                58    62     4         101
    -------------------------------------------------------------------------
    MNEA0201    8892448  238296   722    30     No significant intercepts
    -------------------------------------------------------------------------
    MNEA0202    8892650  238425   742    93     15    18     3         208
    -------------------------------------------------------------------------
    MNEA0203    8892638  238537   742    96     28    32     4         448
                                                35    37     2         114
                                                46    48     2         141
                                                50    51     1         164
                                                54    56     2         339
    -------------------------------------------------------------------------
    MNEA0204    8892380  238389   738    84     56    61     5         123
    -------------------------------------------------------------------------
    MNEA0205    8892340  238305   724    72     16    18     2         223
    -------------------------------------------------------------------------
    MNEA0206    8892495  238600   764    94     43    55    12         603
                                                61    62     1         262
                                                67    73     6         303
                                                78    86     8         732
    -------------------------------------------------------------------------

    Notes:
    1.  Uranium results are reported as parts per million (ppm) equivalent
        U(3)O(8) (eU(3)O(8)) grades as derived from down-hole gamma ray
        logging. The down-hole logging was undertaken by Mantra personnel
        under the supervision of geophysical consultant Mr Andrew Boyd
        (Integrated Geophysical Solutions), with daily QA/QC procedures in
        place. Equivalent U(3)O(8) results may be affected by local
        disequilibrium caused by the mobility of uranium. A disequilibrium
        factor derived from all chemical assay data within the Prospect has
        been applied to the eU(3)O(8) results. While local variation between
        chemical assay U(3)O(8) and the gamma logging derived eU(3)O(8)
        values will exist, it is considered that the eU(3)O(8) value provides
        a representative estimate of the U(3)O(8) grade within the Prospect.
        Further refinement of local disequilibrium factors will continue with
        ongoing collection of assay and down-hole gamma ray logging data.
    2.  Following review of the large dataset of comparative assay and
        down-hole gamma data from the 2008 drilling program, the Company is
        satisfied with the veracity of the down-hole logging data.
        Accordingly, the combination of open-hole drilling and down-hole
        gamma logging is being used for the 2009 resource infill drilling
        program. The down-hole gamma logging process is subjected to
        comprehensive QA/QC procedures and analysis on an ongoing basis. In
        addition, a minimum of 10% of the resource infill holes are being
        drilled and sampled using the aircore method, as well as being logged
        using the down-hole gamma probe. This allows a comparative study of
        the eU(3)O(8) and U(3)O(8) data to be undertaken as part of the
        ongoing QA/QC analysis.
    3.  All of the holes in the 2009 exploration/extension drilling program
        are being drilled and sampled using the aircore drilling method, as
        well as being logged using the down-hole gamma probe. This allows a
        comparative study of the eU(3)O(8) and U(3)O(8) data to be undertaken
        as part of the ongoing QA/QC analysis and any local variations in
        equilibrium-disequilibrium characteristics to be identified and
        adjustments to eU(3)O(8) factors to be made.
    4.  Co-ordinates are in UTM grid (WGS 84 Zone 37S) and have been measured
        by DGPS (+/- 1m accuracy).
    5.  All holes were drilled vertically.
    6.  Drill intersections are calculated using a 100 ppm U(3)O(8) lower
        cut-off and reported when grade by thickness for an intersection is
        greater than 200 ppm metres.
    7.  Geological units are flat lying to shallowly dipping so reported
        intervals approximate true widths.
    8.  The maximum depth of down-hole gamma logging may be less than the
        'end of hole' drilling depth due to partial collapse and 'blocking'
        of the hole prior to geophysical logging being completed.
    9.  * denotes drill holes in which mineralisation is recorded at the
        'end of down-hole gamma logging' depth.
    10. 10,000 ppm = 1%
    

Regulatory Disclosures:

For further information regarding the Mkuju River Project, including a description of Mantra's quality assurance program, quality control measures, the geology, samples collected and testing procedures in respect of the Mkuju River Project please refer to the technical report prepared in accordance with NI 43-101 entitled "Technical Report on the Mkuju River Project located in Tanzania, Africa" dated 18 September 2009, which is available under the Company's profile at sedar.com.

Competent Person / Qualified Person Statements

The information in this release that relates to Exploration Results in Tanzania is based on information compiled by Mr. Robert Behets, who is a Fellow of The Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr. Behets is a full-time employee of the Company. Mr. Behets has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code) and is a "Qualified Person" under National Instrument 43-101 - 'Standards of Disclosure for Mineral Projects'. The Qualified Person has verified the data disclosed in this release, including sampling, analytical and test data underlying the information contained in this release. Details in relation to the verification of the data are included in the notes to Table 1. The QP was satisfied with the verification process and consents to the disclosure in this release.

Mr Behets consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to in-situ Mineral Resources is based on information compiled by Mr Malcolm Titley of CSA Global Pty. Ltd. He is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code) and is a "Qualified Person" under National Instrument 43-101 - 'Standards of Disclosure for Mineral Projects'. The Qualified Person has verified the data disclosed in this release, including sampling, analytical and test data underlying the information contained in this release.

Mr Titley consents to the inclusion of such information in this Report in the form and context in which it appears.

Forward Looking Statements

This report contains 'forward-looking information' that is based on the Company's expectations, estimates and projections as of the date on which the statements were made. This forward-looking information includes, among other things, statements with respect to the Company's business strategy, plans, objectives, performance, outlook, growth, cash flow, earnings per share and shareholder value, projections, targets and expectations, mineral reserves and resources, results of exploration and related expenses, property acquisitions, mine development, mine operations, drilling activity, sampling and other data, grade and recovery levels, future production, capital costs, expenditures for environmental matters, life of mine, completion dates, uranium prices, demand for uranium, and currency exchange rates. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as 'outlook', 'anticipate', 'project', 'target', 'likely', 'believe', 'estimate', 'expect', 'intend', 'may', 'would', 'could', 'should', 'scheduled', 'will', 'plan', 'forecast' and similar expressions. Persons reading this report are cautioned that such statements are only predictions, and that the Company's actual future results or performance may be materially different.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Forward-looking information is developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to the risk factors set out in the Company's Annual Information Form.

This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. The Company disclaims any intent or obligations to update or revise any forward-looking statements whether as a result of new information, estimates or options, future events or results or otherwise, unless required to do so by law.

SOURCE MANTRA RESOURCES LIMITED

For further information: For further information: Robert Behets, Joint Managing Director, Phone: +61 8 9322 6322; Matthew Yates, Joint Managing Director, Phone: +61 9322 6322

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