Monroe Minerals provides update on mining rights for London mine and exploration program for Angola

    CALGARY, Jan. 31 /CNW/ - Monroe Minerals Inc. (TSX Venture: MMX) today
announced that it is pursuing a new application for mining rights for the
London Mine in South Africa and will not pursue its right to appeal the recent
determination by the Department of Minerals and Energy (DME) (see news release
dated December 15, 2006). The new application has been submitted and has been
accepted for exclusive consideration by the DME.
    Monroe President and CEO Derek Moran commented: "We recently met the
Regional Director of the DME responsible for the application. The meeting was
constructive and we identified the misunderstanding regarding Monroe's Black
Economic Empowerment credentials. The Board has taken a pragmatic view of the
potentially protracted appeal process and associated costs and has been
encouraged by the Regional Director's opinion as to how the time frame for a
new application could be minimized. We are confident that the new application
will result in the grant of mining rights for the London Mine to Monroe."
    In Angola, access to the Cangandala Concession is presently severely
limited by the rainy season. Monroe is therefore pursuing a field program, the
results of which are expected to considerably enhance understanding of diamond
prospectivity. Operating from a mobile camp, the Company's geological team
plans to carry out a systematic geological mapping of the property and the
surrounding area, identifying the bedrock, the nature of the alluvial
deposits, topographical features and the type and location of structures that
may be instrumental in localising potential source rocks; taking gravel
samples at the confluence of streams flowing into the Cuanza River and looking
for heavy minerals to determine potential upstream sources of kimberlite and
Calonda deposits; visually and sedimentologically characterising the sediment
that hosts diamonds, as found in the local garimpeiro operations;
investigating the garimpeiro operations to determine the geological reasons
for their localisation and information on diamond recoveries; determining the
depositional environment that would be responsible for the deposition and
preservation of this sediment type; and investigating the concession area (by
satellite image interpretation, physical mapping and auger sampling) for
reasonably large areas that would be expected to host these sediments.
    The Qualified Person who has reviewed the information contained in this
release is Dr. T.R. Marshall. Further information on Monroe may be found at

    Monroe is focused on diamond exploration in Southern Africa, where its
management team has wide experience. In addition to the London Mine, Monroe
operates the Skaapkop Kimberlite Project in South Africa and the Cangandala
Concession in Angola, and is assembling a portfolio of properties in
Democratic Republic of Congo. Its strategy is well defined: enhancing
shareholder value by combining Monroe's twin recognized strengths of technical
expertise and professional management to advance Southern African diamond
projects to profitable long term production. Monroe's shares trade on the TSX
Venture Exchange under the symbol MMX.

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    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this News Release

    Forward-looking statements: Except for statements of historical fact, all
statements in this news release, without limitation, regarding new projects,
acquisitions, future plans and objectives are forward-looking statements which
involve risks and uncertainties. There can be no assurance that such
statements will prove to be accurate; actual results and future events could
differ materially from those anticipated in such statements.

    %SEDAR: 00007777E

For further information:

For further information: Derek J Moran, President, Monroe Minerals Inc.,
27 82 440 3426

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