Mansfield Minerals Inc.
TSX VENTURE : MDR

Mansfield Minerals Inc.

November 09, 2009 15:12 ET

Mansfield Minerals Inc.: Updated Resource Estimate for Lindero Oxide Gold Deposit

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 9, 2009) - Mansfield Minerals Inc. (TSX VENTURE:MDR) -

Mansfield Minerals Inc. (Mansfield or the "Company") is pleased to announce it has received an updated resource estimate from AMEC Americas Limited on its 100% owned Lindero oxide gold deposit located in northwestern Argentina.  Significantly, for the measured and indicated category at a cut off grade of 0.30 grams/tonne, the new estimate shows an increase in gold grade of 6.7% over those of the previous (June 2008) estimate while the number of ounces reduced by 6.2%.  AMEC's decision to emphasize the cut-off at 0.3 grams/tonne versus 0.45 grams/tonne as stated in the previous estimate is a function of increased confidence in project metrics as the prefeasibility study progresses.  The following tables summarize these findings.

Measured & Indicated Category
Cut-off
(g/t)
Grade
Au (g/t)
Grade
% Change
Tonnes
(MT)
Tonnes
% Change
Au
(MOz)
Contained Ounces
% Change
0.300.64+6.795.0-13.01.96-6.20
0.400.74+10.470.5-14.31.68-6.15
0.500.83+9.254.5-8.51.450
Inferred Category
Cut-off
(g/t)
Grade
Au (g/t)
Grade
% Change
Tonnes
(MT)
Tonnes
% Change
Au
(MOz)
Contained Ounces
% Change
0.300.49+8.931.7-8.50.49-9.0
0.400.61+10.916.5-12.70.33-1.5
0.500.75+15.48.9-11.90.210

The new resource estimate is based on 121 HQ diamond drill holes comprising 34,295 metres, plus 1,480 metres of channel sampling which consists of diamond saw cuts 8 cm deep and 8 cm wide. The estimate is based on interpolation into a block model comprised of 10m by 10m by 4m blocks using ordinary kriging.

Although there is a small reduction in the tonnes at all cut-off grades and contained ounces at the lower cutoff grades, management believes that the overall effect of higher grade will be positive to project economics. These conclusions are based on preliminary economic modeling related to the prefeasibility study. Work is continuing on the prefeasibility study with the objective of optimizing project economics with completion estimated to be late Q4/2009. Note that the mineral resources stated above do not constitute mineral reserves as the project economic viability has yet to be demonstrated.

This updated AMEC mineral resource estimate dated November 1, 2009 was prepared by Dave Thomas, P.Geo. of AMEC, a Qualified person ("QP") as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects). This news release has been reviewed by Gordon P. Leask, P.Eng., President and CEO of the Company, and a QP as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

This news release has been reviewed by Gordon P. Leask, P.Eng., President and CEO of the Company, and a QP as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

On behalf of the Board of Directors,

"Gordon P. Leask"

Gordon P. Leask, President & CEO

Caution Regarding Forward-Looking Statements

Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Factors that could cause actual results to differ martially from those in forward-looking statements include changes in metal prices, changes in the availability of funding, unanticipated changes in key management personnel and general economic conditions. Mining is an inherently risky business. Accordingly the actual events may differ martially from those projected in the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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