Mantle Resources Inc.

Mantle Resources Inc.

November 27, 2006 04:00 ET

Lundin Mining Purchases Portion of Mantle Resources Pursuant to Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 27, 2006) - Mantle Resources Inc. (TSX VENTURE:MTS)(FWB:A0F7E01) is pleased to announce that, subject to regulatory approval, it has entered into a financing arrangement with Lundin Mining Corp. (TSX:LUN) pursuant to which Lundin Mining will purchase units equal to just under a 10 per-cent equity position in Mantle Resources. Lundin Mining has subscribed, by way of a non-brokered private placement, for 3,685,000 units of Mantle Resources at a price of $0.78 per unit for gross proceeds of $2,874,300. Each unit consists of one common share and one common share purchase warrant. Each warrant shall entitle the purchaser to purchase, at any time within 24 months from closing, one common share of the Company at a price of $0.78. The exercise of these warrants would bring Lundin Mining's interest in Mantle Resources to approximately 18 per-cent.

"We are extremely pleased that Lundin Mining has showed this significant level of interest in our Company," stated Peeyush Varshney, President of Mantle Resources. "It provides strong affirmation that the work that we have been doing on the Akie project continues to advance the value and merit of the deposit and continues to attract the attention and interest of one of the world's premier mining companies."

The proceeds are planned to be used primarily for further exploration of the Akie sedex zinc property, in which the Company has the right to earn a 65% interest. A portion of the proceeds will also be used for working capital and may also be used to explore the Company's recently acquired Mt. Alcock property. The Akie and the Mt. Alcock properties are both located in the Omineca Mining Division within the highly prospective Gunsteel shale formation in the regionally extensive, world-class Kechika trough sedex zinc basin of northern British Columbia.

Lundin Mining Corp., a Canadian mining and exploration company with a primary focus in Europe, is listed on the Toronto Stock Exchange ("LUN"), the Stockholm Stock Exchange ("LUMI")and the American Stock Exchange("LMC"). The company operates four mines in Sweden, Portugal and Ireland and in 2007, a fifth mine is planned to start production in Portugal. Lundin Mining Corporations Head Office is in Vancouver, Canada.

On behalf of the Board of Directors


Peeyush K. Varshney, President and Director

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