Macarthur Minerals Limited
TSX VENTURE : MMS

Macarthur Minerals Limited

October 30, 2006 14:52 ET

Macarthur Doubles Land Holding to Over 1,000 km2 at Lake Giles Iron Ore, Nickel Gold Prospect

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 30, 2006) - Macarthur Minerals Limited (TSX VENTURE:MMS) (the "Company") wishes to advise that it has increased its land holding at Lake Giles. The Company has entered into an agreement with an adjoining landholder to acquire 4 additional tenements for AUS$100,000 adding approximately 261 km2 of ground to the Project area.

Details of the Land Holding are summarized below:



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Exploration Licence Status Date Granted Total Graticule Units Km2
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E30/230 Granted 28-Apr-2000 21 63
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E30/240 Granted 23-Oct-2000 41 123
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E30/241 Granted 30-June-2003 44 132
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E30/242 Granted 06-Feb-2001 47 141
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E30/260 Granted 16-May-2003 4 12
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E30/269 Granted 18-April-2005 6 18
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(i) E30/318 Pending 12-Apr-2006 65 195
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(i) E77/1299 Pending 31-May-2006 70 210
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(ii) E30/321 Pending 11-Aug-2006 17 51
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(ii) E30/322 Pending 25-Sep-2006 47 141
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(ii) E30/323 Pending 21-Sep-2006 8 24
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(ii) E30/324 Pending 21-Sep-2006 15 45
------------------------------------------------------------------------
Total 1,155
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(i) New Tenements applied for by Macarthur
(ii) New Tenements acquired under this agreement


(To see Figure 1 - Lake Giles, Tenement Location Map, please click on the following link: http://www.ccnmatthews.com/docs/mms1030.jpg)

This brings the area of continuous landholdings to 1,155 km2 including E30/318 & E77/1299, which have been applied for by the Company and have been recommended for grant.

The Company has a core strategy of acquiring mineral tenements in the Lake Giles area as the benefits of continuous tenements will ultimately enable a smooth transition from explorer to miner. In particular, the newly acquired tenement E30/321 has been visited by the Company geologist and has confirmed two contiguous banded iron formation (BIF) that appear lithological similar to the recently drilled BIF (LGRC_001 & LGRC_002).

The recent drilling success will enable the Company to produce a resource statement and thus pursue a conversion of exploration licenses (EL) into mining licenses (ML), which is anticipated to occur in early 2007.

Qualified Person

Mr. Nick Revell BSc is a member of AusIMM, and a Company director, is a Qualified Person as defined in National Instrument 43-101- Standards of Disclosure for Mineral Projects ("NI 43-101"), in charge of the exploration on the Lake Giles project.

On behalf of the Board of Directors,

MACARTHUR MINERALS LIMITED

David K Barwick, President, Chairman & CEO


The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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