Macarthur Minerals Limited
TSX VENTURE : MMS

Macarthur Minerals Limited

December 21, 2006 15:27 ET

Macarthur Minerals to Convert its CAD $1 Million Convertible Note Into Common Shares

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 21, 2006) - Macarthur Minerals Limited (TSX VENTURE:MMS) (the "Company") wishes to advise that the Convertible Note issued to MDA Capital Pty Ltd (renamed Talbot Group Holdings Pty Ltd) in August 2006 will be converted into common shares of the Company at C$0.68. This follows approval of the issue of the Convertible Note at a Shareholder meeting held in Australia on December 21, 2006.

The conversion will mean the issue of an additional 1,470,588 shares to the note holder taking their holdings to 4,709,305 common shares in the Company.

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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