Macarthur Minerals Limited
TSX VENTURE : MMS

Macarthur Minerals Limited

February 17, 2009 09:15 ET

Macarthur Receives Shareholder Approval for Minmetals to Proceed With C$100 Million Purchase of 50% Interest in Lake Giles Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 17, 2009) - Macarthur Minerals Limited ("MMS") (TSX VENTURE:MMS), at a special general meeting of shareholders, held February 16, 2009, received Shareholder approval for Minmetals Mining Corporation Limited ("MMCL") to acquire a 50% interest in Internickel Australia Pty Ltd ("Internickel"). This approval was required for MMS to comply with the terms of the amended agreement between the parties. MMS Chairman, Mr. David Barwick stated that 89% of Shareholders had voted (in person or by proxy) in favour of the sale. Under the terms of the revised transaction, MMCL now has until the 2nd of March 2009 to exercise its right to acquire the 50% interest in Internickel for C$100 million.

Shareholders attending the meeting were advised that subject to the completion of the transaction it remained the intention of the Company to distribute the majority of the after tax acquisition funds to Shareholders by way of a special dividend.

On behalf of the Board of Directors,

MACARTHUR MINERALS LIMITED

David K. Barwick, President, Chairman & CEO

ACN 103 011 436

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

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