Mandorin Goldfields Inc.
TSX VENTURE : MGD

Mandorin Goldfields Inc.

October 24, 2005 08:00 ET

Mandorin Goldfields Completes Cdn.$1.4 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 24, 2005) - Mr. Malcolm L. Stevens, Executive Chairman and President of Mandorin Goldfields Inc. (the "Company")(TSX VENTURE:MGD), is pleased to announce the completion of a non-brokered private placement of 28,000,000 units at a price of $0.05 per unit for gross proceeds of Cdn.$1.4 million. Each unit consists of one common share of the Company and one-half of a common share purchase warrant. Each whole warrant will be exercisable to acquire one additional common share of the Company for a period of two years at Cdn.$0.15 during the first year and Cdn.$0.25 during the second year. Insiders of the Company purchased a total of 5,555,505 units.

Finder's fees in connection with the private placement were payable as to Cdn.$55,111.24 in cash and the issuance of 1,102,224 common shares of the Company.

The securities issued under the private placement, including any common shares issuable on exercise of the warrants, are subject to hold periods expiring on February 25, 2006.

Proceeds from the private placement will be used to fund due diligence investigations on prospective projects that are under consideration by the Company and for working capital, including payment of outstanding current liabilities.

Mandorin is a company focussed on developing advanced resource projects. The company's current asset mix includes interests in gold and copper-gold projects in South Africa and Zimbabwe and diamond projects in Australia.

On behalf of Mandorin Goldfields Inc.

Malcolm L. Stevens, Executive Chairman and President

Errol Smart, Director and Chief Executive Officer

This press release does not constitute an offer to sell or a solicitation to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended ("the U.S. Securities Act") or any state securities law and may not be offered or sold in the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in mineral exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.

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

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