Mansfield Minerals Inc.
TSX VENTURE : MDR

Mansfield Minerals Inc.

March 27, 2007 16:32 ET

Mansfield Closes $16.5 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 27, 2007) - Mansfield Minerals Inc. (TSX VENTURE:MDR) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Mansfield Minerals Inc. (the "Company") is pleased to announce the completion of its previously announced $16,500,000 brokered private placement (the "Financing") of common shares (the "Shares") with the Agents' over-allotment option having been exercised in full. Paradigm Capital Inc. acted as lead agent and GMP Securities L.P. acted as a co-agent (collectively the "Agents") for the Financing. The Company issued an aggregate of 5,500,000 Shares at a purchase price of $3.00 per Share.

The proceeds received by the Company from the Financing will be used to fund exploration and investments of the Company in Argentina and Peru, general and administrative expenses and for working capital purposes.

In consideration for their services with respect to the Financing, the Agents received a cash commission equal to 6% of the gross proceeds of the Financing and agents' options entitling the Agents to acquire an aggregate of 330,000 common shares in the capital of the Company at an exercise price of $3.00 per common share at any time until March 27, 2009.

All securities issued under the Financing are subject to a four-month hold period under applicable Canadian securities laws.

The securities being offered have not been, nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

About Mansfield Minerals Inc.

Mansfield is a mining exploration company which has focused its activities in northwestern Argentina since August 1994. The Company's current significant properties and projects consist of mineral rights covering approximately 260 square miles in three Argentine provinces and one Canadian province. The Company is currently focused on three primary projects which include Lindero (gold), Rio Grande (copper-gold) and La Frontera (silver-gold).

On behalf of the Board of Directors,

Gordon P. Leask, P.Eng., President

Not for distribution to U.S. news wire services or dissemination in the United States.

Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. Investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

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

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