Mansfield Minerals Inc.
TSX VENTURE : MDR

Mansfield Minerals Inc.

November 01, 2011 09:30 ET

Mansfield Expands Arizaro Porphyry Gold-Copper Discovery; Lindero Gold Project-Argentina; DDH ARD-13: 122 m @ 0.75 g/t Au and 0.24% Cu

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 1, 2011) - Mansfield Minerals Inc. (TSX VENTURE:MDR) ("Mansfield" or the "Company") is pleased to report drill results from its second drill program on the Arizaro gold-copper porphyry system located within its 100% owned Lindero project. The porphyry discovery is located 3 km southeast of the Lindero gold deposit. A total of 8 drill holes (3,123 metres) were completed with results reported below.

The Arizaro porphyry system, as defined by drilling, surface sampling and mapped alteration covers a 600 metre by 500 metre surface area. Gold-copper mineralization occurs from surface to a true vertical depth of 300 metres and remains open for expansion in all directions. Mansfield has tested the discovery with 16 drill holes, all of which have significant mineralized intercepts.

Arizaro Drill Results
Drill Hole # Interval Length Gold (g/t) Copper (%)
ARD 9 50 – 280 m
incl. 68 – 106 m
incl. 140 – 170 m
230 m
38 m
30 m
0.34
0.47
0.43
0.15
0.20
0.14
ARD 10 1 – 40 m
incl. 1 – 26 m
and 198 – 224 m
and 316 – 332 m
39 m
25 m
26 m
16 m
0.46
0.58
0.34
0.61
0.15
0.17
0.17
0.10
ARD 11 78 – 192 m
incl. 78 – 112 m
incl. 146 – 176 m
114 m
34 m
30 m
0.32
0.48
0.40
0.12
0.17
0.12
ARD 12 176 – 416 m
incl. 190 – 222 m
incl. 250 – 280 m
240 m
32 m
30 m
0.32
0.59
0.47
0.16
0.21
0.26
ARD 13 12 – 180 m
incl. 58 – 180 m
incl. 60 – 156 m
incl. 90 – 138 m
incl. 100 – 130 m
168 m
122 m
96 m
48 m
30 m
0.62
0.75
0.87
1.36
1.81
0.22
0.24
0.27
0.36
0.41
ARD 14 140 – 314 m
incl. 140 – 254 m
incl. 140 – 212 m
incl. 140 – 184 m
incl. 146 – 176 m
incl. 152 – 174 m
174 m
114 m
72 m
44 m
30 m
22 m
0.37
0.42
0.54
0.66
0.82
0.92
0.17
0.17
0.19
0.20
0.23
0.24
ARD 15 256 – 378 m
incl. 324 – 376 m
122 m
52 m
0.40
0.50
0.21
0.24
ARD 16 24 – 52 m
and 106 – 120 m
and 236 – 302 m
28 m
14 m
66 m
0.28
0.39
0.21
0.16
0.19
0.15

Gordon Leask, P.Eng., President and CEO of Mansfield, comments: "The most recent drill campaign confirms management's belief that Arizaro is a significant gold-copper porphyry system. Arizaro is a gold dominated porphyry system in the Rio Grande – Lindero gold-copper district. Given the limited number of drill holes at Arizaro, and the fact that 4 of the 7 holes encountered individual 2 metre assay intervals exceeding 2.5 g/t gold with a maximum of 4.6 g/t gold, management is extremely encouraged with the gold potential in the discovery. Geological compilation work is underway, including surface mapping, drill hole alteration mapping, and updated structural analysis to focus the target selection for the next drill phase."

Arizaro Background

The Arizaro porphyry body was identified prior to the discovery of the Lindero gold deposit in 1999. Management initially believed that the surface alteration zone reflected a more deeply eroded porphyry system with geologic similarities to the nearby Rio Grande property. During a field traverse in late 2010, a well mineralized copper-gold breccia fragment was discovered in an otherwise un-mineralized fragmental body. The mineralized fragment was interpreted to be sourced from a mineralized system at depth. Drilling has now confirmed that Arizaro is not deeply eroded and possesses significant exploration potential.

This news release has been reviewed by Gordon P. Leask, P.Eng., President of the Company, and a Qualified Person ("QP") as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

ON BEHALF OF THE BOARD OF DIRECTORS,

Gordon P. Leask, P.Eng., President

Mansfield's' security, chain of custody and quality control is described on their website and can be reviewed at: http://www.mansfieldminerals.com/s/AssayProcedures.asp.

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.

Forward-Looking Information: Certain statements regarding Mansfield, including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Mansfield's control. Specifically, and without limitation, all statements included in this press release that address activities, events or developments that either Mansfield expects or anticipates will or may occur in the future, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Mansfield's control. These risks may cause actual financial and operating results, performance, levels of activity and achievements to differ materially from those expressed in, or implied by, such forward-looking statements. Although Mansfield believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such risks and uncertainties include, but are not limited to: the impact of general economic conditions in Canada and Argentina, industry conditions including changes in laws and regulations including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced, in Canada and Argentina, fluctuations in commodity prices and ability to complete operations due to factors beyond Mansfield's control. Although the forward-looking statements contained in this Press Release are based upon assumptions which management believes to be reasonable, Mansfield cannot assure shareholders that actual results will be consistent with these forward-looking statements. With respect to forward-looking statements contained in this press release, Mansfield has made assumptions regarding: current commodity prices and royalty regimes; timing of receipt of regulatory approvals; availability of skilled labour; timing and amount of capital expenditures; future exchange rates; the impact of increasing competition; conditions in general economic and financial markets; effects of regulation by governmental agencies; royalty rates; future operating costs; and other matters. Accordingly, Mansfield does not give any assurance nor make any representations or warranty that the expectations conveyed by the forward-looking statements will prove to be correct and actual results may differ materially from those anticipated in the forward-looking statements. Mansfield does not undertake any obligation to publicly update or revise any forward-looking statements other than required by applicable securities law.

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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