Mansfield Minerals Inc.

Mansfield Minerals Inc.

July 18, 2005 18:03 ET

Mansfield Minerals Inc.: CDN $1.4 Million Private Placement Closes

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 18, 2005) - Mansfield Minerals Inc. (TSX VENTURE:MDR) -

Mansfield Minerals Inc. (the "Company") is pleased to announce that it has closed a previously announced $1.4 million non-brokered private placement of units. Each unit, priced at $0.40 per unit, consists of one common share and one-half of one common share purchase warrant. Each whole warrant will enable the subscriber to purchase an additional common share of the Company at a price of $0.60 for a period of 18 months from closing. In accordance with applicable Canadian securities laws, the Canadian hold periods expire on November 19, 2005.

On closing, the Company paid finders fees of a cash commission of 8% of the aggregate proceeds of the Financing and issued to the Finders warrants that entitle the Finders to purchase up to an aggregate of 237,500 common shares of the Company at a purchase price of $0.60 per share for a period of 18 months from the closing.

The Company plans to use the net proceeds primarily for the continuing exploration and maintenance of the Company's properties in Nevada including additional land acquisitions costs.

On behalf of the Board of Directors,

Gordon P. Leask, P.Eng., President

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

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