Mansfield Minerals Inc.
TSX VENTURE : MDR

Mansfield Minerals Inc.

March 23, 2006 15:01 ET

Mansfield Minerals Inc.: Non-Brokered Private Placement Announced

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 23, 2006) - Mansfield Minerals Inc. (TSX VENTURE:MDR) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO U.S. NEWSWIRE SERVICE.

Mansfield Minerals Inc. ("Mansfield") announces a CAD$6,000,000 non-brokered private placement of 2,727,273 units. Each unit, priced at CAD$2.20, will consist of one common share of the Company and one-half of one common share purchase warrant. Each whole common share purchase warrant will enable the subscriber to purchase one common share of the Company at a price of CAD$3.00 per share for a period of one year from the date of closing the private placement. The securities issued under the offering will be subject to a four month hold period in accordance with applicable Canadian securities laws.

The Company has agreed to pay to certain finders (the "Finders"), finders' fees payable in cash in respect of this placement equal to 7 1/2% of the gross proceeds received from the subscribers introduced to the Company by the Finders. In addition, the Finders will be entitled to receive a warrant (a "Finder's Warrant") entitling them to purchase common shares of the Company equal to 10% of the number of units purchased by subscribers introduced to the Company by the Finders. Each Finder's Warrant is exercisable into a common share of the Company at a price of CAD$2.20 per share for a period of one year from the date of closing the private placement.

The Company intends to use the net proceeds of this private placement to finance pre-feasibility work on its Lindero property in northwestern Argentina, and for general working capital purposes.

The offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

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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