Mantra Mining Inc.

Mantra Mining Inc.

June 15, 2009 09:00 ET

Mantra Mining Awards Drill Contract and Provides Exploration Update For The Colorado Creek Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 15, 2009) - Mantra Mining Inc. ("Mantra" or the "Company") (TSX VENTURE:MAN) is pleased to announce that it has awarded a drill contract for 2500 meters of core drilling on its Colorado Creek Project in the state of Alaska, U.S.A. to Boart Longyear Company, a Utah, U.S.A. Corporation. The Company expects to begin the exploration work program in mid June 2009.

The drill program will initially target approximately 10 holes within the more than 4.5 km mineralized corridor defined by a coincident gold soil anomaly and magnetic low located adjacent to a large intrusive center and associated with a series of rhyodacite porphyry sills and dikes. The drilling is designed to test this large-scale gold mineralized system with many characteristics similar to the 30 million ounce gold reserve at Donlin Creek located southwest of Colorado Creek in the central part of the Kuskokwim Gold Belt. NovaGold Resources Inc. and Barrick Gold have recently completed a feasibility study at Donlin Creek and are currently advancing the project through the permitting process in anticipation of making a construction decision to build what could be one of the largest gold producing mines in the world.

Mantra also plans additional surface sampling on trend with the northeast striking mineralized corridor. Historic exploration data, which include 1372.5 meters of core drilled by Placer Dome in 1997, airborne geophysics, and results from over 1900 soil samples and 600 rock samples, have been compiled and integrated into a comprehensive project database. The data define a northeast trending mineralized zone that is at least 4.5 km long and associated with a magnetic low on the margin of a multi-phase intrusive complex. Gold mineralization appears associated with the porphyry dikes and sills that intrude Cretaceous age sedimentary and volcanic rocks, a geologically similar setting to the huge Donlin Creek gold system.

The Company's VP Exploration, Mr. Jerry Zieg, states, "Progress at Colorado Creek is going very well since we completed the acquisition of the project in March 9, 2009. Work has focused at this stage on a systematic compilation of the project database to prioritize the targets for initial test work and to identify new target areas within the 10,888 hectare (ha) project area. Final planning is nearly complete for the upcoming 2,500 m drill program at Colorado Creek which is anticipated to be the first of a series of drill programs that the Company plans to conduct to test the potential for a multi-million ounce gold system at Colorado Creek."

The Colorado Creek project is located approximately 70 km northwest of McGrath, and 410 km northwest of Anchorage in low rolling hills roughly midway between the Kuskokwim and Yukon Rivers. The Colorado Creek Property is located in an area of historical and ongoing placer gold mining operations at the northern end of the Kuskokwim Gold Belt which has historically produced over 4 million ounces of gold. Some camp facilities exist on the property and an airstrip serviceable by Hercules aircraft support exploration on the property.


Raj Chowdhry, C.A., President & CEO

Cautionary Note Regarding Forward-Looking Statements

The information in this press release includes certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, plans for and intentions with respect to the company's properties, statements regarding intentions with respect to obligations due for various projects, strategic alternatives, quantity of resources or reserves, timing of permitting, construction and production and other milestones, future operating or financial performance including production, rates of return, recoveries, cash costs and capital costs are forward-looking statements. Statements concerning Mineral Reserves and Mineral Resources are also forward-looking statements in that they reflect an assessment, based on certain assumptions, of the mineralization that would be encountered and mining results if the project were developed and mined in the manner described. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include the uncertainties involving the need for additional financing to explore and develop properties and availability of financing in the debt and capital markets; uncertainties involved in the interpretation of drilling results and geological tests and the estimation of reserves and resources; the need for cooperation of government agencies and native groups in the development and operation of properties; the need to obtain permits and governmental approvals; risks of construction and mining projects such as accidents, equipment breakdowns, bad weather, non-compliance with environmental and permit requirements, unanticipated variation in geological structures, ore grades or recovery rates; unexpected cost increases; fluctuations in metal prices and currency exchange rates, and other risks and uncertainties disclosed in the Company's Annual Information Form filed with the Canadian securities regulatory authorities, and the Company's annual report s and documents filed with applicable securities regulatory authorities from time to time. Mantra's forward looking statements reflect the beliefs, opinions and projections of management on the date the statements are made. Mantra assumes no obligation to update the forward looking statements if management's beliefs, opinions, projections, or other factors should they change.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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