Mantra Mining Inc.
TSX VENTURE : MAN

Mantra Mining Inc.

March 12, 2009 13:10 ET

Mantra Mining Inc. Enters into Agreement to Acquire the Gnome Project in British Columbia, Canada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 12, 2009) - Mantra Mining Inc. (the "Company") (TSX VENTURE:MAN). The Company is pleased to announce that it has entered into an agreement (the "Purchase Agreement") to acquire a 100% interest in and to approximately 5,428 Ha (hectares) of mineral claims (the "Gnome Claims") from Charles James Greig ("Greig"), subject to a 1% NSR royalty.

The Gnome Claims consist of two claims under option by the Company pursuant to the option agreement (the "Option Agreement") with Greig that was announced on February 11, 2008 and ten claims located in the "area of common interest" pursuant to the terms of the Option Agreement.

The Gnome Claims are located in the same belt NE of Williston Lake (the Kechika Trough) as the well known Cirque and Akie Sedex Zn-Pb-Ag properties in British Columbia, Canada. The Project is located immediately adjacent and contiguously south of the Elf mineral claims held by Teck Resources and Korea Zinc. The Elf mineral claims of Teck Resources are located contiguously south of the Akie mineral claims held by Mantle Resources Inc., which claims in turn are located south of the Cirque deposit/claims of Teck Resources and Korea Zinc.

The consideration payable by the Company for the acquisition of the Gnome Claims consists of $3,000 in cash and 15,000 common shares of the Company at a deemed price of $0.50 per share. The Company has the right to purchase the 1% NSR royalty retained by Greig for $2,000,000 up to the period ending on the 10th anniversary of the closing date. In addition, upon the completion of the acquisition the Option Agreement will be terminated.

The closing of the acquisition remains subject to a number of conditions, including approval of the TSX Venture Exchange.

ON BEHALF OF THE BOARD OF DIRECTORS

Raj I. Chowdhry, C.A., President & CEO

Cautionary Notice: This release contains forward-looking statements regarding the Company's business or financial condition, including the possible completion of transactions. Actual results could differ materially from those described in this news release as a result of factors, including, but not limited to: the timing of and ability to obtain required regulatory approvals and other factors. The Company cautions that these and similar statements involve risk and uncertainties and are qualified by important factors, including competitive pressures, unfavorable changes in regulatory structures, and general risks associated with business, which could cause actual results to differ materially from those in the forward looking statement. Forward-looking statements are made in the context of information available as of the date stated. The Company undertakes no obligations to update or revise such statements to reflect new circumstances or unanticipated events as they occur, unless required by applicable law.

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.

Contact Information