Mansfield Minerals Inc.

Mansfield Minerals Inc.

August 02, 2005 14:41 ET

Shareholder's Report; Mansfield Aims to Expand 1,037,000 Million Ounce Resource at Lindero

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 2, 2005) - Mansfield Minerals Inc. (TSX VENTURE:MDR) -

Exploration Update

With the completion of a CAD$1.4 million financing, the Company is now in a position to commence drilling a 2,500m, 12-hole drill campaign on its 100% owned Lindero gold deposit in Argentina. The drill program has been designed to expand and delineate the outer limits of the deposit with the ultimate goal of expanding the known resource. Drilling is planned to commence in mid September and is expected to take 120 days to complete.

The Rio Grande project is progressing well. Mansfield's joint venture partner, Antares, is currently evaluating the geophysical, geochemical and structural data obtained from the recent exploration campaign. The objective of this review is to assess where the most likely areas exist for the deposit to expand. To date, multiple zones on the project host greater than 0.6% copper and 0.6 grams/tonne gold over lengthy core or trench intervals. The geologic similarities between Bajo de la Alumbrera (800 mt @ 6.3 g/t Au and 0.59% copper) are striking. At present, mineralization has been encountered over a 550m vertical extent and continuous along 1.7km of a 3.4km annulus with widths up to 200m. The deposit remains open at depth and for the remainder of its annular surface expression. The next drill campaign will attempt to encounter the main porphyry body at depth, as well as favourable structure intersection closer to surface. Antares is currently scheduling a drill campaign that will involve 5000m of drilling.

Other Projects

La Frontera Project

The Company has recently signed an option agreement on the La Frontera silver gold project with Apex Silver. A US$200,000 exploration program is expected to begin in September 2005. Previous exploration results on the La Frontera low
sulphidation Ag-Au system include 2019 g/tonne silver and 1.03 g/tonne gold over 5.7m in a surface trench which is part of a 1km long partially exposed vein system.

Catua Copper Project

The Company's joint venture partner, Antares, has completed geological mapping and an I.P. survey on the project. Antares is currently contemplating further geophysics prior to a drill campaign.

Desierto Project

Antares has completed a program of sampling and geophysics. A diamond drill program of 600m is planned for late 2005.

Press Coverage

Lawrence Roulston's Resource Opportunities covered Mansfield Minerals Inc. in a report posted on our website - scroll down under What's New.

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