2007

Mantle Resources Announces Non-Brokered Private Placement


June 18, 2007

 

Vancouver , British Columbia , Canada – Wednesday, July 18, 2007 – Mantle Resources Inc. (TSX Venture Exchange: MTS; Frankfurt : A0F7E1) )(“Mantle” or the “Company”) is pleased to announce a private placement of up to 3,500,000 flow-through shares at a price of $1.50 per share for gross proceeds of up to $5,250,000 and of 550,000 shares at a price of $1.25 per share for gross proceeds of $687,500.  A finder’s fee of 5% will be paid on a portion of the private placement.  The private placement is subject to TSX Venture Exchange approval.

Lundin Mining Corp. (TSX: LUN) will be purchasing 550,000 shares pursuant to the private placement. Added to its current position, this would result in Lundin Mining maintaining a just under 10-per-cent equity position in Mantle Resources.

The proceeds are planned to be used for further exploration of the Akie SEDEX zinc-lead property and to explore the balance of the Company’s portfolio of mineral holdings (102,220 hectares), located within the highly prospective Kechika Trough SEDEX zinc-lead basin of northeastern British Columbia .

The 2007 drill program is currently underway. Two drill rigs, positioned within the Cardiac Creek Zone, are progressing well with current depths of 386 m (target: 670 m) and 407 m (target: 550 m), respectively. A third rig is set up on the South Zin c soil anomaly, a large (2 km x up to 0.5 km wide), strong, previously untested geochemical feature, and will commence drilling within several days.  It is anticipated that 20 to 25 holes will be completed in this year’s program for a total of approximately 15,000 metres of drilling.

About the Akie Property

The Akie zinc-lead property is situated within the southern-most part (Kechika Trough) of the regionally extensive Paleozoic Selwyn Basin, one of the most prolific sedimentary basins in the world for the occurrence of SEDEX zinc-lead-silver and stratiform barite deposits.

Drilling on the Akie property by Inmet Mining Corporation during the period 1994 to 1996 and Mantle in 2005 and 2006 has identified a significant body of baritic SEDEX mineralization (Cardiac Zone) containing average combined zinc+lead contents in excess of 10%. The deposit is hosted by variably siliceous, fine-grained clastic rocks of the Middle to Late Devonian ‘Gunsteel formation’.

Three similar deposits, Cirque, South Cirque and Driftpile (all owned by Teck-Cominco), with a combined geologic inventory in excess of 65 million tones averaging approximately 10% combined zinc-lead, occur in ‘Gunsteel’ rocks to the northwest of the Akie deposit.

On behalf of the Board of Directors

MANTLE RESOURCES INC.

“Peeyush K. Varshney”

Peeyush K. Varshney

President and Director

 

 

©2008 Canada Zinc Metals Corp.
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