Mantle Resources Inc. Closes Private Placement
August 13, 2007
Vancouver, B.C. – August 13, 2007 – Mantle Resources Inc. (TSX Venture: MTS; Frankfurt: AOF7E1) (the "Company") is pleased to announce that, further to its news release datedJuly 18, 2007, it has received final TSX Venture Exchange acceptance with respect to the closing of its non-brokered private placement, raising $5,937,500. The financing, forwhichtherewas significant excess demand, consisted of 3,500,000 flow-through shares at a price of $1.50 per share and 550,000 non-flow-through shares at a price of $1.25 per share.
Lundin Mining Corp. (TSX: LUN) purchased 550,000 shares pursuant to the private placement. Added to its current position, this resulted 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
. The Company paid an aggregate of $239,850 as finder’s fees on a portion of the private placement. The securities issued are subject to a four month hold period expiring December 14, 2007.
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 Creek Zone) with an average thickness of greater than 12 meters and an average zinc+lead content in excess of 10%. The deposit is hosted by variably siliceous, fine grained clastic rocks of the Middle to Late Devonian ‘Gunsteel’ formation. Two similar deposits, Cirque and South Cirque, located some 20 kilometers northwest of Akie and owned by Teck Cominco and Korea Zinc, are also hosted by ‘Gunsteel’ rocks and have a combined geologic inventory in excess of 50 million tonnes averaging approximately 10% combined zinc+lead.
John R. Fraser, P.Geo. (BC) is the Qualified Person for the Company, as defined by NI 43-101, and is responsible for the technical information contained in this release.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
MANTLE RESOURCES INC.
ON BEHALF OF THE BOARD OF DIRECTORS
Peeyush Varshney, LLB
President and Director
MANTLE RESOURCES INC.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. MANTLE RESOURCES INC.