Mantle Resources Announces Non-Brokered Private Placement
June 18, 2007
– Wednesday, July 18, 2007 – Mantle Resources Inc. (TSX Venture Exchange: MTS;
: 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
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
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