Mantle Announces appointment of new President – Jim Mustard
September 17, 2007
, B.C. – September 17, 2007 - Mantle Resources Inc. (TSX Venture: MTS;
: A0F7E1) is pleased to announce that Mr. Jim Mustard has joined the Company as its new President. Jim Mustard graduated with a Bachelor of Applied Science degree, Geological Engineering in 1974, from
Jim is a Geologist and Professional Engineer with extensive exploration, development and operating experience in North and South America including
with Cyprus Anvil Mining Corporation, Amax Group of Companies and Noramco Mining Inc. In South America/Mexico he has worked for Pacific Rim Mining Corp., Eldorado Gold and Barrick Gold. He also spent two years with the Federal Government of Canada managing the
office of the Canadian Exploration Incentive Program. In October of 1996, Jim joined Haywood Securities Inc. where he was Vice President and Senior Mining Analyst until recently.
Jim is a registered Professional Engineer with the Association of Professional Engineers and Geoscientists of British Columbia. Under changes to securities regulation in
he meets the standards of a Qualified Person based on his experience and training.
His exploration experience ranges from project generation, prospect evaluation, drill definition, reserve estimates to economic valuation for underground and open pit mines. He has excellent knowledge of deposit models, mine site economics, engineering and computer modeling techniques and has several years of operating/engineering experience at both open pit and underground mines, including lead-zinc development projects and lead-zinc mines.
“I am very excited to join Mantle's management team and look forward to working on behalf of Mantle’s shareholders and key stakeholders to complete the exploration phase of the Kechika Trough (Gataga District) in northern
. The Kechika Trough is host to several important lead-zinc deposits, including Mantle’s Akie deposit and Teck Cominco/ Korea Zinc's Cirque deposit, 18 kilometers away. Mantle is currently conducting an intense drilling campaign to target the Akie Deposit and I am very impressed with the progress to date.
Work in this prolific base metal belt has only recently re-commenced and given the historical record of early discovery, the district holds considerable promise for additional discoveries on Mantle’s extensive land holdings. With significantly improved access and current elevated prices for both lead and zinc, the economic potential has been greatly enhanced.
As Haywood’s Senior Mining Analyst, I have had the opportunity over the past 10 years to review hundreds of projects and companies, and my decision to join and help lead Mantle was based on my confidence in the exceptional potential of Mantle’s property portfolio, as well as the strength of its shareholder base and management team."
Mr. Peeyush Varshney has stepped aside as President but remains Mantle’s Chairman & Chief Executive Officer. Mr. Varshney stated “We are thrilled to have someone of Jim’s standing and reputation joining our management team. His knowledge and experience will be extremely valuable as we drill out the Akie Deposit and complete a National Instrument 43-101 compliant resource estimate. We look forward to his guidance and leadership".
As part of Mr. Mustard’s compensation package, Mantle has granted him options to acquire 1,000,000 shares (exercisable as to 400,000 options at $1.00 per share; 400,000 options at $1.05 per share and 200,000 options at $1.15 per share), exercisable for a period of 5 years from the date hereof. These options will vest over a 2 year period. In addition, Mantle has granted Mr. Mustard 600,000 performance based options (exercisable as to 200,000 options at $1.15 per share and 400,000 options at $1.20 per share) which vest upon the successful completion of certain milestone events. Mr. Mustard will also be entitled to a bonus of 400,000 shares on the occurrence of certain major milestone events.
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 by 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.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
ON BEHALF OF THE BOARD OF DIRECTORS
MANTLE RESOURCES INC.
PEEYUSH VARSHNEY, LL.B
Chief executive officer