Termination of Option Agreement
May 2, 2008
, B.C. – May 2, 2008 – Mantle Resources Inc. (TSX Venture: MTS;
: AOF7E1) (the “Company”) announces that it is terminating its option agreement with Megastar Development Corp. The option pertained to certain mineral tenures, partly within the Kechika Trough, that would have required an expenditure of $1 million in 2008 to maintain the agreement. Mantle’s senior management believes it is in the best interests of the Company to proceed with a 2008 exploration plan that focuses on higher priority targets both on its 100% owned Akie property and on its 100% owned regional properties, where several potential drill targets exist.
About the Akie and Regional Properties in
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. In a press release dated April 16, 2008, the Company announced an initial 43-101 compliant inferred resource estimate for the Cardiac Creek zinc-lead deposit on its 100-per-cent-owned Akie property. .At a zinc cut-off grade of 5 per cent, the deposit contains 3.95 billion pounds of zinc, 780 million pounds of lead and 8.95 million ounces of silver. The deposit is hosted by variably siliceous, fine grained clastic rocks of the Middle to Late Devonian ‘Gunsteel’ formation which occur extensively on The Company’s claim holdings.
Two similar deposits, Cirque and South Cirque, located some 20 kilometers northwest of Akie and owned under a joint venture by Teck Cominco and Korea Zinc, are also hosted by Gunsteel rocks and have a combined geologic inventory in excess of 50 million tonnes. Mantle also retains an extensive Regional Property package (100% owned) which will be the focus of a district scale exploration program in 2008.
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