🕐04.05.10 - 11:48 Uhr

Mantra Announcement: Exploration and Resource Infill Drilling Ramping Up at Nyota



Dear all,
Please find below the highlights of a recent announcement regarding the ramping up of the 2010 exploration and resource infill drilling programs at the Nyota Prospect (Nyota or the Prospect), part of the wholly owned Mkuju River Project (MRP or the Project) in southern Tanzania. A significant trenching program will also be completed concurrently with the drilling
Highlights: The drilling programs will comprise diamond core, aircore and open-hole drilling and are being completed with the following objectives: * To substantially increase the overall resource base by extending open resource areas and testing new priority targets, proximal to the existing resource areas; * To upgrade the resource classification of portions of the current MRE to the Indicated and Measured categories; * To complete additional sterilisation drilling to facilitate optimal site selection of waste dumps and site infrastructure; and * To allow further assessment of the high grade surface mineralisation.
The resource infill drilling program will comprise approximately 2,000 metres of diamond core, 13,000 metres of aircore, and 50,000 metres of open-hole drilling.

With the effects of the wet season dissipating, three air rigs are now operating at site.

A diamond rig and a fourth air rig are currently being mobilised to site and will be in operation in the coming weeks.

The program is anticipated to take approximately four months to complete and will facilitate the announcement of a revised MRE in the fourth quarter of 2010.
Surface mapping and geological model development undertaken during 2009 significantly enhanced the Companys exploration targeting capability and lead to the generation and ranking of numerous priority target areas, proximal to the known areas of mineralisation at Nyota.

The initial drill testing of a select number of these targets in late 2009 delivered outstanding results, including the discovery of the Nyota NE deposit which currently comprises 2.5 million tonnes averaging 503 ppm for 2.8 million pounds U3O8 of Indicated Resources and 15.4 million tonnes averaging 469 ppm for 15.9 million pounds U3O8 of Inferred Resources.


The 2010 exploration drilling program is a continuation of the evaluation of these priority target areas and will comprise approximately 1,000 metres of diamond core and 25,000 metres of aircore drilling on a nominal 100 metre by 100 metre spacing.

This phase of the program is scheduled to be completed by December, and a further revision of the MRE is expected to be announced in early 2011.
The full announcement can be viewed by clicking on the following link:
http://mantraresources.com.au/upload/documents/releases/asx/20100504_100 504-Drilling_final.pdf
Please dont hesitate to contact Peter Breese, Robert Behets or Alex Buck if you have any questions.
Regards
Peter Breese Chief Executive Officer
A: Level 9, The BGC Centre, 28 The Esplanade, PERTH WA 6000 T: +61 (0)8 9322 6322 F: 61 (0)8 9322 6558 in Australia T: +27 (0)11 467 2172 F: +27 (0)86 658 3476 M: +27 (0)82 888 6852 in South Africa E: W: www.mantraresources.com.au
Robert Behets Executive Director
A: Level 9, The BGC Centre, 28 The Esplanade, PERTH WA 6000 T: 618 9322 6322 F: 618 9322 6558 E: W: www.mantraresources.com.au
Alex Buck Investor Relations
T: +44 7932 740 452 E:
Disclaimer This e-mail and any attachments (e-mail) are confidential and may contain privileged information and/or be the subject of copyright.

If you are not the intended recipient of this e-mail, please contact Mantra Resources Limited, or one of its controlled entities (Mantra), immediately by return e-mail or by telephone on +61 8 9322 6322.

If you are not the intended recipient, you must not read, re-transmit, copy, store or act in reliance on this e-mail and you must delete all copies of this e-mail.

Mantra is not responsible for any changes made to the original e-mail other than those changes made by Mantra.

Mantra cannot guarantee that this e-mail is free from a virus or any other defect and it is the responsibility of the recipient to scan and otherwise test this e-mail.

Mantra accepts no liability for any damage caused by this email or its attachments due to viruses interference interception corruption or unauthorised access.

This notice must not be removed or altered.



Products & Services | Jobs