Mantra Resources - Mkuju River Satellites Deliver Promising Results

    
    Highlights from exploration outside the Nyota Prospect:

    -   Selective rock chip grab samples up to 1.53% (15,380 ppm) U(3)O(8).

    -   Maximum auger intercept of 7m @ 0.25% (2,591 ppm) U(3)O(8).

    -   Best trench intercept of 3.2m @ 0.412% (4,119 ppm) U(3)O(8).

    -   Further indications of the emergence of a new uranium province.
    

PERTH , Western Australia , Jan. 22 /CNW/ - Mantra Resources Limited ('Mantra' or 'Company') (ASX: MRU, TSX: MRL) is pleased to announce the results of the helicopter supported reconnaissance program on a number of the 33 Satellite Target areas within the Mkuju River Project ('MRP' or 'Project'), but outside the Nyota Prospect. The program aimed to field check a suite of the Satellite Targets that lie within a 35 kilometre radius to the east and southeast of the Nyota Prospect with mapping, grab sampling, trenching and hand auger drilling.

Maximum assay grades in selective rock-chip grab samples ranged up to 1.53% (15,380 ppm), 12,320 ppm, 3,510 ppm, 740 ppm, 650 ppm and 440 ppm U(3)O(8) for six of the Satellite Targets examined in this program. The best results from the auger drilling and trenching are included in the following tables.

    
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    Auger Hole   Northing Easting Elevation  EOH   From  To Interval U(3)O(8)
       ID          (m)      (m)      (m)     (m)    (m)  (m)  (m)     (ppm)
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    MRCA01*      8867203   245741      731     8     1    8     7     2,591
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    MREA02       8863666   245341      708     5     0    3     3     1,350
    -------------------------------------------------------------------------
    MRPA01       8876819   251297      689    11     1    2     1       100
    -------------------------------------------------------------------------
    MRQA01       8876459   245014      735     9     3    4     1       160
    -------------------------------------------------------------------------
    MRR2A02      8875690   243891      751     7     0    1     1       130
    -------------------------------------------------------------------------

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     Trench      Northing Easting Elevation Depth  From  To Interval U(3)O(8)
       ID          (m)      (m)      (m)     (m)                      (ppm)
    -------------------------------------------------------------------------
    MRLT002*     8858855   243838      728     3     1    3     2     2,866
    -------------------------------------------------------------------------
    MRLT003*     8859016   243778      717   4.2     1  4.2   3.2     4,119
    -------------------------------------------------------------------------
    MRPT002      8876807   251294      688     4     0    1     1       120
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    MRQT003      8875741   243793      752     3     0    2     2       205
    -------------------------------------------------------------------------

    *Mineralisation recorded at 'end of hole' depth
    *Mineralisation recorded at end of trench depth
    

Joint Managing Director Mr Robert Behets said "These results are an excellent start to our initial appraisal of the Satellite Targets within the broader MRP and underpin our belief that this is an emerging uranium province".

A full report complete with details of the work completed, including supporting assay results and details of the Company's QA/QC procedures, is available on the Company's website (www.mantraresources.com.au), ASX (www.asx.com.au), and SEDAR (www.sedar.com).

Regulatory Disclosures:

For further information regarding the Mkuju River Project, including a description of Mantra's quality assurance program, quality control measures, the geology, samples collected and testing procedures in respect of the Mkuju River Project please refer to the technical reports prepared in accordance with NI 43-101 entitled "December, 2009 Resource Update - Mkuju River Project" dated 7 December 2009 and "Technical Report on the Mkuju River Project located in Tanzania , Africa " dated 18 September 2009 , which are available under the Company's profile at sedar.com.

Competent Person/Qualified Person Statements

The information in this release that relates to Exploration Results in Tanzania is based on information compiled by Mr. Robert Behets , who is a Fellow of The Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr. Behets is a full-time employee of the Company. Mr. Behets has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code) and is a "Qualified Person" under National Instrument 43-101 - 'Standards of Disclosure for Mineral Projects'. The Qualified Person has verified the data disclosed in this release, including sampling, analytical and test data underlying the information contained in this release. Details in relation to the verification of the data are included in the notes to Table 1. The QP was satisfied with the verification process and consents to the disclosure in this release.

Mr Behets consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Forward Looking Statements

This report contains 'forward-looking information' that is based on the Company's expectations, estimates and projections as of the date on which the statements were made. This forward-looking information includes, among other things, statements with respect to the Company's business strategy, plans, objectives, performance, outlook, growth, cash flow, earnings per share and shareholder value, projections, targets and expectations, mineral reserves and resources, results of exploration and related expenses, property acquisitions, mine development, mine operations, drilling activity, sampling and other data, grade and recovery levels, future production, capital costs, expenditures for environmental matters, life of mine, completion dates, uranium prices, demand for uranium, and currency exchange rates. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as 'outlook', 'anticipate', 'project', 'target', 'likely', 'believe', 'estimate', 'expect', 'intend', 'may', 'would', 'could', 'should', 'scheduled', 'will', 'plan', 'forecast' and similar expressions. Persons reading this report are cautioned that such statements are only predictions, and that the Company's actual future results or performance may be materially different.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Forward-looking information is developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to the risk factors set out in the Company's Annual Information Form.

This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. The Company disclaims any intent or obligations to update or revise any forward-looking statements whether as a result of new information, estimates or options, future events or results or otherwise, unless required to do so by law.

For further information: Robert Behets, Joint Managing Director, Phone: [phone]; Matthew Yates, Joint Managing Director, Phone: [phone]