Mantis encouraged by Tamarack option VTEM results

2008-04-14 09:26 ET - News Release

Also News Release (C-PRB) Probe Mines Ltd

Mr. Robin Ross of Mantis reports

MANTIS MINERAL CORP RECIEVES ENCOURAGING VTEM RESULTS ON TAMARACK OPTION IN THE MCFAULD'S LAKE AREA, JAMES BAY LOWLANDS, ONTARIO

Mantis Mineral Corp. has received the results of the recently flown Aerotem EM (electromagnetic) survey on its Tamarack project in the McFauld's Lake area, James Bay, which is currently being optioned from Probe Mines Ltd.

The results of the Aerotem survey, which covered the west claim block of the Tamarack project, indicate that the magnetic unit comprising the Ring of Fire and interpreted to represent a continuation of the horizon associated with the recent nickel-copper-platinum group element discovery of Noront Resources, extends northeast through the southwestern portion of the property. Three EM anomalies identified by the survey are spatially associated with a magnetic high, which correlates with the Ring of Fire and will be ground tested by a horizontal loop EM survey, prior to drilling. In addition, a fourth anomaly, located 9,250 metres to the northeast, will also be ground proofed.

Commented Walter Hanych, chief geologist: "We are very encouraged by the VTEM results. The Ring of Fire, which is known to host nickel platinum mineralization, appears to extend through Tamarack's west block where we have identified three potential targets."

In addition to evaluating the west block, Mantis commissioned Scott Hogg and Associates to evaluate the VTEM survey flown over Tamarack's east block in 2005 by Geotech for Probe Mines Ltd. The interpretation of these data has highlighted a train of anomalies that conform to the strike of a VMS (volcanic massive sulphide) horizon that was drilled by Probe Mines in 2004. Hole 04-04 intersected a 33-metre section of a favourable unit that contained an 18-metre section of sulphidized volcanics. Sulphide content within this section approached 30 per cent and consisted of pyrhotite, pyrite, minor sphalerite and rare chalcopyrite mineralization. This new information extends the VMS sulphide horizon to almost a mile in length. The geological setting is typical to that hosting copper and zinc mineralization elsewhere in the belt. Mantis is also planning to test the downdip extension of the A zone discovered by Probe Mines in 2004. In previous drilling by Probe Mines a 7.8-metre section of chalcopyrite-rich VMS mineralization grading 3.1 per cent copper was intersected in the zone at a vertical depth of 50 metres. A second drill hole, collared 50 metres west and downdip from the discovery hole, intersected the A-zone at 97 metres vertical depth and returned 2.4 per cent copper over 6.0 metres. Both intercepts also returned anomalous concentrations of zinc, gold and silver.

Mantis can earn up to 51 per cent of the Tamarack property through the option-joint venture agreement with Probe. As part of the agreement, Mantis is required to make exploration expenditures totalling $500,000 over a three-year term and issue 400,000 shares (postconsolidation).

The Tamarack property consists of 360 claim units (5,760 hectares) staked in two blocks covering the northern and southern stratigraphy of the McFauld's volcanic belt/Ring of Fire.