Mantis Mineral to diamond drill Tamarack in mid-May

2008-04-01 13:31 ET - News Release

Mr. Robin Ross reports

MANTIS MINERAL CORP. DIAMOND DRILL PROGRAM ON TAMARACK OPTION IN THE MCFAULD'S LAKE AREA, JAMES BAY LOWLANDS, ONTARIO

Plans are under way to design a diamond drill program for Mantis Mineral Corp.'s Tamarack project in the McFaulds Lake area of Northern Ontario scheduled for mid-May. Mantis along with its geophysical consultant is currently assessing the anomalies identified in the filtered VTEM data it has just received from Scott Hogg and Associates. The priority rating of these anomalies will be instrumental in the design and implementation of the drill program. The survey covers the previously unexplored southwestern corner of the Tamarack property, which is interpreted to represent a continuation of the horizon associated with the recent nickel-copper-platinum group element (PGE) discovery of Noront Resources. The survey also provides a complementary data set to surveys previously flown on the Tamarack property to the east and to the north that were responsible for the discovery of high-grade copper volcanogenic massive sulphide (VMS) mineralization in 2005.

The Tamarack project is currently under option, through an option-joint venture agreement with Probe Mines Ltd. announced in October, 2006.

Mantis can earn up to 51 per cent of the Tamarack property through the option-joint venture agreement. 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. 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 A zone at a vertical depth of 50 metres. A second drill hole, collared 50 metres west and down dip 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.