MANTLE
RESOURCES INC.
FOR IMMEDIATE RELEASE
����������������� info@mantleresources.com
Mantle Announces appointment of new President � Jim Mustard
Vancouver,
B.C. � September 17, 2007 - Mantle
Resources Inc. (TSX Venture: MTS; Frankfurt: A0F7E1) is pleased to announce
that Mr. Jim Mustard has joined the Company as its new President.
Jim
Mustard graduated with a Bachelor of Applied Science degree, Geological
Engineering in 1974, from Queens
University,
Kingston.
Jim
is a Geologist and Professional Engineer with extensive exploration,
development and operating experience in North and South America including Canada
with Cyprus Anvil Mining Corporation, Amax Group of Companies and Noramco Mining Inc. In South America/Mexico he has worked
for Pacific Rim Mining Corp., Eldorado Gold and Barrick Gold. He also spent two years with the Federal
Government of Canada managing the Vancouver
office of the Canadian Exploration Incentive Program.
In
October of 1996, Jim joined Haywood Securities Inc. where he was Vice President
and Senior Mining Analyst until recently.
Jim
is a registered Professional Engineer with the Association of Professional
Engineers and Geoscientists of British Columbia.� Under changes to securities regulation in Canada
he meets the standards of a Qualified Person based on his experience and
training.
His
exploration experience ranges from project generation, prospect evaluation,
drill definition, reserve estimates to economic valuation for underground and
open pit mines. He has excellent knowledge of deposit models, mine site
economics, engineering and computer modeling techniques and has several years
of operating/engineering experience at both open pit and underground mines,
including lead-zinc development projects and lead-zinc mines.
�I
am very excited to join Mantle's management team and look forward to working on
behalf of Mantle�s shareholders and key stakeholders to complete the
exploration phase of the Kechika Trough (Gataga District) in northern British Columbia.� The Kechika Trough
is host to several important lead-zinc deposits, including Mantle�s Akie deposit and Teck Cominco/
Korea Zinc's Cirque deposit, 18 kilometers away.
Mantle
is currently conducting an intense drilling campaign to target the Akie Deposit and I am very impressed with the progress to
date.
Work
in this prolific base metal belt has only recently re-commenced and given the
historical record of early discovery, the district holds considerable promise
for additional discoveries on Mantle�s extensive land holdings.� With significantly improved access and
current elevated prices for both lead and zinc, the economic potential has been
greatly enhanced.
As
Haywood�s Senior Mining Analyst, I have had the opportunity over the past 10
years to review hundreds of projects and companies, and my decision to join and
help lead Mantle was based on my confidence in the exceptional potential of
Mantle�s property portfolio, as well as the strength of its shareholder base
and management team."
Mr.
Peeyush Varshney has
stepped aside as President but remains Mantle�s Chairman
& Chief Executive Officer.�
Mr. Varshney stated �We are thrilled to have
someone of Jim�s standing and reputation joining our management team.� His knowledge and experience will be
extremely valuable as we drill out the Akie Deposit and
complete a National Instrument 43-101 compliant resource estimate.� We look forward to his guidance and
leadership".
As part of Mr. Mustard�s
compensation package, Mantle has granted him options to acquire 1,000,000
shares (exercisable as to 400,000 options at $1.00 per share; 400,000 options
at $1.05 per share and 200,000 options at $1.15 per share), exercisable for a
period of 5 years from the date hereof. These options will vest over a 2 year
period. In addition, Mantle has granted Mr. Mustard 600,000 performance based
options (exercisable as to 200,000 options at $1.15 per share and 400,000
options at $1.20 per share) which vest upon the successful completion of
certain milestone events.� Mr. Mustard
will also be entitled to a bonus of 400,000 shares on the occurrence of certain
major milestone events.
About the Akie
Property
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.
Drilling
on the Akie property by Inmet
Mining Corporation during the period 1994 to 1996 and by Mantle in 2005 and
2006 has identified a significant body of baritic
SEDEX mineralization (Cardiac Creek Zone) with an average thickness of greater
than 12 meters
and an average zinc+lead content in excess of 10%.
The deposit is hosted by variably siliceous, fine grained clastic
rocks of the Middle to Late Devonian �Gunsteel
formation�.
Two
similar deposits, Cirque and South Cirque, located some 20 kilometers
northwest of Akie and owned by Teck
Cominco and Korea Zinc, are also hosted by �Gunsteel�
rocks and have a combined geologic inventory in excess of 50 million tonnes
averaging approximately 10% combined zinc+lead.
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�
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pEEYUSH
vARSHNEY, LL.B
Chief
executive officer