Mantis Mineral Corp. encouraged by drilling at Orphan and Foisey

Mantis Mineral Corp. encouraged by drilling at Orphan and Foisey

Thursday, August 28th 2008

Mantis Mineral Corp. announce that 8-holes totaling 1,483-meters have been completed at its Foisey site on the 100% owned Orphan Mine Project and assay results have been received.

The results from this drill program determined the Foisey system to be an anomalous gold bearing geologic structure along an 850-meter strike length, with a potential length of up to 1.6-kilometers. The structure was probed by a limited drill program at an average vertical depth of only 75-meters. The mineralized system can be defined by two zones; an upper and lower extending over an average of 80-meters in drill width.

The Foisey drill program was conducted 1,700-meters northwest of the Orphan mine site along an anomalous broad linear defined by an earlier induced polarization survey and geological mapping of bedrock exposed in old trenches.

This initial drill program was designed to test for gold bearing disseminated pyrite within the mineralized structure. Significantly, surface channel sampling (reported in press release dated January 8, 2008) of trenches in the immediate vicinity of some of the current drill collars yielded results up to 12.75 grams per tonne (0.369 opt).

The upper zone is defined by a fault structure (Foisey Structure) of various alterations, crushed rock, quartz veining and clay averaging 42-meters in drill width, containing variably anomalous gold values up to 3.20 grams per tonne. This zone is a strong structure that has been inundated by mutli-phase quartz veining and exhibits a history of complex overprinting alterations, which affected the host rock over the entire width of the system.

The best values are associated with the lower zone, which is characterized by intense silicification, in some cases manifest as massive grey quartz flooding. The grey clouding of the quartz is due to finely disseminated molybdenite, in which a moderate positive correlation exists between gold and molybdenite values. In the six drill holes in which the zone was penetrated, it averaged 5.55-meters in drill width and contains an average gold content of 0.56 grams per tonne. The highest gold values attained within the zone were 1.31 grams/tonne.

Between the upper and lower zones is a variably altered and veined quartz-diorite averaging 32-meters in drill width, containing 1-3% disseminated pyrite with anomalous values up to 0.298 grams per tonne.

At the relatively shallow vertical depths (75 meters) that the current drilling explored the Foisey Structure, core observations indicate, as evidenced by numerous open cavities and quartz crystals within the main crush-quartz fault zone, that these depths represent only the upper level portion of the system. Given the enormity of the system, a more extensive and significantly deeper drill program will test for higher-grade gold mineralization and zoning at depth.

Commented Walter Hanych, senior project manager; “The Foisey Struture has demonstrated characteristics of a possibly significant gold system. The limited drill program has identified a highly anomalous gold bearing structure. Given the systems sheer size, coupled with the intensity of the quartz veining and alteration we believe that the structure has the potential to host significantly higher gold values at depth. The next phase of drilling will test this potential.”

Commented Robin Ross, CEO, “We have only scratched the surface with this initial 8 hole drill program. We now know its gold bearing and intend to follow up with a much more extensive program.”

Caracle Creek International Consulting Inc. has been retained to monitor the assay results and act as QA/QC for the program.

Mantis Mineral Corp. is a dynamic Canadian based resource company, possessing a diversified portfolio of mineral properties across Canada, including direct participation in three major area plays: Tamarack, Orphan and Grass River. The company holds substantial land positions hosting gold, nickel, copper and platinum group metals.

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