announcement coming...., page-3

Mantle Mining Corporation Limited (ASX: MNM) “Mantle”, is pleased to advise that it has entered into an Option and Sale Agreement with Mineore Pty Ltd in relation to the Company’s Barkly Phosphate Project tenements in the Northern Territory (see Figure on page 2):

Highlights:

In late 2009 early 2010, during recovery from the GFC, Mantle undertook a strategic review of its project areas in order to re-prioritise and re-focus its available resources on to commodity areas with the best medium term fundamentals. Coal and gold were determined to be the highest priority in terms of potential to add value to the company, whilst uranium and phosphate were considered longer term exploration plays.

A process was then undertaken to identify and add new coal projects to the company portfolio whilst seeking options for the orderly disposal of Mantle’s uranium and phosphate tenements. Since then, Mantle has added the Bacchus Marsh, Latrobe Valley and Texas coal projects to its portfolio and reduced its exposure to uranium by exiting the Julia Creek, Burke and Clarke River uranium projects.

Today, Mantle is pleased to announce that it has entered into an Option and Sale Agreement with Mineore Pty Ltd, over the Barkly Phosphate Project tenements. Mineore is a resources company based in Brisbane, which is focused purely on exploration for fertiliser minerals such as potash and phosphate. The company has a number of assets in Queensland and the Northern Territory, including phosphate exploration licences in the Georgina Basin.

The main terms of the Agreement are as follows:
? A 1 month Option period, extendible by an additional month,
? If Mineore determines to proceed with the acquisition, it will pay an initial amount of $225,000 (escrowed until Tenement Title Transfer), plus
? A deferred payment of either $200,000 value in shares post successful listing by Mineore, or $400,000 in cash should Mineore not list within 24 months.

Although the global phosphate market has good long term fundamentals, Mantle remains of the view that its coal and gold project portfolio holds the best potential for short and medium term development success for the Company.

The Company is also of the view that the contemplated sale to Mineore will deliver a more focused approach to exploration on the Barkly Phosphate tenements and allow Mantle some ongoing exposure to any success that might be derived from Mineore’s exploration.