conversation with ian kraemer

Attached is a following conversation I had with Ian Kraemer regarding Mt Mulligan and Direction of the company.

Ian, as a shareholder I am disgusted at how mantle is been operated and managed as a company. It very evident that Mantle's shareholders are not in the companies best interests. How long does it take a company to get a major access agreement signed off? Where are the market updates? What information can you tell me? All is very silent. What is the companies agenda? Hazy is a word that first comes to mind for me. To say I am disapointed would be an understatement. Looking forward to hearing your most favourable reply.

Regards
Matthew Barnes

Matthew,



Thank-you for your enquiry.



Mantle?s Board and I personally are extremely committed to the company and to its shareholders. We are all shareholders ourselves, with the three founding directors having major stakes in the company.
Native Title access agreements can take many years to complete, even more so when areas of cultural significance are involved. Some are merely procedural but still the process generally takes minimum 1 year from application to grant and some might take a decade.
At Mulligan the prior tenement holders managed to fail to get any agreement with the Native Title claimants for 5 years and through the process managed to completely alienate the claimants.

Upon Mantle acquiring the tenements, I had reached agreement in principal and had full draft Access Agreements agreed in 6 months. However the advent of the third party claim, details of which I cannot discuss per direction from our legal counsel, has held up the signature of the access agreement.I will not dwell on, nor hide behind the advent of the GFC, however its impact on our cash position meant that we could not progress resolution of the third party claim as fast as we had wished.

This timing constraint has been removed by last year?s end capital raising and we have since progressed the matter as quickly as possible. Obviously you are entitled to your view on my capability as a manager, however the matter is progressing in a way best suited to a successful outcome without bleeding the company resources dry. We all remain frustrated by the impact the claim has had and the time taking to resolve it, however it is moving towards a position that I will announce, however I will not put a time frame at this time.

Mantle has a number of key projects, all of which hold potential for company maker. Mulligan is surely one, as are Haunted Stream Gold and Granite Castle Gold. Even though we had a problem with the Barkly phosphate drilling results, we continue to review that project for potential value in a couple of remaining high prospectivity areas, although much of the ground can now be relinquished.



I hope this information assists.



Best Regards



Ian Kraemer, Managing Director, Mantle Mining Corporation Limited

Suite 502, Level 5, Toowong Tower, 9 Sherwood Road, Toowong

PO Box 2071, Toowong Business Centre, 4066, QLD, Australia

Ph: 61 7 3310 8932, Fx: 61 7 3870 7022, Mob: 61 4 0775 8722

[email protected], www.mantlemining.com