🕐03.03.10 - 06:07 Uhr

Mantra Announcement: Commencement and Award of Definitive Feasibility Study to DRA Mineral Projects



Dear all,
Please find below an announcement made today regarding the Definitive Feasibility Study for the Nyota Prospect, part of the Company's wholly owned Mkuju River Project in southern Tanzania.
Mantra Resources Limited ('Mantra' or 'the Company') (ASX: MRU, TSX: MRL) is pleased to announce that the Definitive Feasibility Study ('DFS') for the Nyota Prospect, part of the Mkuju River Project ('MRP' or the 'Project') in Tanzania has commenced.

Following the successful completion of the Pre-Feasibility Study ('PFS'), the Company has appointed DRA Mineral Projects ('DRA') as the Engineering, Procurement, Construction and Management ('EPCM') Contractor for the DFS.

This appointment was completed following a comprehensive and competitive tender process.
DRA are a highly respected company that has over 25 years experience in the minerals industry, designing and building large scale mines, processing plants and associated infrastructure throughout Africa.

DRA were selected on the basis of their previous record of supplying a fully integrated "one stop shop" that includes expertise in most facets of designing and building mines.

These attributes include mining, processing, design and project management.

In addition, via their operational company, Minopex, DRA will be able to assist Mantra during the mine commissioning and ramp up period with operational expertise and systems.

This is a key driver for Mantra to reduce its risk profile as it brings MRP into production.

Their offices are based in Johannesburg, South Africa.


In addition to the appointment of DRA, Mantra has selected and completed the appointment of a highly experienced owner's team, all of whom have extensive project management and operating experience in Africa.


The DFS is scheduled for completion during the fourth quarter of 2010.

A key component of the DFS is a comprehensive integrated pilot metallurgical test program.

This program will comprise building a laboratory scale plant that will process an approximate seventeen tonne bulk sample, representative of the first seven years of scheduled production from the Project.

This work will be conducted at ANSTO in Sydney with the aim of testing and optimising the current Project flow sheet and minimising Project risk.
Other key aspects of the DFS include: * Further resource infill and exploration drilling.

Two drill rigs are already on site and further rigs will be brought in through the year; * Permitting; and * Uranium marketing and off-take arrangements.
Peter Breese, Mantra's CEO said "This is a significant step forward for the Company.

The PFS has delivered excellent results and we thank MDM Engineering for a robust and comprehensive study.

The appointment of DRA and the commencement of the DFS will allow for full integration of the Project disciplines within the EPCM Contractor as the Company starts to transition from explorer to developer and ultimately producer".
The Company has also lodged an updated investor presentation which can be viewed by clicking on the following link:
http://mantraresources.com.au/upload/documents/releases/presentations/20 100303_100303-MRUInvestorPresentation_PFS_FINAL.pdf
Please don't hesitate to contact Peter Breese, Matthew Yates, Robert Behets or Alex Buck if you have any questions.
Regards
Peter Breese Chief Executive Officer
A: Level 9, The BGC Centre, 28 The Esplanade, PERTH WA 6000 T: +61 (0)8 9322 6322 F: 61 (0)8 9322 6558 in Australia T: +27 (0)11 467 2172 F: +27 (0)86 658 3476 M: +27 (0)82 888 6852 in South Africa E: W: www.mantraresources.com.au
Matthew Yates Executive Director
A: Level 9, The BGC Centre, 28 The Esplanade, PERTH WA 6000 T: 618 9322 6322 F: 618 9322 6558 E: W: www.mantraresources.com.au
Robert Behets Executive Director
A: Level 9, The BGC Centre, 28 The Esplanade, PERTH WA 6000 T: 618 9322 6322 F: 618 9322 6558 E: W: www.mantraresources.com.au
Alex Buck Investor Relations
T: +44 7932 740 452 E:



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