🕐02.02.09 - 09:26 Uhr

Mano River Resources



Please find attached and below a copy of the announcement by Mano River Resources Inc this morning:
Mano River Resources Inc.
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News Release TSX-V: MNO AIM: MANA 2 February 2009
Stellar Diamonds Closes a �3.05 million pre-IPO Non-Brokered Placement and Operations Update
Mano River Resources Inc the TSX-V and AIM-listed exploration and development company focused on iron ore, diamonds and gold in west Africa, is pleased to announce that its majority owned subsidiary Stellar Diamonds Ltd ("Stellar" or "the Company") has completed a pre-IPO non-brokered placing of 15,248,490 new ordinary shares (the "Placing Shares") of 1 pence each in Stellar at 20 pence per share raising gross proceeds of �3.05 million (the "Placing").

In addition the company settled debt of �678,192 through the issue of 3,390,961 shares at the same price of 20 pence per share. Placing Highlights:
* Stellar raises �3.05 million to continue development of key near term production projects to achieve cash flow
* Stellar converts �678,192 in debt to equity, primarily owed to Mano River and the Board and Management
* Non-Executive Chairman Lord Daresbury purchased 550,000 shares for �110,000
* Mano purchased 6,920,220 shares for �1,384,044 and converted �622,356.20 debt for a further 3,111,781 shares and remains largest shareholder in Stellar with 59.62% of the enlarged issued capital
* Placing Shares represent 21% of Stellars enlarged issued share capital
The proceeds from the Placing will be used to continue development of near term production projects at the Kono underground trial mining project in joint venture with Petra Diamonds in Sierra Leone and the 100% owned Mandala alluvial diamond project in Guinea.

Additionally, the proceeds will be used for general working capital purposes. The Placing Shares and shares for debt were issued together with warrants on the basis of one warrant for every Placing Share subscribed, each warrant entitling the holder to subscribe for one ordinary share in the Company at 25 pence per share, exercisable until 30 June 2010 ("Warrants"). Following the Placement, Stellar has an enlarged issued share capital of 49,097,755 ordinary shares with 21,920,308 warrants, 260,390 advisers options in issue and 2,992,500 share options in issue. Operational Update Kono Project, Sierra Leone >From 1st January 2009 Stellar has elected to sole fund the Kono project for 2009 (Budget $2.8 million) and will reinvest all diamond sales revenues in the continued development of the project.

At the end of 2009 the Companys joint venture partner Petra Diamonds will have the option to reimburse Stellar 51% of the project costs to maintain its 51% equity in the project, or dilute.

The current technical team will remain on the project and Petra will continue to offer technical advice as required. Trial stope mining at the Pol-K shaft is ongoing at the 65 metre level below surface level and shaft sinking is continuing to the 96 metre level where new stope faces will be opened by April 2009, thus increasing the production tonnage.

Some 3,159 carats have been produced to date and an export of 1,892 carats is being prepared for shipment to Antwerp for valuation and possible sale in March 2009 to test market conditions.

Diamonds of 11.95 carats and 11.40 carats are included in this parcel.

The in-situ grade of the Pol-K kimberlites remains encouraging at 61 carats per hundred tons. Mandala Project, Guinea Project development continues on track.

Construction of a 50km stretch of gravel access road has been completed and the 100 ton per hour DMS processing plant is currently being trucked to site.

Construction and commissioning of the plant is scheduled for end of March-09, after which commercial production is expected to commence. Exploration The Company has made significant progress at its various exploration projects and continues to build a strong pipeline of projects with significant potential to create additional value for the Company.

However, the Companys Board has deemed it prudent to place Stellars current exploration projects on care and maintenance in the short term until the Company is generating cash revenues and is self-financed.

Stellar remains committed to strengthening its portfolio through the development of its portfolio of exploration projects in the mid to long term. Karl Smithson, CEO of Stellar commented: "We are very encouraged by the continued support demonstrated by our shareholders for the Company despite these difficult market conditions.

The proceeds from the �3.0 million financing will enable Stellar to realise its near term objectives of generating cash flow from diamond revenues from two our key projects in 2009 and beyond. "The Companys resources are now focused on our development projects at Kono in Sierra Leone and Mandala in Guinea.

Both projects have made significant progress in the past few months and Stellar is now on the threshold of becoming a self-financing company which will be a very significant milestone.

This will allow the Company the flexibility to continue to enhance our portfolio of projects and establish Stellar as a leading explorer and producer in West Africa." ENDS For further information on Mano River Resources and its exploration programme, you are invited to visit the Companys website at www.manoriver.com or contact one of the following:
Stellar Diamonds Ltd. Karl Smithson +27 (21) 715 1990 Mano River Resources Inc Luis da Silva, CEO +44 (0) 20 7299 4212 Evolution Securities Limited Simon Edwards / Chris Sim +44 (0) 20 7071 4300 Pelham PR Charles Vivian / James MacFarlane +44 (0) 20 7743 6670
The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of this release
James MacFarlane Account Manager
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