| October 30, 2008 Shareholders Approve Mansfield Spin-out | |
| Vancouver, British Columbia - Mansfield Minerals Inc. (TSX.V -- MDR) Mansfield Minerals Inc. (the "Company") announced today the results of the annual and special shareholders' meeting held on October 29, 2008. At the meeting, the Company's shareholders approved the proposed spin-out of certain of the Company's assets to Pachamama Resources Ltd. The spin-out will be accomplished pursuant to a plan of arrangement, and will involve a spin-out by the Company of all of its exploration stage properties, including the Rio Grande property, and a portion of its cash and investment securities to Pachamama. The Company expects to obtain final court approval of the plan of arrangement on Monday, November 3, 2008. Completion of the transaction is subject to receipt of final court approval and approval to list the Pachamama common shares for trading on the TSX Venture Exchange. The Company expects to complete the transaction on or about November 19, 2008. At the meeting, the Company's shareholders elected Gordon Leask, Megan Cameron-Jones, Murray Hitzman, John Leask and George Cavey to the Company's board of directors. The shareholders also approved the adoption of a stock option plan for Pachamama and an amendment to the Company's existing stock option plan. Full details on the matters considered at the shareholder's meeting are set out in the management information circular delivered to the Company's shareholders in advance of the meeting, which is available on SEDAR at www.sedar.com. In addition, Art McQuade, CMA, was appointed as Chief Financial Officer of the Company. About Mansfield Minerals Inc. Mansfield is a mining exploration company which has focused its activities in northwestern Argentina since August 1994. The Company is currently focused on two primary projects which include Lindero (gold) and Rio Grande (copper-gold). Mansfield and Antares each own a 50% undivided interest in Rio Grande. On behalf of the Board of Directors, "Gordon P. Leask" Gordon P. Leask., President & CEO For more information please visit our website at www.mansfieldminerals.com or contact Nancy Goertzen at (604) 681-4462. Caution Regarding Forward-Looking Statements This news release contains certain forward-looking statements, including statements regarding the plan of arrangement being undertaken by the Company and the expected completion date of the plan of arrangement. These statements are subject to a number of risks and uncertainties, including risks relating to general economic conditions and conditions affecting junior mining companies in particular. The forward-looking statements contained herein are based on assumptions that management believes are reasonable, including assumptions regarding receipt of necessary approvals for completion of the plan of arrangement. Readers should not place undue reliance on forward-looking statements. Except to the extent required by law, the Company undertakes no obligation to update forward-looking statements. | |
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