| October 07, 2008 Mansfield Announces Details on Spin-out of Rio Grande and Exploration Assets | |
| Vancouver, British Columbia - Mansfield Minerals Inc. (TSX.V -- MDR) Mansfield Minerals Inc. (the "Company") announced today that it has mailed the Management Information Circular and related materials for the upcoming annual and special shareholder's meeting to be held on October 29, 2008. The circular includes full details on the spin-out of certain of the Company's assets into a new company, Pachamama Resources Ltd. ("Pachamama"). The spin-out will be accomplished pursuant to a plan of arrangement, expected to be completed on or about November 12, 2008. The Company will spin-out all of its exploration stage properties, including the Rio Grande property, to Pachamama. The Company will maintain its ownership interest in the Lindero property, which will be the Company's main focus going forward. The Company will also transfer over $13 million in cash and investment securities to Pachamama as part of the plan of arrangement. The plan of arrangement provides that each existing common share of the Company will be exchanged for one new common share of the Company, and one common share of Pachamama. The Company has applied to list the Pachamama common shares for trading on the TSX Venture Exchange. Management believes that the spin-out will permit the Company's shareholders to realize the value of the Company's Lindero property through continued ownership of the Company's common shares, while retaining the upside potential associated with the Company's other exploration and development properties through ownership of Pachamama common shares. Completion of the plan of arrangement is subject to certain conditions, including receipt of shareholder and regulatory approvals, which are described in detail in the circular being delivered to the Company's shareholders today. Copies of all of the meeting materials are also available on SEDAR at www.sedar.com. 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., P.Eng. President For more information please visit our website at www.mansfieldminerals.com or contact Nancy Goertzen at (604)681-4462. The TSX Venture does not accept responsibility for the adequacy or accuracy of this release. Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf. | |
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