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Mantra Resources announces significant increase in Nyota resource to 44.6 Mlbs U3O8

Last updated: 07:44 03 Dec 2009 AEDT, First published: 06:44 03 Dec 2009 AEDT

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Dual-listed Mantra Resources (ASX: MRU, TSX: MRL) has unveiled an significantly increased Mineral Resource Estimate for the Company’s Nyota Prospect, part of the wholly owned Mkuju River Project in southern Tanzania.

This MRE has been estimated at 44.4 million tonnes averaging 455 ppm U3O8 for a contained 44.6 million pounds of U3O8 at a lower cut-off grade of 200 ppm U3O8.

The MRE comprises 15.3 million tonnes averaging 504 ppm for 17.0 million pounds of U3O8 classified into the Indicated Resource category, plus Inferred Resources of 29.1 million tonnes averaging 430 ppm for 27.6 million pounds of U3O8.

The updated MRE includes the available results of infill and extension drilling conducted during 2009 and is based on new data from a total of approximately 26,000 metres of drilling completed by the Company to early November 2009.

It should be noted that the results from the exploration drilling program, including the significant area of mineralisation identified at Nyota NE, have not been included in the December 2009 update of the MRE.

The current phase of exploration drilling will be concluded in December and followed by a further revision of the MRE in the March quarter of 2010. The revised MRE will include the exploration drilling data and the remainder of the infill drilling and trenching results that are still pending.

Mantra joint managing director Robert Behets said the updated Mineral Resource Estimate and the recent exploration success at Nyota NE clearly demonstrates the significant potential of Nyota and the broader MRP.

"As a result of the Company’s fast-track approach to the exploration and appraisal of the Project, the resource base has grown rapidly," Mr Behets said.

"Given the extensive target areas still to be tested, we are confident that ongoing work has the potential to continue to deliver exploration success and resource growth into the future.”

The Board has taken great encouragement in these results and has elected to defer the completion of the Pre-Feasibility Study until the MRE updates from December 2009 and Q1 2010 are fully integrated into the Study.

It is anticipated that the PFS will now be concluded in the March quarter of 2010.

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