Company Information for Mantra Resources Limited

ASX-MRU

www.mantraresources.com.au

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Company Statement

Mantra Resources Limited (”Mantra”) is a mineral exploration company based in Perth, Western Australia. The Company commenced trading on the Australian Stock Exchange (ASX Codes – “MRU” and “MRUO”) in October 2006 after a successful IPO.

The Company has direct and joint venture interests in a portfolio of uranium exploration tenements in southern Africa. Mantra controls prospecting licences and applications in Tanzania that cover a total area of approximately 12,450 square kilometres and include sandstone hosted roll-front type uranium targets in the Karoo sediments of southern Tanzania (Mkuju River Project, Mbamba Bay Project and Southern Tanzania JVs) and palaeochannel associated calcrete-hosted uranium targets within the Bahi catchment of central Tanzania (Bahi North and Handa Projects).

Mantra also has interests in three uranium exploration properties (Chikangawa, Chintheche and Nanzeka) in Malawi. The tenements cover a total area of approximately 1,630 square kilometres and include intrusive-related and hydrothermal vein style uranium targets.

Mantra is focused on implementing an aggressive exploration program, with a strong emphasis on the application of modern exploration technologies and targeted drilling, to evaluate the potential of its uranium exploration projects.

In September 2007, Mantra announced that it had reached an agreement with Mavuzi Resources Limited (“Mavuzi”) to merge the two companies. The proposed merger, which is subject to Shareholder approval, will create a dynamic and well funded exploration company with:

a diversified portfolio of quality uranium, gold and copper projects in southern Africa covering approximately 15,250 square kilometres;
an enhanced and highly credentialed management team; and
strengthened technical, operational and financial capabilities to support continued growth through aggressive exploration and acquisition.

The Board of Mantra includes Directors experienced in the resources industry and Mantra’s technical team has experience in uranium exploration as well as operating in African environments, in particular Tanzania and southern Africa. The Board and management will continue to utilise this experience to identify both uranium and other resource opportunities, including potential acquisitions, joint ventures, or investments in the resources sector, which can enhance shareholder value.

Current Operations

Tanzania Overview
Mantra has direct and joint venture interests in a portfolio of uranium exploration tenements in Tanzania. The prospecting licences and applications cover a total area of approximately 12,450 square kilometres and include sandstone hosted roll-front type uranium targets in the Karoo sediments of southern Tanzania (Mkuju River Project, Mbamba Bay Project and Southern Tanzania JV's) and paleochannel associated calcrete and sandstone hosted uranium targets within the Bahi catchment of central Tanzania (Bahi North Project and Handa Project).

The Company has established an in-country technical and operational capability and commenced exploration at a number of its uranium projects during 2007. The primary focus has been on advancing Mantra’s flagship Mkuju River Project in southern Tanzania. The ongoing field work program has to-date included geological mapping, radiometric traversing, trenching and limited RC drilling at the Nyota Prospect and the adjacent NW Trending Anomalies target area. A high resolution helicopter-borne radiometric survey has also been flown over the entire 3,250 square kilometres of the project area.

Assay results returned from the initial 20 trenches excavated and sampled by Mantra have confirmed the presence of widespread sandstone-hosted uranium mineralisation at surface throughout the Nyota Prospect and NW Trending Anomalies target area. In addition, the results of the first ever drilling at the Mkuju River Project have confirmed the presence of multiple thick, high grade zones of sandstone-hosted uranium mineralisation at shallow depths in the subsurface at the Nyota Prospect. The helicopter-borne radiometric survey further revealed a suite of 33 regional uranium radiometric anomalies, outside of the Nyota Prospect and NW Trending Anomalies target area which require detailed field evaluation.

The initial results of Mantra’s exploration are extremely encouraging and highlight the potential of the Karoo sediments within the Mkuju River Project area to host significant sandstone-hosted roll front type uranium mineralisation. The Company is focussed on aggressively pursuing this demonstrated uranium potential and plans to undertake a comprehensive drilling program at the Nyota Prospect during the first half of 2008.

Malawi Overview
Mantra has joint venture interests in three uranium exploration properties in Malawi. The Chikangawa, Chintheche and Nanzeka tenements cover a total area of approximately 1,630 square kilometres in northern-central and central Malawi.

Uranium-channel airborne radiometric anomalies have been identified from regional survey data in each project area. The anomalies occur within an intra-cratonic mobile belt setting and represent intrusive-related and hydrothermal vein style uranium targets that have either not been previously investigated or have been subjected to only limited ground follow-up.

Following initial desktop analysis of historical data and compilation of a GIS database, field activities commenced at the Chikangawa and Chintheche Projects in August.

Malawi is an emerging uranium region within Southern Africa with significant recent activity by foreign producers and explorers. The Government of Malawi permits uranium mining and recently demonstrated its commitment to the development of a uranium industry by granting Paladin Resources Limited a Mining Licence for the Kayelekera Uranium Project in the north of the country.

Geographical Spread

Africa – Malawi and Tanzania

Board of Directors and Key Management

Mr Ian Middlemas	Chairman
Mr Robert Behets	Managing Director
Mr Colin Steyn	Director
Mr Mark Pearce	Non Executive Director
Mr Greg Swan	Company Secretary

Company Address

Level 9, BGC Centre
28 The Esplanade
Perth, Western Australia, Australia 6000


Telephone:	+61 8 9322 6322
Facsimile:	+61 8 9322 6558
Email:	info[at]mantraresources.com.au
Website:	http://www.mantraresources.com.au

Capital

Number of Shares: 45,135,181
Number of Listed Options: 13,774,730
Number of Unlisted Options: 9,150,000

Annual General Meeting

28 November 2007, Perth

Year End

30 June 2008

Broker/Analyst Reports

28/09/07 - Resource Capital Research Report - Mantra Resources

Major Shareholders

Anglo Pacific Group (16.9%)

JPMorgan (9.4%)

RAB Energy (8.2%)

FirstRand (7.8%)

Most Recent Statement

19/09/08 - New Thick Zones of Uranium Mineralisation Intersected at Mkuju River Project
22/07/08 - FURTHER THICK ZONES OF URANIUM MINERALISATION INTERSECTED IN DRILLING AT MKUJU RIVER PROJECT
17/06/08 - Thick zones of uranium mineralisation intersected in drilling at Mkuju River Project
05/06/08 - Scoping Study Commences on Mkuju River Project
07/05/08 - Ceasing to be a substantial holder - FirstRand
30/04/08 - MARCH 2008 QUARTERLY REPORT

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