News

December 05, 2007

The Enlarged Mantra Resources Will Raise Its Profile In 2008

The name of ASX listed Mantra Resources may not get much of a reaction in London as yet, but chairman Ian Middlemas and managing director Robert Behets are determined to change this in 2008. In fact the shares have more than doubled since August and the move started just before Mantra announced that it was going to merge with Mavuzi Resources. Interestingly Anglo Pacific Group, a UK mining investment company listed on the LSE, played a crucial role in this merger as it was the biggest shareholder in Mantra and the second biggest in Mavuzi. The proposed merger, which is still subject to shareholder approval, provides Mantra with a diversified portfolio of quality uranium, gold and copper projects in Tanzania, Malawi and Mozambique, a management team with experience and expertise in uranium and Africa as well as strengthened technical, operational and financial capabilities.

Uranium is the main target and the company  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 and palaeochannel associated calcrete-hosted uranium targets within the Bahi catchment of central Tanzania. It also has  interests in three uranium exploration properties in Malawi.  The tenements cover a total...