Gordon Leask, President and Director of Mansfield Minerals

It’s hardly a secret that Argentina is rich with minerals including gold and silver, but for years, mining and exploration companies had some trouble mining anything. Because of ongoing political unrest throughout the country and early mining laws that also prevented growth and development of the industry, many companies tried and failed to reach sustainability in the country. As new leadership was introduced to the country throughout the eighties and nineties that reduced the government’s control over the fragile mining industry, private investors increasingly began to step up to the plate and develop companies and operations with a real potential for success. Mansfield Minerals Inc. is just one of those companies. With their fantastic “Committed to Discovery” tag line, this junior mining exploration company has been on the ground in Argentina since 1994, and their discovery of the Lindero Gold Property in 1999 is changing the face of mineral exploration in the country today.

Led by brothers, John and Gordon Leask, Mansfield is primarily located in the Salta Province of Argentina which is one of the most pro-mining regions in the country. Mansfield’s Lindero deposit is in the final stages of a pre-feasibility study, and management is very optimistic.

The real concern with Argentina for years has been the political problems throughout, but companies like Mansfield know what they’re up against and, right now, the overall picture looks better than ever. Because Salta’s political groups have begun to develop each area for the best possible economic opportunities, Mansfield’s Lindero project is fast becoming hot news around the country and the mining industry as a whole.

An interesting story from the start, Mansfield didn’t just land on Lindero and start development studies. In January of 1994, the company’s management began conducting preliminary reconnaissance studies based on the idea that the structural and tectonic similarities to the Great Basin of the United States might lead to some interesting mineral deposits. Fortunately, this initial exploration was carefully timed with Argentina’s work on their mining laws to make investment and ventures like this an option. For five years, Mansfield stuck with the region through political unrest and economic turmoil while company after company fell by the wayside, and while their initial explorations can’t be called unsuccessful, their real break hit in 1999, when they found the Lindero deposit.

Once called a “near-term catalyst to high share price multiples” by the managing editor of SmallCapMedia, the Lindero project is in Northwest Salta, where most of the company’s efforts have been focused in the last decade. Since its initial discovery, there has been quite a bit of work done in terms of exploration and development.

Partnerships have played an essential role in this development. In 2002, Mansfield and Rio Tinto (one of the biggest multi-national mining companies) agreed to assist in development. Together, the companies drilled just over three thousand meters in ten drill holes. Rio Tinto agreed to foot the bill for a reverse economic study that not only developed a three-dimensional model of the deposit, but also highlighted the location of the richest gold deposits in the area. The inferred mineral inventory came back with a suggestion of two million ounces of gold, not large enough for Rio Tinto. The two companies set out on different paths in 2003, and Mansfield moved forward. With rail facilities nearby, easy access to power and water, and an air strip adjacent to the property, logistics are good.  Current internal suggestions have said it has the possibility of producing between 80,000 and 150,000 ounces of gold per year over a ten year period. A heap leachable deposit, it has the potential to ensure low capital expenditures and today’s economic climate dictates that’s the only way to go. Beautifully situated, the deposit forms a hill on a valley floor, and the strip ratio is very favourable.

Lindero Drill-Hole Location Map

While the Lindero deposit is clearly the company’s crowning achievement, the makeup of the company is equally as important. Not only have founding brothers, John and Gordon, been working together for most of the last three decades, but the management team as a whole has been together since 1993. Both John and Gordon have engineering backgrounds, but the team members have diverse backgrounds that only help to support the supposition that this is one company you may want to get to know better. It has a well-rounded team that includes professional geologists, college professors, metallurgical specialists, engineers, and mine personnel. Mansfield Minerals has over three million dollars in the treasury and little need to raise money in the near future. In fact, the management owns quite a stake in the company already. There are only 44 million shares outstanding, and the idea behind the scenes is to maximize profits for shareholders as much as possible. This kind of history and commitment is rare in the industry, and it’s something many are taking note of.

Recent Trenching and Drill Site Construction

Estimates suggest the pre-feasibility studies will be complete before 2009 is out, and with an independent engineering group handling the final materials for that, prospects look good. Mansfield is so confident in Lindero that they’ve gone as far as including a number of features most other companies just don’t even consider. They’ve looked into the rock mechanics of the area, and they’ve already completed the blast testing. It’s rare that a pre-feasibility study looks so like a feasibility study, but Mansfield is committed to seeing this one through.

All indicators point to the fact that Lindero is an economically important gold deposit. Once the pre-feasibility study is complete, it’s going to be difficult to slow down progress like this.

For more information:

http://www.mansfieldminerals.com

Vancouver Office

Mansfield Minerals Inc.

Suite 922

510 West Hastings Street

Vancouver, BC

Canada

V6B 1L8    e-mail: info@mansfieldminerals.com

Tel: (604) 681-4462

Fax: (604) 681-0180

Argentina Office

Mansfield Minera S.A.

Av. Belgrano 1499

(A4400AWM) Salta

Argentina    e-mail: mansfield@arnet.com.ar

Tel: +011 (54 387) 432-0444

Fax: +011 (54 387) 431-7663