MANSFIELD ANNOUNCES EXPECTED CLOSING DATE FOR SPIN-OUT
Vancouver, British Columbia ? Mansfield Minerals Inc. (TSX.V ? MDR)
November 18, 2008
Mansfield Minerals Inc. (Mansfield or the ?Company?) announced today that it has received conditional approval from the TSX Venture Exchange (?TSX-V?) for the listing of the common shares of Pachamama Resources Ltd. (?Pachamama?). The Company also received final court approval for its proposed plan of arrangement on November 3, 2008. As a result, the Company intends to complete the proposed plan of arrangement on November 27, 2008, and expects the Pachamama shares to commence trading on the TSX-V on November 28, 2008 under the trading symbol ?PMA?.
The plan of arrangement involves a spin-out by the Company of all of its exploration stage properties, including the Rio Grande property, and a portion of its cash and investment securities to Pachamama.
The share distribution record date for the purposes of determining Mansfield shareholders who are entitled to receive Pachamama common shares will be the close of business on November 20, 2008. As soon as practicable following the effective date of the plan of arrangement, share certificates representing Pachamama shares will be delivered to shareholders of record on the share distribution record date. No new share certificates will be issued for the new Mansfield shares issued pursuant to the plan of arrangement, therefore holders of existing Mansfield shares must retain their certificates as evidence of their ownership of the new Mansfield shares.
Full details on the plan of arrangement are set out in the management information circular delivered to the Company?s shareholders in advance of the shareholders meeting held on October 29, 2008, which is 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., President & CEO
For more information please visit our website at www.mansfieldminerals.com or contact Nancy Goertzen at (604) 681-4462.
Caution Regarding Forward-Looking Statements
This news release contains certain forward-looking statements, including statements regarding the plan of arrangement being undertaken by the Company and the expected completion date of the plan of arrangement. These statements are subject to a number of risks and uncertainties, including risks relating to general economic conditions and conditions affecting junior mining companies in particular. The forward-looking statements contained herein are based on assumptions that management believes are reasonable, including assumptions regarding the steps necessary to complete the plan of arrangement. Readers should not place undue reliance on forward-looking statements. Except to the extent required by law, the Company undertakes no obligation to update forward-looking statements.