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Mano River Resources Inc

Published : March 31st, 2008

Stellar Diamonds Closes £2.375 Million Pre-IPO Financing and Appoints New Non-Executive Director

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Keywords :   Diamond | Gold | Guinea | London | Market | Oil | Sierra Leone | South Africa |
======================================================================
Re: News Release - Monday, March 31, 2008
Stellar Diamonds Closes �2.375 Million Pre-IPO Financing and
Appoints New Non-Executive Director
======================================================================
View News Release in PDF Format:
http://www.manoriver.com/i/pdf/2008--03-31_NR.pdf
======================================================================

Mano River Resources Inc ("Mano") is pleased to announce that its
majority owned subsidiary Stellar Diamonds Ltd ("Stellar" or "the
Company") has completed a pre-IPO placing of 2,375,000 new ordinary
shares (the "Placing Shares") of 1 pence each in Stellar at 100 pence
per share, raising gross proceeds of �2.375 million (the "Placing").
In addition, it is announced that Guy Pas and Philippe Giaro have
resigned from the Board of Stellar and that Denis Alexandrov will be
appointed to the Stellar Board as non-executive director, effective as
of 1st April 2008.

Placing Highlights:

.. Stellar raises gross proceeds of �2.375 million, net of expenses
estimated to be �17,500


.. Non-Executive Chairman Lord Peter Daresbury purchased 300,000 shares
and CEO Karl Smithson purchased 25,000 shares at this financing


.. Stellar has an enlarged issued share capital of 30,458,303 million
ordinary shares with 3,016,969 warrants and 260,390 adviser's options
in issue and 2,550,000 share options in issue

.. Placing Shares represent 7.8 per cent. of Stellar's enlarged issued
share capital

.. Mano remains largest shareholder in Stellar with 63% of the enlarged
issued capital


.. Listing on AIM proposed, subject to market conditions

The proceeds from the placing will be used to continue development of
near term production projects at the Kono underground trial mining
project in joint venture with Petra Diamonds in Sierra Leone and the
100% owned Mandala alluvial Diamond project in Guinea. Additionally,
the proceeds will be used to advance key Diamond exploration activities
and for general working capital purposes.

Denis Alexandrov has been appointed to the Board as a non-executive
director. Denis is presently CFO of Arlan Investment Company and is a
member of the Board of Directors. Denis has held various senior
positions at AIM listed natural resource companies most recently
Commercial Director of Timan Oil & Gas Plc and head of Internal Audit
and Finance Director of Highland Gold Mining Plc. He has also held
senior positions at Alfa Group based in London and Moscow and
PricewaterhouseCoopers, based in Moscow and Vladivostok. Denis is a
Fellow Chartered Certified Accountant with the UK Association of
Chartered Certified Accountants.

Stellar's CEO Karl Smithson commented:

"We are delighted to have completed this private placement at 100p,
compared to 87.1p per share at the previous financing completed in July
2007. We have attracted a number of key new shareholders into Stellar,
including the recently appointed Non-Executive Chairman, Lord Peter
Daresbury.

"The funds raised will primarily be used to strengthen Stellar's
portfolio ahead of achieving a listing on AIM by further developing our
near term production projects and by building the long term growth
prospects for the Company by investing further capital into our 2008
exploration programmes. We continue to see encouraging results from our
development and exploration activities and remain positive about the
outlook for Stellar. I look forward to updating shareholders on
progress from these projects in due course.

"I would also like to take this opportunity to thank both Guy Pas and
Philippe Giaro for their valuable contribution to the success of
Stellar to date. Guy in particular has been instrumental in helping to
assemble Stellar's portfolio of assets over the past eight years. The
appointment of Denis Alexandrov to the Board of Stellar is also a major
step forward ahead of the Company's proposed AIM listing. Denis has a
great deal of experience at CFO level and working with AIM listed
resource companies, and his skills will be critical to the Company
going forward. On behalf of the Board I welcome Denis to Stellar."

For further information on Mano River Resources and Stellar Diamonds
Limited, you are invited to visit Mano's website at www.manoriver.com
or contact:

Mano River Resources Inc
Luis da Silva, CEO +44 (0) 20 7299 4212

Stellar Diamonds Limited
Karl Smithson, CEO +44 (0) 77 837 07971

Pelham PR
Charles Vivian / James MacFarlane +44 (0) 20 7743 6670

Panmure Gordon (UK) Limited
Edward Farmer +44 (0) 20 7614 8384

Mano's Qualified Person responsible for reviewing the content of this
release is Karl Smithson, who holds a BSc in Geology from Kingston
University in the UK, and an MBA from the Graduate School of Business
in Cape Town, South Africa. He is also a member of The South African
Council for Natural Scientific Professions and has 20 years of Diamond
industry experience.

The TSX Venture Exchange has not reviewed and does not take
responsibility for the adequacy or accuracy of this release

View News Release in PDF Format:
http://www.manoriver.com/i/pdf/2008--03-31_NR.pdf

======================================================================
Copyright (c) 2008 MANO RIVER RESOURCES INC. (MANA) All rights
reserved. For more information visit our website at
http://www.manoriver.com/ or send mailto:releases@manoriver.com
======================================================================
.
Data and Statistics for these countries : Guinea | Sierra Leone | South Africa | All
Gold and Silver Prices for these countries : Guinea | Sierra Leone | South Africa | All

Mano River Resources Inc

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Mano River is a gold and iron exploration company based in Canada.

Mano River develops gold, iron and diamonds in Sierra Leone, and holds various exploration projects in Cameroon, in Liberia and in Sierra Leone.

Its main asset in development is KONO in Sierra Leone and its main exploration properties are NTEM, TCHOLLIRE / REY BOUBA and DJOUM / AKONOLINGA in Cameroon and MANO RIVER, YRISEN - PAMPANA NORTH, SONFON NORTH / SOUTH, NIMINI and SE SIERRA LEONE REPL in Sierra Leone.

Mano River is listed in Canada, in Germany, in United Kingdom and in United States of America. Its market capitalisation is CA$ 146.6 millions as of today (US$ 117.2 millions, € 107.5 millions).

Its stock quote reached its lowest recent point on November 28, 2008 at CA$ 0.01, and its highest recent level on December 16, 2016 at CA$ 1.54.

Mano River has 151 090 000 shares outstanding.

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Financings of Mano River Resources Inc
5/30/2008Announces Closing of Private Placement
Option Grants of Mano River Resources Inc
1/29/2008Grant Of Options
Nominations of Mano River Resources Inc
5/13/2009Board Appointment
3/31/2008Stellar Diamonds Closes £2.375 Million Pre-IPO Financing and...
1/21/2008Appoints Lord Daresbury
Project news of Mano River Resources Inc
8/10/2009(New Liberty)Mining Licence Granted for New Liberty Gold Project in Liber...
2/21/2008(Kono)Highly Encouraging Diamond Grades from Underground Trial Min...
4/19/2006Resumes drilling at KGL
3/23/2006announces further promising drilling results from its Weaju ...
Corporate news of Mano River Resources Inc
8/31/2009Publication of Quarter 2 2009 Accounts
7/3/2009And African Aura Sign Definitive Combination Agreement In Re...
6/25/2009Result of Annual General Meeting
6/16/2009Stock Option Correction
5/21/2009Stellar Diamonds Operational Update
5/15/2009and African Aura Announce Extension to the Deadline to Concl...
7/3/2008Director Dealing
7/3/2008.: Holdings in Company
6/19/2008First 1,000 Carats Produced from Underground Trial Mining at...
5/23/2008Signs Agreements With Severstal for Investment in Mano
1/23/2008Update on New Liberty Gold Project in Liberia
1/14/2008Posting of Circular
10/12/2007Encouraging Diamond Results from Tongo Project in Sierra Leo...
9/20/2007Encouraging Diamond Grades From Underground Test Mining at K...
9/14/2007Directorate Changes
8/28/2007Director Dealing
8/20/2007 Releases Rule 26 Information.
8/10/2007Changes Fiscal Year-End to December 31st
7/24/2007to Raise £2.3 Million Through Convertible Loan Notes
4/5/2007Plans Listing of "Stellar Diamonds" Subsidiary
3/20/2007Changes To Board Of Directors
3/15/2007on Putu Range Iron Ore Project in Liberia
3/29/2006and SearchGold conclude joint venture in Guinea aimed at ear...
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TSX-V (MNO.V)LSE (MANA.L)
0.970-4.90%61.00-0.14%
TSX-V
CA$ 0.970
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