Mansfield Commences Drilling at the Arizaro Gold-Copper Porphyry Discovery
Vancouver, British Columbia � Mansfield Minerals Inc. (TSX.V � MDR)
November 6, 2012
Mansfield Minerals Inc. (the �Company� or �Mansfield�) is pleased to advise that it has commenced a 3,000 metre diamond drilling program on its Arizaro gold-copper porphyry discovery. Arizaro is located immediately adjacent (3 km southeast) to the Company�s Lindero gold heap leach project. A full bankable feasibility study on the Lindero gold project has been commissioned with completion anticipated in early 2013. This final feasibility study will be based on an open pit heap leach gold mine.
The ten-hole drilling program at Arizaro will target lateral and depth extensions of the shallow (less than 300 metres vertical) gold mineralization previously encountered (see news release dated Nov 1, 2011 Mansfield Expands Arizaro Porphyry Gold - Copper Discovery Lindero Gold Project - DDH ARD-13: 122m @ 0.75 g/t Au and 0.24% Cu).
In addition, metallurgical testing of typical mineralization at Arizaro has commenced todetermine suitability for treatment at the planned adjacent Lindero gold heap leach processing facility.
Paul Matysek CEO and President commented �As the Arizaro deposit exhibits a deeper oxide weathering profile and similar gold grades to the adjacent Lindero deposit, our objective is to define shallow high grade oxide gold resources for supplementary feed to the Lindero project.�
Arizaro Background
The Arizaro porphyry body was identified prior to the discovery of the Lindero gold deposit in 1999. Management initially believed that the surface alteration zone reflected a more deeply eroded porphyry system. During a field traverse in late 2010, a well mineralized copper-gold breccia fragment was discovered in an otherwise un-mineralized fragmental body. The mineralized fragment was interpreted to be sourced from a mineralized system at depth. Subsequent drilling confirmed that Arizaro is not deeply eroded and possesses significant exploration potential.
The Arizaro porphyry system, as defined by drilling, surface sampling and mapped alteration covers a 600 metre by 500 metre surface area. Gold-copper mineralization occurs from surface to a true vertical depth of 300 metres and remains open for expansion in all directions. Mansfield has tested the discovery with 16 diamond drill holes, all of which have significant mineralized intercepts with numerous thick sections greater than 100 meterswith grades greater than 0.30 g/t gold and 0.15% copper with one hole returning 48 meters of 1.38 g/t gold and 0.36% copper. Please see our website (www.mansfieldminerals.com) for additional information on the Arizaro deposit.
Qualified Person
David Keough FAusIMM(CP) of Mansfield Minerals Inc is a "qualified person" as such term is defined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and has reviewed and approved the technical information and data included in this press release.
ON BEHALF OF THE BOARD OF DIRECTORS,
�Paul Matysek�
Paul Matysek, M.Sc., P.Geo
President and CEO
About Mansfield Minerals Inc.
Mansfield Minerals Inc. is a Canadian-based explorer and developer focusing on the development of the Lindero gold deposit and the exploration of the adjacent Arizaro gold-copper porphyry prospect located within its 100% owned Lindero project, Salta province, northwestern Argentina. A full bankable feasibility study on the Lindero deposit has been commissioned with completion anticipated in early 2013. This final feasibility study will be based on a heap leach gold mine operating at approximately 15,000 tpd using a higher cut-off grade of 0.4 grams/tonne Au, increasing average grades early in the production schedule and lowering initial capital requirements. Different production options are being assessed from a standard 10 year life of mine production plan to more selective mining approaches that would allow for initial processing of higher grade ore at reduced throughput, to reduce initial capital cost, followed by scaling up of the operation utilizing the early project cash flow.
The Company has retained Kappes Cassiday and Associates as lead consultant in collaboration with AMEC Americas Limited, Mine Development Associates, Seegmiller International and American Au Ag Associates to produce the full bankable feasibility study.
The current NI 43-101 reported Measured and Indicated resources (at a 0.4 grams/tonne Au cut-off) for the Lindero deposit is 71.9 million tonnes grading 0.74 grams/tonne Au, containing 1.71 million ounces of gold. (see news release dated March 22, 2010).
The Company has been granted the environmental permit (DIA, Declaracion de Impacto Ambiental) by the Salta Provincial Government allowing the Company to develop the Lindero open pit,heap leach gold mine. This is the primary permit required for project development. The Company intends to aggressively move to finance and build the project following completion of the bankable feasibility study.
For additional information:
Paul Matysek, President & CEO
T: (604) 681-4462
E: info@mansfieldminerals.com W: www.mansfieldminerals.com
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Caution Regarding Forward-Looking Statements
This press release includes certain statements that may be deemed �forward-looking statements�. All statements in this discussion, other than statements of historical facts, that address future exploration drilling, exploration activities, anticipated metal production,internal rate of return, estimated ore grades, commencement of production estimates and projected exploration and capital expenditures (including costs and other estimates upon which such projections are based) and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include metal prices, exploration success, continued availability of capital and financing, and general economic, market or business conditions. Accordingly, readers should not place undue reliance on forward-looking statements.
This news release and the information contained herein does not constitute an offer of securities for sale in the United States and securities may not be offered or sold in the United States absent registration or exemption from registration,