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MANTLE MINING ASX: MNM & MNMOA

DIRECTORS

Mr Martin Blakeman

Non-Executive Chairman

Mr Ian Kraemer

Managing Director

Mr Peter Anderton

Non-Executive Director

Mr Stephen de Belle

Non-Executive Director

COMPANY SECRETARY

Mr Winton Willesee

PRINCIPAL PLACE OF

BUSINESS AND

REGISTERED OFFICE

Level 1, 2 Ross Place

South Melbourne VIC 3205

CONTACT DETAILS

Website:

www.mantlemining.com

Email:

admin@mantlemining.com

ph: + 61 (3) 9602 4133

fax: + 61 (3) 9670 6643

G.P.O. Box 2986

Melbourne VIC 3001

ASX Release 15 October 2010

Haunted Stream Drill Results. Mantle Mining Corporation Limited (ASX: MNM) the Company, wishes to advise that all results from laboratory analyses of samples from the (Anomaly 4) drilling program at the Haunted Stream Gold Project in Eastern Victoria, have now been received (Best results; Tables 1 & 2). A total of 567 metres (2 drill holes) were completed to test an anomalous magnetic intrusive (Anomaly 4) centrally located to this historically high grade gold field. The best results were encountered in drill hole HSD12:

From 198.2 metres deep, a 1 metre interval reporting 4.7g/t gold, 1027ppm copper, 118ppm lead and 363ppm zinc,

From 239.5 metres deep, a 0.9 metre interval reporting 658ppm lead and 1524ppm zinc,

Between 343 and 411 metres deep, various arsenic intersections reported from 526ppm to 2617ppm located within the contact aureole between the intrusive and the surrounding sediments.

Additional samples have been sent for petrographic analysis in order to further understanding of the host geology and metallogenic context of the mineralisation intersected at Anomaly 4. A Down Hole Electromagnetic (DHEM) survey is being planned for drill hole HSD12 to test additional potential for conductive sulphides associated with possible gold mineralisation both around the intrusive contact aureole and at depth under the drill hole. Timing for this survey is weather dependant. Mantle wishes to acknowledge the Victorian Government Department of Primary Industries, which awarded the Company a $45,000 Rediscover Victoria Drilling (RVD) Grant in support of the drilling program. For further information: Media enquiries: Ian Kraemer Doug Macdonald Mantle Mining Capital Group 0407 758 722 0424 255 959

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Table 1: Drill hole HSD12 best results.

Table 2: Drill hole HSD13 best results.

SAMPLE

#

From

(m)

To

(m)

Inter-

val

(m)

Au

(ppm

avg)

As

(ppm)

Cu

(ppm)

Pb

(ppm)

Zn

(ppm)

S

(%)

≥0.1 ≥500 ≥100 ≥100 ≥100 ≥1

HSD2013 40.9 42.6 1.7 LLD LLD 27 76 111 0.14

HSD2016 46.1 48 1.9 LLD LLD 20 103 104 0.06

HSD2132 198.2 199.2 1 4.7 58 1027 118 363 2.46

HSD2135 201.8 202.8 1 0.02 24 337 LLD 63 1.15

HSD2144 213.3 214.4 1.1 0.34 134 23 33 58 0.77

HSD2154 231 232 1 LLD 17 155 LLD 100 0.17

HSD2158 239.5 240.4 0.9 0.01 352 42 658 1524 0.19

HSD2164 272.4 273.3 0.9 0.02 13 19 39 110 0.09

HSD2165 273.3 274.3 1 LLD 11 21 20 111 0.09

HSD2171 280.1 281.5 1.4 0.1 17 22 23 117 0.09

HSD2179 289.7 290.9 1.2 0.27 980 79 14 103 0.48

HSD2197 343.1 344.1 1 0.04 1408 26 31 64 0.37

HSD2199 347.6 348.6 1 LLD 773 18 LLD 51 0.38

HSD2208 369.7 370.6 0.9 0.02 53 49 10 107 0.38

HSD2210 371.6 372.7 1.1 0.27 2377 15 20 76 0.27

HSD2216 378.2 379.4 1.2 0.01 557 41 15 90 0.27

HSD2221 384.5 385.6 1.1 LLD LLD 104 47 59 1.19

HSD2222 385.6 386.6 1 0.02 526 81 31 84 0.88

HSD2229 393 394.3 1.3 0.22 188 15 14 31 0.21

HSD2235 400.1 401.1 1 0.07 2617 24 73 39 0.35

HSD2237 402.1 403.1 1 0.01 889 16 12 30 0.19

HSD2238 403.1 404.3 1.2 LLD 854 14 10 26 0.14

HSD2243 408.7 409.7 1 LLD 774 29 14 36 0.29

HSD2244 409.7 410.7 1 0.03 2148 178 20 46 1.14

SAMPLE#From

(m)

To

(m)

Inter-

val

(m)

Au

(ppm

avg)

As

(ppm)

Cu

(ppm)

Pb

(ppm)

Zn

(ppm)

S

(%)

≥0.1 ≥500 ≥100 ≥100 ≥100 ≥1

HSD2310 27.9 29.2 1.3 0.04 LLD 123 LLD 51 0.18

HSD2320 56.2 57.3 1.1 0.02 24 229 LLD 50 0.19

HSD2321 57.3 58.5 1.2 0.03 LLD 367 LLD 54 0.16

HSD2322 58.5 59.7 1.2 0.02 77 177 LLD 54 0.08

HSD2325 62.6 64.1 1.5 0.02 187 125 LLD 49 0.04

HSD2327 65.3 66.3 1 0.01 LLD 234 LLD 54 0.11

HSD2328 66.3 67.6 1.3 0.01 LLD 296 LLD 47 0.1

HSD2329 67.6 68.9 1.3 0.01 LLD 188 LLD 52 0.44

HSD2330 68.9 70.2 1.3 0.01 LLD 149 LLD 43 0.49

HSD2331 70.2 71.4 1.2 0.01 LLD 130 LLD 40 0.53

HSD2359 109.2 110.3 1.1 0.13 48 6 10 36 0.39

HSD2364 116.3 117.8 1.5 0.01 LLD 23 86 128 0.04

HSD2378 135.4 136.4 1 0.02 LLD 228 8 58 0.14

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Figure 1: Cross-section through drill hole HSD12 showing rock lithology and Au, Cu, Pb & Zn metals analyses (ppm).

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Figure 2: Haunted Stream Gold project location with ground magnetics grids on aerial magnetics.

Figure 3: Haunted Stream gold field with historic mine and rock chip grades, central Anomalies 3 and 4 on aerial magnetics.

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Figure 4: 3D magnetic model of Anomaly 4 (LHS) & section view of planned drill hole HSD12 (HS4Plan3) through Anomaly 4 (RHS).

Figure 5: Strongly pyritic vein within zone of intense shearing intercepted at 199m in drill hole HSD12.

Competent Person Statement The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Stuart Moore, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Moore is a full-time employee of the company. Mr Moore has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Moore consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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MANTLE MINING CORPORATION LIMITED’s COMPANY PROJECT PORTFOLIO:

Bacchus Marsh Coal & CBM (VIC)

Haunted Stream Gold (VIC)

Trafford Coal & CBM (QLD)

Texas Coal (QLD)

Granite Castle Gold & Silver (QLD)

Charters Towers Gold (QLD)

Barkly Phosphate (NT)

Julia Creek Uranium (QLD)

Clarke River Uranium (QLD)

The Bacchus Marsh Coal & CBM Project area contains a historic deposit of brown coal. The Company has executed a non-binding MOU with Exergen Pty Ltd to develop the deposit utilising Exergen’s patented coal drying technology to upgrade the coal for export. Exergen’s partners include Tata Power, Itochu, Thiess and Sedgman. The Haunted Stream Gold Project area is prospective for gold/copper including many historical, high-grade, gold mines along the Haunted Stream fault corridor. Anomalies 3 and 4 are major targets for possible deep vein gold or porphyry copper-gold mineralisation. The Trafford Coal & CBM Project area contains a historic deposit of black coal. The Company is negotiating with the traditional custodians of Mt Mulligan towards an Indigenous Land Use Agreement (ILUA) and has commenced proceedings in QLD’s Supreme Court to enforce an agreement for the assignment of the tenements. The Texas Coal Project area is prospective for both thermal and coking coals of a similar quality to Surat and Bowen Basin coals. The tenements are adjacent to the NSW border and along strike from known coking coal deposits and exciting new thermal coal drilling intercepts located variously to the south and north. At the Granite Castle Gold & Silver Project, the Granite Castle deposit is hosted in a single 600m long shear. Over 6km of additional shears have been located, with drill holes and/or rock chip samples at similar grades to the main shear. The Charters Towers Gold Project area contains the Great Britain deposit as well as a number of historic mines, including Day Dawn West, immediately west of Citigold’s (ASX: CTO) proposed “City” mining area. The Gromac/Puzzler area is prospective for deposits of copper, gold, silver and molybdenum. The Barkly Phosphate Project area sits in the Georgina Basin strategically located between Minemaker’s (ASX: MAK) Wonarah deposit and Phosphate Australia’s (ASX: POZ) Highland Plains deposit. The Company has completed a broad spaced scout drill program over most of its large tenement holdings. The Julia Creek and Clarke River Project areas are prospective for uranium and base metals. Value accretion from these projects is being sought from joint venture activity thereby allowing the Company to focus its own resources on its highest priority projects whilst maintaining exposure to any upsides delivered through joint venture.