Mantra Announces Strategic Investment by Electrum Strategic Metals LLC and CDN$5,000,000 Financing

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES

Mantra Mining Inc. ("Mantra" or the "Company") (TSX VENTURE:MAN) is pleased to
announce that it has arranged, subject to regulatory approval, a non-brokered
private placement of up to 14,285,714 units (the "Units") at a price of $0.35
per Unit, for gross proceeds of up to CDN$5,000,000. Each Unit will consist of
one common share and one share purchase warrant of the Company. Each warrant
will entitle the holder, on exercise, to purchase one additional common share of
the Company at a price of CDN$0.50 per share for a period of three years from
the date of the issue of the warrant.


Electrum Strategic Metals LLC ("Electrum") has indicated its intention to
purchase 7,714,286 Units of the private placement (representing more than 50% of
the private placement). The share purchase warrants to be issued to Electrum as
part of its Units will contain a restriction on exercise to the extent the
exercise would bring the holdings of Electrum and its affiliates and joint
actors to more than 19.99% of the issued and outstanding common shares of the
Company. The Company has agreed to seek shareholder approval to remove such
exercise restrictions. In the event shareholder approval is not obtained on or
before September 30, 2009, the term of Electrum's share purchase warrants will
be extended from three years to five years and such warrants would become
transferable, subject to applicable laws. Electrum may be considered a joint
actor with Cougar Gold LLC, the party with which Mantra entered into an
agreement to acquire an interest in Golden Lynx LLC, as announced by Mantra on
May 1, 2009.


Raj Chowdhry, President of Mantra, stated, "Having Electrum as a strategic
partner will assist Mantra to become a serious entrant in the mining sector."
Electrum Strategic Metals LLC is a member of the privately-held Electrum Group
of Companies which is involved in precious metals exploration and development
around the world. Other members of the Electrum Group include Electrum Ltd.,
which holds one of the world's largest and most diversified exploration
portfolios comprising over 100 projects located in 16 countries in the Americas,
Africa, Asia and Eastern Europe; Electrum Strategic Holdings LLC, which owns a
strategic stake in a portfolio of exploration and development properties in
Eastern Europe; Electrum Strategic Resources LLC, which owns a substantial
interest in NovaGold Resources Inc., which owns a 50% interest in the 30 million
ounce Donlin Creek deposit in Southwest Alaska, approximately 100 kilometers
south of Mantra's Colorado Creek Property; and Electrum USA Ltd., headquartered
in Denver, Colorado, which manages the Electrum Group's exploration and
development activities.


The Company is also pleased to announce that Dr. Larry Buchanan, a nominee of
Electrum, has agreed to become a director of the Company on the closing of the
private placement. Dr. Buchanan is the 2006 recipient of the Thayer Lindsley
award for the discovery of the San Cristobal Mine located in the Potosi Mining
district of Bolivia.


Raj Chowdhry stated, "The Company will be very fortunate to have two Thayer
Lindsley award winners on the Board of the Company. Mr. Rick Van Nieuwenhuyse,
the Chairman of the Board of Directors of Mantra, won the award in 2009."


The Company intends to use the proceeds of the private placement for exploration
on its properties (primarily its Colorado Creek property in Alaska) and for
general working capital and other corporate purposes.


The Company has granted an aggregate of 20,000 stock options exercisable for a
period of five years at a price of $0.50 per share to certain officers,
employees and consultants of the Company.


ON BEHALF OF THE BOARD OF DIRECTORS

Raj I. Chowdhry, C.A., President & CEO

Cautionary Notice: This release contains forward-looking statements regarding
the Company's business or financial condition, including the possible completion
of a private placement, the intended use of proceeds and the appointment of
directors. Actual results could differ materially from those described in this
news release as a result of factors, including, but not limited to: the timing
of and ability to obtain required financing and regulatory approvals and other
factors. The Company cautions that these and similar statements involve risk and
uncertainties and are qualified by important factors, including competitive
pressures, unfavorable changes in regulatory structures, general risks
associated with business and the timing and success in the completion of private
placements, which could cause actual results to differ materially from those in
the forward looking statement. Forward-looking statements are made in the
context of information available as of the date stated. The Company undertakes
no obligations to update or revise such statements to reflect new circumstances
or unanticipated events as they occur, unless required by applicable law.