Mansfield Announces Cdn$2.3 Million Private Placement

Mansfield Minerals Inc. (TSX VENTURE:MDR) - 

Mansfield Minerals Inc. (the "Company") is pleased to announce a non-brokered
private placement (the "Offering") to raise gross proceeds of $2.3 million
though the sale of 1 million units (each, a "Unit") at a purchase price of $2.30
per Unit. Each Unit will be comprised of one common share in the capital of the
Company and one-half of one common share purchase warrant (each whole warrant, a
"Warrant"). Each Warrant will entitle the holder thereof to purchase one
additional common share of the Company (a "Warrant Share") at an exercise price
of $2.75 per Warrant Share for a period of 18 months following the closing of
the Offering (the "Closing Date").


In connection with the Offering, the Company will pay an arm's length finder
(the "Finder") a cash commission equal to 6% of the gross proceeds of the
Offering. In addition, the Finder will receive compensation options (each, a
"Compensation Option") exercisable for a period of 18 months following the
Closing Date to acquire such number of common shares of the Company (each, a
"Compensation Share") as is equal to 6% of the number of Units sold under the
Offering, at a purchase price of $2.30 per Compensation Share.


The Offering is subject to the receipt of all regulatory approvals, including
acceptance by the TSX Venture Exchange and other regulatory approvals. All
securities issued in connection with the Offering will be subject to a hold
period expiring four months and one day following the Closing Date.


The net proceeds from the Offering will be primarily used for the completion of
the feasibility study on the Lindero Gold Project and for general working
capital purposes.


ON BEHALF OF THE BOARD OF DIRECTORS,

Gordon P. Leask, P. Eng., President and CEO

Cautionary Note to US Investors: This news release may contain information about
adjacent properties on which we have no right to explore or mine. We advise U.S.
Investors that the SEC's mining guidelines strictly prohibit information of this
type in documents filed with the SEC. U.S. Investors are cautioned that mineral
deposits on adjacent properties are not indicative of mineral deposits on our
properties. This news release may contain forward-looking statements including
but not limited to comments regarding the timing and content of upcoming work
programs, geological interpretations, receipt of property titles, potential
mineral recovery processes, etc. Forward-looking statements address future
events and conditions and therefore involve inherent risks and uncertainties.
Actual results may differ materially from those currently anticipated in such
statements.