Prefeasibility Study Completed On Lindero

VANCOUVER, BC - Mansfield Minerals Inc. reported update on its 100% owned Lindero gold project located in Salta Province, Argentina. A prefeasibility study completed by AMEC Americas Limited in March 2010 was based on a production rate of 30,000 tpd, and the Company has now received a mine permit to build a heap-leach gold mine at up to 30,000 tpd. Mansfield is currently assembling a construction/development team for the project.

A full bankable feasibility study was subsequently commissioned in June 2010. This final feasibility study will be based on a heap leach gold mine operating at 12,000 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.

The Company has retained Kappes Cassiday and Associates as lead consultant in collaboration with AMEC, Mine Development Associates, Seegmiller International and American Au Ag Associates to produce the full feasibility study. The estimated study completion date is Q4-2012.

The current measured and indicated resource at a 0.4 grams/tonne Au cut-off for Lindero is 71.9 million tonnes grading 0.74 grams/tonne Au containing 1.71 million ounces of gold. Much of the higher grade mineralization in the deposit (+1 grams/tonne Au) is at or near surface where pre-stripping is not required. Material grading between 0.2 grams/tonne and 0.4 grams/tonne will be stockpiled for processing later in the production schedule.

The Company intends to aggressively move to finance and build the project following completion of the feasibilit­­y s­­tudy.