MAN

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

Mantra Mining Inc. (the "Company") (TSX VENTURE:MAN) is pleased to announce that
is has negotiated a private placement with Canaccord Capital Corporation (the
"Agent") for gross proceeds of up to $5,000,000 of Convertible Subscription
Receipts (the "Receipts") to be priced in the context of the market. The
Receipts will be exchanged, without further action on the part of the
subscribers, for units ("Units") of the Company on a one for one basis on the
date of completion of the acquisition of Alaskan properties from Rio Tinto and
NovaGold as outlined in Mantra's press release dated September 2, 2008 (the
"Acquisition"). Each Unit shall consist of one common share in the Company
("Share") and one half of one common share purchase warrant of the Company
("Warrant") exercisable for a period of 24 months from closing. Each whole
Warrant shall be exercisable into one common share of the Company at a price to
be determined in the context of the market.


The Company will grant the Agent the option to solicit additional Receipts for
gross proceeds up to $1,000,000 exercisable at least 48 hours prior to closing.


As consideration to the Agent, the Company shall pay 7% of the gross proceeds
raised, payable in cash, and Agent's Warrants equal to 7% of the Receipts sold
under the Offering. Each Agent's Warrant shall be exercisable for one common
share for a period of 24 months from closing at an exercise price to be
determined in the context of the market. The Agent will also be paid a corporate
finance fee in Units.


The Company intends to use the net proceeds for exploration of the Alaskan
mineral properties acquired in the Acquisition and all related obligations, and
for general working capital purposes.


This news release does not constitute an offer to sell or solicitation of an
offer to sell any securities in the United States. The securities have not been
and will not be registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") or any state securities laws and may not be
offered or sold within the United States or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.


Cautionary Statement Regarding Forward-Looking Information

All statements, trend analysis and other information contained in this press
release relative to markets about anticipated future events or results
constitute forward-looking statements. Forward-looking statements are often, but
not always, identified by the use of words such as "seek", "anticipate",
"believe", "plan", "estimate", "expect" and "intend" and statements that an
event or result "may", "will", "should", "could" or "might" occur or be achieved
and other similar expressions. Forward-looking statements are subject to
business and economic risks and uncertainties and other factors that could cause
actual results of operations to differ materially from those contained in the
forward-looking statements. Forward-looking statements are based on estimates
and opinions of management at the date the statements are made. The Company does
not undertake any obligation to update forward-looking statements even if
circumstances or management's estimates or opinions should change. Investors
should not place undue reliance on forward-looking statements.

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