Mansfield Minerals Inc. Announces CDN$2.3 Million Private Placement

VANCOUVER, 11/03/10 - Mansfield Minerals Inc. (TSX VENTURE: MDR) (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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.



Contacts:

Mansfield Minerals Inc.
Gordon P. Leask, President & CEO
(604) 681-4462
www.mansfieldminerals.com