MANA Man.Assd.Csh

    RNS Number : 1369J
  Mano River Resources Inc
  28 November 2008
   

    News Release
    Mano River Resources Inc.
    ("Mano" or "the Company")  
    TSX-V: MNO
    AIM: MANA

    28 November 2008

    DEAL WITH SEVERSTAL IS NEARING COMPLETION

    Mano River Resources Inc, the TSX-V and AIM-listed exploration and development company focused on iron ore, diamonds and gold in west
Africa, provides an update concerning the investment in the Putu Range iron ore project in Liberia.

    Further to the announcement on 24 October 2008, Mano and Severstal Resources, the mining division of OAO Severstal, would like to
confirm 'Closing of the Agreement' on their joint operation of the Putu project. Financial, legal and technical due diligence is
substantially complete and Severstal Resources has already advanced project funds, as per the facility in the agreement signed on the 22 May
2008. The amount received by the Company on the 27 October 2008 was the pre-agreed sum of US$1 million.

    Completion of the deal is now formally set for 10 December 2008.

    The amounts of the original agreement remain unchanged and on completion Severstal Resources, through its wholly owned subsidiary, will
take up its right to become a 61.5% shareholder in the Company*s iron ore subsidiary by investing US$30M to advance the Putu iron ore
project to a definitive feasibility study. However, on completion, US$8.3 million will now be released to Mano with the balance of US$4.2
million to be paid two years from the date of completion on the 10 December 2010.


 Mano River Resources Inc            
 Luis da Silva, CEO                 +44 (0) 20 7299 4212
 Pelham PR                           
 Charles Vivian / James MacFarlane  +44 (0) 20 7743 6670
 GMP Securities Europe LLP           
 James Hannon                       +44 (0) 20 7647 2803
 Panmure Gordon (UK) Limited         
 Edward Farmer                      +44 (0) 20 7614 8384

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


This information is provided by RNS
The company news service from the London Stock Exchange
 
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