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File: 2012 Oct 12 NR - Close of Private Placment.doc


Mansfield Closes Cdn$5,550,000 Private Placement
*NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR  FOR DISSEMINATION IN THE UNITED STATES*

Vancouver, British Columbia - Mansfield Minerals Inc. (TSX.V - MDR)
October 12, 2012 

Mansfield Minerals Inc. (the "Company") is pleased to announce the completion of a non-brokered private placement (the
---> "Offering") for gross proceeds of $5,550,000 through the sale of 13,875,000 units (each a "Unit") at a purchase price
---> of $0.40 per Unit.  Each Unit consists of one common share of the Company and one non-transferable common share purch
--->ase warrant (a "Warrant").  Each Warrant entitles the holder thereof to purchase one additional common share of the Co
--->mpany (a "Warrant Share") at an exercise price of $0.60 per Warrant Share for a period of 24 months following the clos
--->ing of the Offering (the "Closing Date"). 

In connection with the Offering, the Company paid to finders (the "Finders") at arm's length to the Company aggregate 
--->commissions which the Finders elected to receive by the issuance of an aggregate of 469,250 units of the Company (each
---> a "Finder's Unit), with each Finder's Unit consisting of one common share of the Company and one non-transferable com
--->mon share purchase warrant (a "Finder's Warrant").  Each Finder's Warrant entitles the holder thereof to purchase one 
--->additional common share of the Company (a "Finder's Warrant Share") at an exercise price of $0.60 per Finder's Warrant
---> Share for a period of 24 months following the Closing Date.  The Finders also received non transferable compensation 
--->options (each, a "Finder's Option") exercisable for a period of 24 months following the Closing Date which allow the h
--->olders to acquire up to an aggregate of 469,250 common shares of the Company (each a "Finder's Share") at an exercise 
--->price of $0.45 per Finder's  Share.  All securities issued in connection with the Offering are subject to a hold perio
--->d expiring on February 13, 2013.

The net proceeds from the Offering will be primarily used for further development of the Lindero gold project which wi
--->ll include additional resource definition drilling at the Arizaro target located adjacent to the Lindero gold deposit,
---> and for general working capital purposes.

The securities being offered have not been, nor will they be registered under the United States Securities Act of 1933
--->, as amended, or state securities laws and may not be offered or sold within the United States or to, or for the accou
--->nt or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. reg
--->istration requirements. This release does not constitute an offer for sale of securities in the United States.

ON BEHALF OF THE BOARD OF DIRECTORS,

"Gordon P. Leask"

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

For additional information - Gordon P. Leask, President and CEO
(604) 681-4462   www.mansfieldminerals.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the 
--->TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Cautionary Note to US Inves
--->tors:  This news release may contain information about adjacent properties on which we have no right to explore or min
--->e.  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 m
--->ineral 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 proper
--->ty titles, potential mineral recovery processes, the expected use of proceeds from the Offering, etc.  Forward-looking
---> statements address future events and conditions and therefore involve inherent risks and uncertainties.  Actual resul
--->ts may differ materially from those currently anticipated in such statements.