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File: Mayen - news release dated September 23, 2011.doc

For Immediate Release                                                                                       September 
--->23, 2011
MAYEN ANNOUNCES ENTERING INTO LETTER OF INTENT FOR OPTION TO ACQUIRE ATAMO PROPERTY (BOUGAINVILLE) AND  $400,000 NON-B
--->ROKERED PRIVATE PLACEMENT
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION  TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES
Vancouver, B.C., September 23, 2011 - MAYEN MINERALS LTD. (TSX-V: MYM) (the "Company" or "Mayen") announces that it ha
--->s entered into a letter of intent (the "LOI") with Cefaco Ltd. ("Cefaco") for a proposed agreement whereby the Company
---> will be granted an option to acquire the right to explore and exploit a mineral exploration property known as the "At
--->amo Property" (the "Property") located on Bougainville Island (Independent State of Papua New Guinea, Autonomous Regio
--->n of Bougainville) (the "Proposed Transaction").  A summary of the Proposed Transaction is described below.
Summary of the Proposed Transaction
Pursuant to the Proposed Transaction Mayen will, if the transaction closes, be one of the first mineral exploration co
--->mpanies in recent years to explore Bougainville.
Bougainville is host to prominent gold and copper districts; largely unexplored since the 1960's discovery of the Pang
--->uana Mine.
Cefaco, a company incorporated pursuant to the laws of the United Kingdom and controlled by Thomas Megas, acquired the
---> assignable rights to exploit the Atamo Property for a period of 70 years and has an established presence on Bougainvi
--->lle.  The assignable rights were acquired pursuant to a property deed (the "Deed") dated on or about May, 2010 entered
---> among Cefaco, the registered landowners of the Property, the Meekamui tribal chiefs and the Government of the Indepen
--->dent Nation of Meekamui Bougainville ABG (the "Independent Meekamui Government").
Pursuant to the terms of the Deed any minerals extracted from the Property will be retained as to 70% by the property 
--->operator (in this case Mayen), 25% to be split between the Independent Meekamui Government and the landowners and 5% t
--->o Cefaco.  All amounts to be paid to the Independent Meekamui Government will be paid by Mayen to the Independent Meek
--->amui Government in cash or in kind at the option of the Independent Meekamui Government.  For a period of 20 years fro
--->m the closing of the Proposed Transaction the Independent Meekamui Government will not tax any of the minerals extract
--->ed from the Property and at the end of the 20 year period the Independent Meekamui Government will tax such minerals a
--->t the applicable rate of taxation then in effect.
Pursuant to the terms of the LOI Cefaco has also granted Mayen the exclusive right to negotiate with Cefaco with respe
--->ct to the possible option of a further mineral exploration property known as the "Karato-Arawa Property" also located 
--->on Bougainville.
Bougainville is the main island of the Autonomous Region of Bougainville and is located in the Solomon Sea, south-west
--->ern Pacific and covers approximately 9,300 square kilometres.  The Property is located in the Atamo Region of Central 
--->Bougainville and consists of approximately 8.6 square kilometres.  The Property is 8.75 kilometres south east of the P
--->anguana Mine which operated from 1972 to 1989 when it was forcibly closed by a landowner uprising leading to a civil w
--->ar between Bougainville and Papua New Guinea. Despite the significant potential for resource exploration in a region l
--->acking in economic development, Bougainville has been under an exploration moratorium in the immediate area surroundin
--->g the Panguana Mine.  Cefaco has an established presence on Bougainville and a unique relationship with the landowners
---> and the Independent Meekamui Government.  If the Proposed Transaction closes Mayen seeks to rely on Cefaco's experien
--->ce on Bougainville to work towards the eventual resumption of mining exploration and exploitation of minerals on Bouga
--->inville.
All information on Cefaco and the Deed included in this news release was provided by Cefaco and is subject to a due di
--->ligence review by Mayen.
Closing Conditions
Closing of the Proposed Transaction is subject to, amongst other things, the completion by the Company of a satisfacto
--->ry due diligence review of the Property and the Deed, the completion of a technical report on the Property prepared in
---> accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects, a satisfactory title opini
--->on on the Property, negotiation and execution of a definitive agreement, corporate approval by the board of directors 
--->of Cefaco and Mayen, the approval of the TSX Venture Exchange (the "TSX-V") and the approval of the Independent Mekamu
--->i Government (collectively the "Conditions Precedent").
The Proposed Transaction is an arm's length transaction and shareholder approval for the Proposed Transaction is not e
--->xpected to be required by the TSX-V.  Pursuant to the terms of the LOI, and subject to the parties satisfying the Cond
--->itions Precedent, Mayen will have an option to acquire the exclusive right to exploit minerals from the Property for a
---> period expiring in May, 2080 (70 years from the date of the Deed) by:
paying to Cefaco an aggregate of CDN$100,000 within five business days of TSX-V approval of the Proposed Transaction (
--->the "Effective Date");
allot and issue to Cefaco 2,000,000 common shares in the capital of the Company on or before five business days of the
---> Effective Date; and
complete exploration expenditures on the Property of not less than $100,000 on or before the first anniversary of the 
--->Effective Date.
Non-Brokered Private Placement
The Company also announces that it will proceed with a private placement of up to 1,538,461 common shares in the capit
--->al of the Company at the price of $0.26 per common share for gross proceeds of up to $400,000 (the "Offering").
The Company may pay a finder's fee on the Offering within the maximum amount permitted by the policies of the TSX-V.  
--->Closing of the Offering is subject to a number of conditions, including receipt of all necessary corporate and regulat
--->ory approvals, including the TSX-V.  All securities issued in connection with the Offering and the Proposed Transactio
--->n will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with ap
--->plicable securities legislation.  The net proceeds from the Offering will be used for general corporate purposes and a
---> reserve for asset acquisition investigations.  If the Proposed Transaction closes the Company reserves the right to u
--->se the net proceeds from the Offering for exploration work on the Property.
About Mayen Minerals Ltd.
Mayen is a Canadian junior exploration company focused on the acquisition, exploration, and development of precious an
--->d base metal.  The Company is listed on the TSX Venture Exchange under the symbol MYM.  Additional information about M
--->ayen is available under Mayen's SEDAR profile at www.sedar.com.
ON BEHALF OF THE BOARD
"Dennis A. van Dyke"
Dennis A. van Dyke
Chief Executive Officer and Director
For further information, please contact:
Mayen Minerals Ltd. Dennis A van Dyke, Chief Executive Officer Telephone: (604) 689-4733
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in t
--->he United States. The securities have not been and will not be registered under the United States Securities Act of 19
--->33, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the Unit
--->ed States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or a
--->n exemption from such registration is available.
Cautionary Statement Regarding "Forward-Looking" Information 
Some of the statements contained in this press release are forward-looking statements and information within the meani
--->ng of applicable securities laws. Forward-looking statements and information can be identified by the use of words suc
--->h as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statement
--->s that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be a
--->chieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and 
--->uncertainties beyond Mayen's control.  Actual results and developments are likely to differ, and may differ materially
--->, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, reade
--->rs should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publi
--->cly or otherwise revise any forward-looking statements, except as may be required by law.
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Ven
--->ture Exchange) accepts responsibility for the adequacy or accuracy of this release.