June 23 2008 - Mainstream Minerals Corp. (TSX.V: MJO) is pleased to announce the acquisition by option agreement of the Stake Lake Copper, Gold, and Silver project. This new project is comprised of 11 claims totaling 176 units (approximately 7,040 acres) located near Ignace, Ontario.
Surface grab sampling of this Stake Lake project has yielded high-grade results with the best sample having a grade of 4.500 % Cu, 2.73 g/t Au and 97.00 g/t Ag.
Mainstream is very pleased with this new acquisition and also with its other recent acquisition of the Phyllis Lake project as announced on June 11, 2008. The Company subsequently announced that it had entered into a 50 / 50 joint venture earn-in agreement with King’s Bay Gold Corporation (TSX.V: KBG) on June 19, 2008, where King’s Bay can earn a 50% interest by funding Earn-in Exploration Expenditures in the amount of $500,000.
Surface sampling at the Phyllis Lake project yielded results as high as:
0.690 % Molybdenum (Mo), 2.192 % Copper (Cu), 0.415 % Cobalt (Co), 0.393 % Nickel (Ni), 0.100 % Zinc (Zn), 9.60 g/t Silver (Ag), 2.81 g/t Gold (Au), 2.50 g/t Palladium (Pd) and 1.20 g/t Platinum (Pt). A 3 metre channel sample from a zone with a strike length of approximately 500 metres returned high-grade values of 0.677 % Molybdenum. See the June 11 and June 19, 2008 news releases.
Mainstream Minerals and King’s Bay are also presently in the middle of a 15,000 metre drilling program at their 50 / 50 joint ventured high-grade gold, rare earth elements Bobjo Mine project, Red Lake, ON. Mainstream Minerals is the Operator of this project.
Terms of the Stake Lake acquisition
The option agreement for the Stake Lake property provides that Mainstream Minerals can acquire a 100% interest in the property by making the following payments to the Vendor: a) $5,000 on signing and the issuance of 25,000 common shares upon approval from the TSX Venture Exchange; b) $10,000 and the issuance of 25,000 shares upon the first anniversary; c) $20,000 and the issuance of 25,000 shares upon the second anniversary; d) $30,000 and the issuance of 50,000 shares upon the third and final anniversary. The vendor will retain a 2% net smelter return royalty on the property.
Geologist John Archibald is the Qualified Person for these projects under National Instrument 43-101.
About Mainstream Minerals
Mainstream Minerals Corporation is a mineral exploration and development company focused on precious metal mining properties with economic potential, with the aim of bringing such properties to commercial production. The Company's portfolio of properties is primarily located in the prolific Red Lake Gold Camp of Northwestern Ontario. The properties include - (i) 50% of the Bobjo Mine project, (ii) 50 % of the Phyllis Lake project, (iii) 100% of the Dixie Lake North project, and (iv) 50% of the Woman Lake North of South Bay project.
MJO Shares Outstanding: 18,031,087
Mainstream Minerals Corporation
President & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe MJO's future plans, objectives or goals, including words to the effect that MJO's management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.