Mongoose Mining Ltd. announced that it has entered into an agreement to acquire the Steele Run copper-cobalt-gold deposit located at Mt. Thom, Nova Scotia, Canada, approximately 22km east of Truro. The property is an "IOCG-type" copper-cobalt-gold project consisting of 29 mineral claims over four contiguous licenses and covers approximately 1,160 acres.

Project Highlights: In a 2001 study, the Nova Scotia Department of Natural Resources concluded that significant similarities exist between the copper-gold occurrences along the Cobequid-Chedabucto Fault Zone, such as Mt. Thom, as with those of IOCG deposits elsewhere in the world. A non-National Instrument 43-101 compliant historic resource of 300,000 tonnes of copper grading 1.5% over 3,500 metres has been delineated from drill core currently stored at the Nova Scotia Government core library (including drill sections grading 1.66% copper over 15.5 feet - Nova Scotia assessment report AR95- 074).

The core has yet to be systematically tested for cobalt mineralization. The Steele Run deposit was discovered by Imperial Oil in the 1970s and was only tested for copper at that time. The IOCG modeling and levels of cobalt mineralization were later recognized.

Mineralized outcrop and sporadic core sampling over the past few years have produced historic assays of up to 0.863% Cobalt within the copper zones. A 2004 government study of 29 core samples, encountered values ranging from 157 ppm (0.0157%) Cobalt to 8630 ppm (0.863%).