Mayo Lake Minerals arranges $300,000 private placement

Mr. Vern Rampton reports MAYO LAKE TO ACCELERATE EXPLORATION ON PRIME TOMBSTONE GOLD BELT IRGS PROPERTIES Mayo Lake Minerals Inc. has arranged a private placement consisting of any combination of common share (CS) units and flow-through (FT) units totalling up to $300,000, with a proposed closing date of Oct. 17, subject to the discretion of the directors. The securities will be offered for sale to eligible purchasers on a best efforts basis in all provinces and territories of Canada pursuant to available prospectus exemptions, and is subject to the approval of the Canadian Securities Exchange. Interested investors will be provided a term sheet on request. A summary of the offering is provided below. Each CS unit is priced at five cents, and consists of one common share and one-half common share purchase warrant. Each whole warrant is exercisable into one common share at a price of seven cents for a period of 36 months from the closing date. Each FT unit is priced at five cents, and consists of one flow-through share and one-half common share purchase warrant. Each whole warrant is exercisable into one common share at a price of eight cents for a period of 36 months from the closing date. Each FT share will be issued as a flow-through share within the meaning of the Income Tax Act. CS unit funds will primarily be used to cover working capital and general operating costs while FT unit funds will be used for eligible exploration expenditures qualifying as CEE under the Income Tax Act and applicable regulations. The securities issued pursuant to the offering will be subject to a statutory hold period in Canada of four months and one day after the closing date. Purchasers should consult their legal advisers in this regard. About Mayo Lake Minerals Inc. Mayo is actively engaged in the exploration of four precious metal projects in the Tombstone gold belt. The properties cover 188 square kilometres in Yukon's Mayo mining district and lie within the traditional territory of the Na-Cho Nyak Dun First Nation. The area is currently buzzing with activity as a result of recent gold discoveries that have propelled the region into the spotlight. We seek Safe Harbor.