Manhattan Corporation Limited (ASX:MHC) Developing Its Uranium Resource Base

Perth, Oct 11, 2010 AEST (ABN Newswire) - Manhattan Corporation Limited (ASX:MHC) Ponton tenements cover the majority of the known palaeochannels prospective for aquifer sand hosted uranium mineralisation in the Ponton Mulga Rock uranium province of WA.

Ponton has the potential to host a world class uranium resource capable of sustained low cost ISL uranium oxide production for many years.

The Double 8 uranium oxide ("U3O8") resource of 10.9Mlb and a further drilled potential of 6.6Mlb to 15.4Mlb has substantial exploration upside yet to be drill tested.

The deposit already ranks as the 12th largest reported uranium resource in Australia and fourth largest in Western Australia.

Manhattan is currently undertaking an aggressive 40,000 metre aircore drill program to systematically test five uranium mineralised targets, to the north of the QVSNR, at Ponton in WA. This drill program will be completed in 2010.

Over 500 drill holes have been drilled by Manhattan at Ponton in 2010.

Manhattan has recruited a first class management and operations team.

The Company is well funded with over A$5.3 million in cash and investments to deliver a real uplift in shareholder value for its investors Uranium prices are poised to rebound.

Manhattan is extremely well positioned to take advantage of the break out in the uranium demand and price in the next few years.

Access to evaluate Manhattan's significant uranium resources and potential within the QVSNR is a high priority for Manhattan.

Northern Uranium Limited, and its strategic partner Areva, are commencing a 5,000m RC drill program at Gardner Range in WA.

PONTON PROJECT includes the Double 8 uranium deposit and advanced drill targets at Stallion, Stallion South, Highway, Highway North and South. Ponton Creek, Shelf and East Arm. Sandstone hosted uranium mineralisation has now been defined in drill holes along 25 kilometres of the palaeochannel at Stallion, Stallion South and Double 8. In addition recent drilling by Manhattan has intersected uranium mineralisation along 10km of the palaeochannel at Highway and Highway North.

These palaeochannels connect with Energy and Minerals Australia's lignite hosted Mulga Rock uranium deposits with a combined reported inferred
resource estimate of 24,520 tonnes (54Mlb) U3O8.

DOUBLE 8 URANIUM DEPOSIT has 11Mlb Inferred Resource and 7 to 15Mlb Mineralisation Potential of uranium oxide reported. Manhattan's reported resource estimates at various cut off grades are summarised in the table.

STALLION TARGET air core drilling is completed with 221 vertical drill holes totalling 16,914m of drilling. Drilling has been completed on 200m and 400m spaced lines with holes drilled at 100m centres along each grid line across the palaeochannel. Down hole gamma logs define multiple zones of uranium mineralisation 200m to 1,000m wide between 2m and 25m thick have been encountered in 70 drill holes along 8km of the buried palaeochannel at Stallion at 60m to 90m deep.

SONIC DRILLING of 16 holes at Stallion has duplicated and twinned approximately 1 in 3 of the mineralised holes and provided competent samples of the unconsolidated mineralised sands for chemical and mineralogical analysis. Sonic assay data will enable conversion of the down hole gamma logs to grade U3O8. Grades and grade thickness values will then be used to calculate a resource estimate for the Stallion mineralisation.

HIGHWAY & HIGHWAY NORTH drilling is complete with 213 aircore and 3 sonic drill holes totalling 13,898 metres of drilling. Drilling is on 400m x 100m and 800m x 100m grids. Holes are drilled on 100m and 200m centres along each grid line across the palaeochannel. Uranium mineralisation, indicated by the down hole gamma logs, has been encountered in the aircore drilling along 10km of strike at Highway and Highway North.

STALLION SOUTH, PONTON CREEK, HIGHWAY SOUTH, SHELF & EAST ARM targets had wide spaced reconnaissance drilling in the 1980's that intersected anomalous uranium mineralisation, with similar grades to those reported for Double 8. At the Shelf shallower lignite hosted uranium mineralisation within the upper sandstone and claystone was also reported. Aircore drilling is underway at Shelf and East Arm.

For the complete Manhattan Corporation Limited brochure, please refer to the following link:

http://www.abnnewswire.net/media/en/docs/63920-ASX-MHC-508925.pdf

Contact

Alan J Eggers Executive Chairman Tel: +61-8-9322-6677 Fax: +61-8-9322-1961 Email: info@manhattancorp.com.au http://www.manhattancorp.com.au