Oct. 29, 2009 (PR Newswire) — SEATTLE, Oct. 29 /PRNewswire-FirstCall/ – Mantra Venture Group Ltd. (’Mantra’, OTCBB: MVTG, FSE: 5MV) is pleased to announce that it has signed a Letter of Intent (LOI) with King Fahd University of Petroleum & Minerals (KFUPM) based out of Dhahran, Saudi Arabia. Under the terms of the LOI, Mantra and KFUPM’s Center for Refining and Petrochemicals (CRP) have expressed a mutual interest to explore and research new processes that would use Mantra’s Electroreduction of Carbon Dioxide (ERC) reactor, a form of carbon recycling.

Current processes developed by Mantra have been demonstrated as effective in converting CO2 into a variety of valuable chemicals, including: formate salts, formic acid, oxalic acid and methanol. While each of these end-products has a significant market value, Mantra is now looking to create additional value in its ERC technology by expanding this list. The CRP Research Institute of KFUPM has extensive capabilities in product research and application, is very knowledgeable about the petrochemicals industry, and can help Mantra achieve its goal.

Shawn Kim, Vice President of International Business Development for Mantra, said: “The CRP Research Institute of KFUPM is respected for its research especially in petrochemicals, and we look forward to working with the team at CRP. Expanding the number of viable chemicals produced by ERC will add value to the ERC technology and will lead to an expansion of Mantra’s markets. KFUPM is well-recognized in the oil and gas industry, and a successful partnership with them could open many doors for ERC carbon recycling and for Mantra.”

Mantra and KFUPM are working together on this collaborative effort and, following the outline given in the LOI, they plan to engage in a fully defined project.

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About King Fahd University of Petroleum & Minerals

Based out of Saudi Arabia, KFUPM provides advanced training in the fields of science, engineering, and management in order to promote leadership and service in the Kingdom’s petroleum and mineral industries. The University also furthers knowledge and expertise through its extensive research institutes, including the Center for Refining and Petrochemicals (CRP).

The vision of KFUPM’s CRP Research Institute is to be a leading research facility in petroleum refining and petrochemicals through innovation in basic and applied research. Current areas of development for KFUPM’s CRP Research Institute include: (i) developing advanced catalysts and processes for reducing sulphur levels in heavy oils and converting them to distillates; (ii) providing technical support to local refineries for the production of clean transportation fuels with emphasis on the necessary processes and catalysts; and (iii) developing capabilities and conducting research in novel technologies that have the potential to impact the refining industry.

For more information on KFUPM, visit: http://www.kfupm.edu.sa/ri/default.aspx.

About ERC

The ERC process, “the Electrochemical Reduction of Carbon Dioxide”, combines captured carbon dioxide with water to produce high value materials, such as formic acid and formate salts, which are conventionally obtained from the thermochemical processing of fossil Fuels. However, ERC has an advantage over the established thermochemical methods for converting carbon dioxide to liquid fuels.

While thermochemical reactions must be driven at relatively high temperatures that are normally obtained by burning fossil fuels, ERC operates at near ambient conditions and is driven by electric energy that can be taken from an electric power grid supplied by hydro, wind, solar or nuclear energy (forms of renewable energy). When renewable energy is used, the products can be made with a negative or neutral carbon balance.

About Mantra:

Mantra, through its group of sustainable energy, carbon reduction and consumer product subsidiaries, is active in the green technology marketplace with an innovative, multi-faceted approach focused on profitability through sustainability. By aggressively seeking out new technologies and innovating solutions for a cleaner earth for everyone, Mantra intends to provide a highly profitable and environmentally responsible investment for its shareholders.

Mantra is a public company quoted on the OTC BB under the symbol MVTG and on the Frankfurt Stock Exchange under the symbol 5MV.

Forward-Looking Statements:

Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements. Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties. See Mantra Venture Group’s filings with the Securities and Exchange Commission which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.

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