SEATTLE, Aug. 5 /PRNewswire-FirstCall/ - Mantra Venture Group Ltd. ('Mantra' - OTCBB: MVTG - FSE: 5MV) is pleased to announce that it has entered into an agreement in principle for a joint venture agreement with Northwind Ethanol Ltd. ('Northwind') to produce fuel ethanol using their proprietary starch and cellulose technology. The final agreement is undergoing final review by Mantra and Northwind's legal counsel. The joint venture will be carried out through Mantra's wholly-owned subsidiary, Mantra NextGen Power Inc. ('NextGen'). According to the terms of the joint venture agreement, Mantra will own 51% of NextGen and Northwind will own 49%.