Mantra Receives Second Funding for Carbon Recycling Technology

VANCOUVER, Sept. 30 /PRNewswire-FirstCall/ - Mantra Venture Group Ltd. ('Mantra', OTCBB: MVTG, FSE: 5MV) is pleased to announce that it has just signed its second Contribution Agreement with the National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP) in support of its Electroreduction of Carbon Dioxide (ERC) technology.

Mantra received its first contribution from NRC-IRAP in April 2009 with the purpose of establishing the technical basis for electro-reduction of carbon dioxide to formate using Mantra's ERC technology. Mantra's technology has advanced significantly since this initial reward, including an increase in efficiency to 89.66% from 46.24% through the use of a new cathode structure. These encouraging improvements, along with Mantra's continual compliance with program guidelines, contributed to NRC-IRAP's second financial assistance award.

Over the course of this second project, entitled "Electroreduction of Carbon Dioxide Development Project 2," Mantra's objective is to explore suitable materials for the anode used in the electrochemical reactor, develop an efficient and effective method to separate and concentrate the formate product, and develop an efficient and effective method to convert the formate product into formic acid. Mantra will continue to work in collaboration Kemetco Research Inc. to see the project through to completion.

Larry Kristof, President and CEO of Mantra, noted: "The milestones achieved through the first NRC-IRAP contribution really put us at the forefront of the developing market for CO2 recycling technologies. We hope to achieve even greater advancements through this second development funding as we edge ourselves closer and closer towards commercialization."

"Given the heightened safety concerns and public protest currently surrounding carbon sequestration, the Carbon Capture and Storage (CCS) industry has become desperate to find a safe and economical solution for the 27 billion tonnes of CO2 emitted annually by stationary sources" added John Russell, Vice President of Technical Evaluation for Mantra. "We have every right to believe ERC will have the ability to satisfy these demands, and the completion of this second development project should further solidify ERC's position in the emerging market for CO2 mitigation."

Under the terms of the agreement, NRC-IRAP has agreed to contribute up to 50% of costs associated with the development of Mantra's ERC technology, in addition to business and technical advisory and development support. The project is scheduled to begin this month.

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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).

About Mantra Venture Group Ltd.

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, more importantly, socially 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 EDV 5MV.

About NRC-IRAP

NRC-IRAP provides a range of both technical and business-oriented advisory services along with potential financial support to qualified innovative Canadian small- and medium-sized enterprises. Financial assistance for this project is a direct result of the Government of Canada's Economic Action Plan.

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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Kol Henrikson
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