CO2 reduction technology unveiled at Sustainability 2008

SEATTLE, WA, Oct. 23 /PRNewswire-FirstCall/ - Mantra Venture Group Ltd.
("Mantra", OTCBB: MVTG, FSE: 5MV) has taken steps during the last quarter to
position itself at the forefront of pioneering sustainability initiatives.
Mantra's flagship technology for the electro-reduction of carbon (ERC) is
ready to be displayed for the first time to the public and media at the
Sustainability 2008 conference on October 24, 2008 in Vancouver, Canada. Over
55 leading sustainability industry participants and 1,500 attendees
representing media, corporate and government organizations will be present at
Sustainability 2008.
"Mantra has a proven chemical process which is a part of the solution to one
of the large environmental problems plaguing our planet: carbon dioxide,"
commented John Russell, head of Mantra's Scientific Advisory Board. "We
understand that in order for sustainability to be attractive to companies, it
needs to be commercially useful. ERC is. It really could be a breakthrough in
the way our planet handles its carbon dioxide pollution."
The ERC reactor converts captured carbon dioxide into various useful
byproducts such as formic acid, sodium bicarbonate and possibly even methanol.
One possible application is the use of an ERC reactor within a steel plant. A
substantial amount of carbon dioxide is produced by steel plants during the
smelting process. An ERC reactor is capable of converting a portion of the
carbon dioxide produced by the steel plant into formic acid. The formic acid
can then be used by the steel producer in an efficient steel pickling process;
replacing the currently used hydrochloric acid. Mantra is also looking into
applying this concept to pulp and paper mills as well as numerous other large
scale industries and developing new applications such as formic acid fuel
cells.
Mantra's recent developments have resulted in many governments and leading
industrial companies taking an interest in ERC. Mantra is currently in
discussions regarding various grants and other support initiatives offered by
international governments, as well as possible pilot projects with large
industrial companies. Through a combination of government grants and equity
financing, Mantra plans to raise $5 million in the next quarter in order to
begin commercial testing of its ERC technology at various sites and research
and develop additional applications.
Larry Kristof, Mantra's President, commented, "Mantra has experienced
accelerated development and an unprecedented amount of interest in our ERC
technology during the last quarter. We secured additional financing when many
other companies are struggling to meet their basic obligations, completed our
ground-breaking ERC reactor and established many valuable connections within
industry and government institutions."

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.

SOURCE Mantra Venture Group Ltd.

Terry Johnson, Corporate Communications, Phone: (604) 267-3022, Email:
tjohnston@mantraenergy.com