The San Antonio Spurs announced today that they have exercised the third-year team option on center Ian Mahinmi’s rookie scale contract. Mahinmi is now signed through the 2009-10 season. Per team policy, financial terms of the deal were not disclosed.

“We are very excited about Ian Mahinmi’s development,” said Spurs General Manager RC Buford. “We’ve literally seen him grow up in front of our eyes, since he joined us he’s grown more than an inch and gained over 30 pounds. He is a talented young man who has continued to work hard and improve as a basketball player. Being named to the D-League First Team last season – in his first year in the States – is an indication of what a bright future he has.”

Mahinmi, who turns 22 on November 5, is entering his second season with the Spurs. He split the 2007-08 campaign between San Antonio and the Austin Toros, the NBA Development League team owned and operated by the Spurs. Mahinmi started the season in San Antonio, appearing in six games with the Spurs, averaging 3.5 points in 3.8 minutes, before being assigned to the Toros on 11/21.

Mahinmi was named to the 2008 All-NBA Development League First Team. In 46 games with the Toros, he averaged 16.8 points, 8.0 rebounds and 1.70 blocks in 29.6 minutes while shooting .615 (276-449) from the field and .766 (219-286) from the line. Mahinmi ranked 19th in the D-League in scoring, second in field goal percentage, eighth in rebounding and ninth in blocks. For the season Mahinmi posted 16 double-doubles. He scored in double figures 38 times, with 20-or-more 17 times and 30-plus four times. Mahinmi scored a season-high-tying 32 points (11-15 FG, 10-16 FT) and grabbed a season-best 17 rebounds vs. Utah on 12/21.