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There was nearly a goal inside the first minute when Ricardo Fuller shot into the side netting, but after two minutes Grimsby were ahead when midfielder Stuart Campbell was gifted an easy goal after a real mix up in the Preston defence.
But the Lilywhites roared back and deserved their 26th minute equaliser from striker Richard Cresswell, following a free-kick.
The visitors should have been ahead at the break after bossing the first-half, but in the second-half Grimsby tightened things up and started to press as a home side should.
They were rewarded with a 59th minute goal as central defender Simon Ford headed home a Danny Mansaram cross and then 18-year-old Mansaram scored the goal of the game after 80 minutes, to seemingly win the points for Grimsby.
The youngster will long remember his first league goal but sadly it did not help produce three points, as Preston staged their own version of The Great Escape.
Goalscoring hero Ford was shown the red card in the 82nd minute for conceding a penalty which skipper Graham Alexander converted to make it 3-2.
Preston now sensed they could take something from the game and Dickson Etuhu headed home from a corner two minutes from time to earn them a point.
Grimsby boss Paul Groves was disappointed with the overall result after his side had the lead, while Preston manager Craig Brown praised Grimsby’s hardworking qualities although added that his side had to cut out the careless mistakes if they were to be play-off candidates.