Marauder Resources East Coast Inc.

Marauder Resources East Coast Inc.

May 12, 2005 18:19 ET

Marauder Terminates Financing and Farm In

CALGARY, ALBERTA--(CCNMatthews - May 12, 2005) - Marauder Resources East Coast Inc. (TSX VENTURE:MES) ("Marauder" or the "Company") today advised that it has terminated its planned private placement and declined to participate in the previously announced proposed farm in the Gran Pre block offshore Nova Scotia.

"Given the current market conditions, the Company and its agents, Dundee Securities Corporation, have concluded that the Company is unable to complete this financing at this time. We have advised the operator that we will not be proceeding with the Gran Pre block farm in. While we are disappointed not to proceed with the previously announced program, the Company remains in a very strong position with over $14 million in the Bank and present worth of probable and possible reserves of $467 million before tax on a 10% discounted basis based on escalated prices as per the reserve report prepared by Martin & Brusset Associates. This decision does not affect our 50% interest in the shallow rights of 18,414 acres in Panuke and Cohasset nor our rights in the Balmoral block, all offshore Nova Scotia. While it is premature to comment at this time until plans are further advanced, management and the Board are examining other alternatives to grow the Company and increase shareholder value." said Bob Shields, President of Marauder.

This news release may contain forward-looking information. Actual future results may differ materially from those contemplated.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Marauder Resources East Coast Inc.
    Robert V. Shields
    (403) 262-3907
    Marauder Resources East Coast Inc.
    720, 440 - 2nd Avenue S.W.
    Calgary, Alberta T2P 5E9