Marksmen Resources Ltd.
TSX VENTURE : MA

Marksmen Resources Ltd.

June 12, 2008 11:28 ET

Marksmen Announces Loan Facilities and Private Placement

CALGARY, ALBERTA--(Marketwire - June 12, 2008) - Peter Malenica, President and Chief Executive Officer of Marksmen Resources Ltd. ("Marksmen") (TSX VENTURE:MA) is pleased to announce that the Company has entered into a letter of intent to enter into a $2,000,000 loan facility with a group of investors, a $1,400,000 loan facility with a group made up of insiders of Marksmen and two other individuals as well as a private placement financing with certain of the investors. The private placement will consist of 4,000,000 common shares to be issued on a "flow-through share" basis at a price of $0.10 per flow-through share for total gross proceeds of $400,000. The granting of the loan facilities and the financing are subject to approval of the TSX Venture Exchange and are conditional on the negotiation and execution of definitive documents for the loan facilities and the financing. It is not anticipated that any new insiders will be created, nor that any change of control will occur, as a result of the private placement.

Proceeds of the loan facilities and the financing are intended to be used for repaying current credit facilities and to finance Marksmen's 2008 drilling program.

Marksmen has determined that exemptions from the various requirements of the TSX Venture Exchange Policy 5.9 are available for the loan facility granted by the insiders of Marksmen.

Forward-Looking Statements

This news release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein may be forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "proposed", "is expected", "budgets", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Marksmen's current beliefs and is based on information currently available to Marksmen and on assumptions Marksmen believes are reasonable. These assumptions include, but are not limited to, the actual results of drilling and exploration being equivalent to or better than anticipated or historical results and future costs and expenses being based on historical costs and expenses, adjusted for inflation. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Marksmen to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the early stage development of Marksmen and its projects; general business, economic, competitive, political and social uncertainties; commodity prices; the actual results of current exploration and development or operational activities; competition; changes in project parameters as plans continue to be refined; accidents and other risks inherent in the natural resources industry; lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting Marksmen; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Marksmen has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Marksmen does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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

Contact Information