Marksmen Resources Ltd.

Marksmen Resources Ltd.

October 12, 2005 19:19 ET

Marksmen Resources Ltd.: Completion of Plan of Arrangement

COMOX, BRITISH COLUMBIA--(CCNMatthews - Oct. 12, 2005) - Marksmen Resources Ltd. (TSX VENTURE:MA) ("Marksmen") is pleased to announce that its Plan of Arrangement ("Arrangement") with Signet Minerals Inc. ("Signet") has been completed. Pursuant to the terms of the Plan of Arrangement, Marksmen's mineral properties have been transferred to Signet while Marksmen continues to hold the oil and gas assets. Also pursuant to the Plan of Arrangement, common shares of Signet were distributed to shareholders of Marksmen in proportion to their present shareholdings in Marksmen on the basis of 1 Signet common share for every 1 Marksmen Class A common share held at the close of markets on October 11, 2005.

Also as a result of the Arrangement, all of the Class A common shares of Marksmen were exchanged for common shares of Marksmen. This exchange did not affect the rights of the holders of these shares. The Cusip number for the common shares remains the same. The share certificates representing the Class A common shares have been deemed to be the share certificates for the Marksmen common shares.

In order to facilitate the share issuances under the Arrangement, the Class A common shares of Marksmen were halted at the open of markets today. The common shares of Marksmen will resume trading when the common shares of Signet begin trading on the TSX Venture Exchange. The Signet common shares are expected to begin trading on or about October 19, 2005. A further press release will be issued prior to the resumption of trading of the Marksmen common shares. Also as a result of the Arrangement, once the trading of the Marksmen common shares resumes, Marksmen will trade under the symbol MA rather than MA.A.

For further information on the financing completed by Signet in relation to the Arrangement, and other information in relation to Signet, please see the press release issued today by Signet.

On behalf of the Board of Directors

"Brian Cebryk"
Director & CFO

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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

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