Marksmen Resources Ltd.

Marksmen Resources Ltd.

September 08, 2005 16:04 ET

Marksmen Resources Ltd.: New President & CEO Appointed

COMOX, BRITISH COLUMBIA--(CCNMatthews - Sept. 8, 2005) - Marksmen Resources Ltd. (TSX VENTURE:MA.A) ("the Company or Marksmen") is pleased to announce that Mr. Peter Malenica, P.Eng. has been appointed to the position of President & CEO of the Company effective immediately. Mr. Malenica will also join the Marksmen Board of Directors.

Mr. Malenica, who brings over 30 years of oil and gas experience to Marksmen, will oversee and direct Marksmen's oil and gas business plan and transition to production and drilling operations. In conjunction with Mr. Malenica's appointment, the Company also announces that Marksmen's office is re-locating to Calgary, Alberta and that Mr. Brian Cebryk will become the Chief Financial Officer of the Company.

Mr. Malenica graduated from the University of Calgary with a Bachelor of Science degree in Chemical Engineering. After holding a variety of engineering positions with a number of intermediate oil and gas companies, Mr. Malenica became the President & CEO of NuGas Limited. Mr. Malenica was instrumental in growing NuGas from a start-up to over 4,200 boe per day of natural gas and liquids when the company was sold to Tarragon Oil and Gas Limited in June 1997. Mr. Malenica was a founder, Director, and President & CEO of Q Energy Limited from July 1997 to October 2000 when the company was sold to EOG Resources Canada Inc. Following the sale of Q Energy, Mr. Malenica was a founder, Director, and President & CEO of Quartus Energy Limited from March 2001 to January 2004 when Quartus was sold to Peregrine Energy Ltd. in July 2004. Mr. Malenica assumed the role of President of Peregrine until July 2005.

In connection with his appointment, Mr. Malenica has been granted a stock option to purchase 300,000 common shares at a price of $0.25 per share for a period of five years. The Company also announces that it intends to complete a non-brokered private placement with Mr. Malenica for gross proceeds of up to $150,000. The private placement is comprised of up to 500,000 Class A common shares issued on a flow-through basis at a price of $0.30 per flow-through share. The flow-through pricing is a 36% premium to the 10 closing average of $0.22 per share. Proceeds of the private placement will be used to finance the Company's oil and gas drilling program in Alberta. The stock option grant and completion of the private placement are subject to regulatory approval. Marksmen has determined that exemptions from the various requirements of TSX Venture Exchange Policy 5.9 are available for the grant of stock options and for the issuance of the Class A common shares being issued pursuant to the private placement.

As previously announced, the spinout of the minerals properties through Plan of Arrangement from Marksmen to Signet Minerals Inc. ("Signet") was approved by shareholders at the Annual and Special Meeting held June 22, 2005. Until the Plan of Arrangement is completed, the drilling program at Golden Eagle will initially be undertaken by Marksmen on behalf of Signet to take advantage of drill rig availability, and summer access to the property. It is anticipated that the spinout of the mineral properties will occur within the next month.

On behalf of the Board of Directors

"Brian Cebryk"


President & CEO

Statements in this press release may contain forward-looking statements. Except for statements of historical fact, all statements in this press release - including, without limitation, statements regarding future plans and objectives of the Company - are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

Basic Shares: 14,410,781

Fully Diluted Shares: 17,471,084

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

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