Marksmen Resources Ltd.

Marksmen Resources Ltd.

July 07, 2005 13:34 ET

Marksmen Resources Ltd.: Spinout Approved

COMOX, BRITISH COLUMBIA--(CCNMatthews - July 7, 2005) - Marksmen Resources Ltd. (TSX VENTURE:MA.A) ("Marksmen") is pleased to report that at the Annual and Special Meeting held on June 22, 2005, 100% of the shareholders voted to approve the minerals property spinout and Plan of Arrangement between Marksmen and Signet Minerals Inc. ("Signet"). Under terms of the arrangement, Marksmen's mineral properties will be transferred to Signet while Marksmen will continue to hold the oil and gas assets.

Marksmen is also pleased to report that the shareholders have re-elected Mssrs. Brian Cebryk, Kieran Downes, Richard Kusmirski, and Richard Velhat to the board of directors of the Company. At a directors' meeting held subsequent to the Annual and Special Meeting, Mr. Brian Cebryk was re-elected as President & CEO of the Company.

Further to our press release dated, June 16, 2005, Signet, in conjunction with its agent, Pacific International Securities Inc. is currently raising the capital that is required to meet the minimum listing conditions of the TSX Venture Exchange. The agent, on a best-efforts basis, is raising gross proceeds of a minimum of $750,000 and a maximum of $1,500,000 (the "Offering"). Proceeds of the Offering will be used to finance Signet's drilling program on the Golden Eagle gold property in northwest British Columbia. The drilling program is scheduled to start in August 2005. The Offering proceeds will also be used to finance other exploration projects developed by Signet and for general operating purposes. Contrary to a press release dated June 16, 2005, PowerOne Capital Markets Limited will not be acting as a co-agent on the financing but may act as a sub-agent.

On behalf of the Board of Directors

"Brian Cebryk"
President & CEO

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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