Metallum Resources Inc.

Metallum Resources Inc.

November 30, 2009 09:20 ET

Metallum Resources Inc. Announces the Closing of the Sale of Its Interest in Chester Township Property to Trelawney Mining and Exploration Inc.

TORONTO, ONTARIO--(Marketwire - Nov. 30, 2009) - Metallum Resources Inc. (TSX VENTURE:MRV) (the "Company" or "Metallum") announces that it closed on November 27, 2009 the sale of its 92.5% undivided legal and beneficial interest in its Chester Township, Ontario mineral property (the "Chester Property") to Trelawney Mining and Exploration Inc. ("Trelawney") (TSX VENTURE:TRR).

The sale of Metallum's Chester Property required approval from its shareholders which it received by approximately 99% of the shares voted as a special order of business at Metallum's recent annual and special meeting held on November 25, 2009. As well, Metallum is in receipt of all approvals required for this transaction including that of the TSX-V.

The Chester Property claims comprise 11 patented and 18 unpatented mining claim units in Chester Township, located west of Highway 144 approximately midway between Sudbury and Timmins, Ontario.

Consideration for the purchase of the Company's holding in the Chester Property by Trelawney consists of (i) the issuance to the Company by Trelawney of five million (5,000,000) common shares in the capital of Trelawney on the closing date, representing approximately 12.6% of Trelawney's current issued shares; and (ii) a 1% (one percent) net smelter return (NSR) royalty from production to be granted to the Company at such time as the price of gold exceeds USD $1,000 per troy ounce.

The Company acquired the 5,000,000 common shares for investment purposes only. Depending on market indications, the Company may from time to time in the future increase or decrease its ownership, control or direction to acquire, additional common shares or other securities of Trelawney through market transactions, private agreements or otherwise.

Metallum is now focusing its attention on the five mineral properties in the Philippines to be acquired as a result of its proposed business combination with Solfotara Mining Corporation (see Metallum's news releases of February 28, 2009).

Metallum also has an option to earn a 70 % interest in the M-18 gold property in Argentina. It has 53,803,828 common shares outstanding and is listed on the TSX Venture Exchange under the symbol MRV.

Greg Lipton, P. Geo. is the qualified person for the Company as required under National Instrument 43-101. He is a member of the Association of Professional Geoscientists of Ontario (APGO).

This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgment, they are subject to a variety of risks and uncertainties that are beyond the company's ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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