Metallum Resources Inc.

Metallum Resources Inc.

May 18, 2010 09:47 ET

Metallum Resources Inc. Announces Receipt of Conditional Approval from TSX-Venture Exchange in Respect to Its Proposed Business Combination With Solfotara Mining Corp.

TORONTO, ONTARIO--(Marketwire - May 18, 2010) - Metallum Resources Inc. (TSX VENTURE:MRV) (the "Company" or "Metallum") announces that it has received a conditional approval letter from the TSX-Venture Exchange (the "Exchange") granting conditional approval in respect to Metallum's proposed reverse takeover transaction (the "Transaction") with Solfotara Mining Corp ("Solfotara").The Transaction was first announced on February 28, 2009 and was subsequently approved by the shareholders of Metallum on January 26, 2010. The trading of the Company's shares have been halted since the proposed Transaction was first announced.

The Company is now working to satisfy all conditions set out in the conditional acceptance letter. The Company considers these conditions (including, but not limited to, finalizing all escrow arrangements, sponsor's report and the delivery of certain officers certificates) as 'normal course' and anticipates closing the Transaction sometime in June, 2010. At that time, and subject to final Exchange acceptance, trading would resume in the Company's shares.

Metallum also announces that it has recently sold the 5 million shares of Trelawney Mining and Exploration Inc. (TSX VENTURE:TRR) which the Company received in exchange for the sale of the Company's 92.5% undivided interest in its Chester Township mineral property, Ontario. The Company's net proceeds from the disposition of all 5 million shares was approximately $5.5 million. The Company still retains a 1% (one percent) net smelter return royalty from production to be granted to the Company at such time as the price of gold exceeds USD $1,000 per troy ounce.

About Solfotara Mining Corp.

Solfotara is a privately owned British Columbia company that has, through a number of foreign subsidiary companies, an interest in five exploration properties, being Basay, Biliran, Tawi-Tawi, Kilong-Olao and St. Anthony, all as described in more in Metallum's February 28, 2009 News Release and information circular prepared in connection with its January 26, 2010 shareholder's meeting. Solfotara currently has 51,588,749 common shares issued and outstanding.

About Metallum Resources Inc.

Metallum has an option to earn a 70 % interest in the M-18 gold property in Argentina. It has 53,803,828 common shares outstanding.

The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this news release.

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).

Further details may be obtained from our website:

Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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