Metallum Resources Inc.
TSX VENTURE : MRV

Metallum Resources Inc.

April 11, 2011 08:39 ET

Metallum Resources Inc. to Commence Aggressive Exploration Campaign on M-18 Gold/Silver Property, Argentina

TORONTO, ONTARIO--(Marketwire - April 11, 2011) -Metallum Resources Inc. (TSX VENTURE:MRV) ("Metallum" or "Company") announces that it has renewed its surface access agreement with the landowners covering the mineral rights of its M-18 gold/silver property in Chubut province, Argentina and is planning to commence an aggressive exploration campaign in the next few weeks which will include geochemistry, geophysics, and a program of diamond drilling. Metallum is earning a 70% interest in the M-18 property under an Option and Joint Venture Agreement from Silver Standard Resources Inc. ("Silver Standard"). The M-18 Property comprises 6,300 hectares measuring 9 kilometres ("km.") east-west by 7 km. north-south.

Previous geological mapping by Silver Standard at 1:1,000 scale and rock outcrop sampling has identified a gold/silver-bearing epithermal vein system with intense alteration over a strike length of at least 1.2 km. with widths of 0.5 km. The system remains open in all directions extending beneath the alluvium.

Gold assay results from 98 grab samples from systematic mapping distributed over the strike length from this program returned values ranging up to 4.63 grams/tonne ("g/t") gold and 47.20 g/t silver. There were 38 samples grading in excess of 1.00 g/t gold of which 28 samples had grades ranging from 1.00 to 1.99 g/t gold, 6 samples grading 2.00 to 2.99 g/t gold, 2 samples grading 3.00 to 3.99 g/t gold, and 2 samples in excess of 4.00 g/t gold.

Elevated epithermal pathfinder elements also were encountered over the entire length of the zone. For example, multiple samples assayed in excess of 1.0% lead, 0.1% to 0.3 % zinc, and 1.0% arsenic.

Property due diligence was carried out by Greg Lipton, P.Geo., Metallum's president and CEO, who is also the Qualified Person for the Company. Geological mapping and geochemical sampling distributed over the exposed 1.2 km. strike length of the zone confirmed both the geology and the highly anomalous gold values obtained by Silver Standard. Gold assay results from 61 grab samples taken for property due diligence showed values grading from less than 1.0 g/t to in excess of 3.00 g/t. Similarly, epithermal pathfinder elements of lead, zinc, and arsenic were highly anomalous.

Metallum is encouraged by the potential of this entire property which has never been drill tested or undergone any systematic property scale exploration such as detailed geologic mapping, geophysics, or geochemistry. Metallum's planned M-18 exploration program will commence in the next few weeks, initially focused on the 1.2 km. mineralized gold zone and ultimately expanding into surrounding terrain where extensive argillic alteration occurs.

Similar epithermal deposit models include Cerro Vanguardia (Argentina), Calcatreu (Argentina), and the Toodoggone district of British Columbia.

Greg Lipton, P. Geo., the Company's President and CEO, 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). Mr. Lipton has reviewed and approved the contents of this release.

Rock samples were assayed by ALS Chemex of Mendoza, Argentina using 34 element ICP-AES and aqua regia / AA for ore grade Ag and Pb values. Original rock samples are reduced to a 30 g aliquot prior to a FA-AA finish for gold. Four blanks and four standards were entered into the sample run and showed no anomalous deviations.

The Company also announces that the Board of Directors of Metallum has appointed current director Kevin Bullock as non-executive Chairman of Metallum.

About Metallum Resources Inc.

Metallum Resources Inc. has 53,803,828 common shares outstanding and in excess of $5 million in cash, with no debt, as of today's date.

Further details may be obtained from our website www.metallumresourcesinc.com

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