Metallum Resources Inc.
TSX VENTURE : MRV

Metallum Resources Inc.

December 01, 2011 16:15 ET

Metallum Resources Inc. Completes $2,478,678 Non-Brokered Private Placement

TORONTO, ONTARIO--(Marketwire - Dec. 1, 2011) - Metallum Resources Inc. (TSX VENTURE:MRV) (the "Company" or "Metallum") announced today it has completed a private placement (the "Offering") of 13,770,432 units ("Units") at $0.18 per Unit for gross proceeds of $2,478,678.04. Each Unit consists of one common share and one-half of one common share purchase warrant ("Warrant"). Each whole Warrant entitles the subscriber to acquire one additional common share of the Company for a period of eighteen months at $0.30 per common share. All of the securities issued pursuant to the Offering are subject to a four month and one day hold period ending April 2, 2012.

The net proceeds of the Offering will be used for continuing exploration on the Company's M-18 gold and silver property in Argentina, generative exploration programs, and general working capital. The Company paid an aggregate total of $113,841.90 in cash in connection with finder's fees payable under the Offering.

About Metallum Resources Inc.

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"). Previous geological mapping and rock outcrop sampling by Silver Standard 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.

Upon completion of the Offering, Metallum now has 67,574,260 common shares outstanding and has in excess of $7 million in cash, with no debt, as of today's date.

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

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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