Metallum Resources Inc.
TSX VENTURE : MRV

Metallum Resources Inc.

October 10, 2008 16:30 ET

Metallum Resources Inc. Not to Exercise Option on Its McMillan Property

TORONTO, ONTARIO--(Marketwire - Oct. 10, 2008) - Metallum Resources Inc. (TSX VENTURE:MRV) (the "Company") has decided not to exercise its option agreement with Garson Gold Corp. for its McMillan Property near Espanola, Ontario.

The McMillan Property claims comprise 34 unpatented mining claim units in Mongowin and McKinnon townships, located approximately 14 kilometres south of the town of Espanola, Ontario on the north shore of House Lake.

The Company's option agreement with Garson Gold Corp. was entered into in November, 2004 and enabled the Company to earn a 50% interest in the McMillan property over a three year period for staged payments of $75,000 in cash and 650,000 common shares plus a three year work commitment of $950,000. Metallum had the option to increase its interest to 60% by issuing an additional 250,000 common shares and spending $400,000 more on the property.

Although Metallum has met its work expenditure requirements for its 50% interest in the property, exercise of the option would require an additional cash payment of $30,000 and issuance of 200,000 common shares to Garson Gold.

After reviewing, compiling, evaluating, and analysing the drilling data completed on the property by the Company over the last three years, and particularly the most recent campaign of drilling completed this past summer, Metallum has decided that the approximate $1.6 million currently in its treasury would be better directed to its Argentina initiative, as well as acquiring additional quality mineral properties, rather than continued exploration at the McMillan Property.

Metallum Resources Inc. is a precious metals exploration company which holds a group of patented and unpatented claims within Chester Township located west of Highway 144 midway between Sudbury and Timmins, Ontario. It also has an option to earn a 70 % interest in the M-18 gold property in Argentina. Metallum Resources Inc. 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).

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

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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