Metallum Resources Inc.

Metallum Resources Inc.

January 28, 2010 16:00 ET

Metallum Resources Inc. Provides Update in Respect to Its Proposed Business Combination With Solfotara Mining Corp.

TORONTO, ONTARIO--(Marketwire - Jan. 28, 2010) - Metallum Resources Inc. (TSX VENTURE:MRV) (the "Company" or "Metallum") announces that its shareholders overwhelmingly approved all items of business at the January 26, 2010 Special Meeting of Metallum's Shareholders. These included:

1) Approval to the consolidation of the common shares in the capital of
Metallum on a basis of 6.4 common shares for one new common share.

2) Approval of the reduction of the paid up capital of Metallum.

3) Approval of the acquisition of all of the issued and outstanding
shares of Solfotara Mining Corp. by way of a reverse takeover.

4) Approval of an amendment to Metallum's articles to effect a name
change of Metallum to "Solfotara Mining Corp." or such other name as
may be accepted by the relevant regulatory authorities and approved
by the board of directors.

5) Approval of an amended and restated stock option plan for Metallum.

Also on January 26, 2010, the shareholders of Solfotara Mining Corp. approved the amalgamation of Solfotara Mining Corp. and a newly incorporated British Columbia subsidiary of Metallum - a corporate step that is necessary to facilitate the reverse takeover (RTO) with Metallum.

Metallum is now seeking final approval from the TSX Venture Exchange in connection with this transaction. It is anticipated that closing of the RTO transaction with Solfotara Mining Corp. will be in mid-February, 2010.

In connection with closing the RTO transaction, Solfotara will be required to complete a concurrent private placement financing. At the present time, it is anticipated that such financing will be a minimum amount of $3,500,000.

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 Press Release. Solfotara currently has 43,751,793 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 and is listed on the TSX Venture Exchange under the symbol MRV. Metallum also holds 5,000,000 shares of Trelawney Mining and Exploration Inc. which trades on the TSX Venture Exchange.

Completion of the proposed RTO transaction is subject to a number of conditions, including but not limited to, Exchange acceptance. There can be no assurance that the proposed RTO transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular prepared in connection with the proposed RTO transaction, any information released or received with respect to the proposed RTO transaction may not be accurate or complete and should not be relied upon.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the Proposed Transaction and 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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