Metallum Resources Inc.
TSX VENTURE : MRV

Metallum Resources Inc.

April 30, 2009 16:30 ET

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

TORONTO, ONTARIO--(Marketwire - April 30, 2009) - Metallum Resources Inc. (TSX VENTURE:MRV) (the "Company" or "Metallum") provides this updated news release, as required by the rules of the TSX Venture Exchange, in respect to the proposed reverse takeover ("RTO") with Solfotara Mining Corporation ("Solfotara"), first announced on February 28, 2009, and supplemented by a detailed News Release dated March 18, 2009 (the "Proposed Transaction"). The parties to the Proposed Transaction act at arm's length. As is normal policies of the Exchange, trading in Metallum's shares has been halted since the Proposed Transaction was first announced.

Update

Metallum and Solfotara continue to work on finalizing several of the key underlying documents required to be completed in connection with the Proposed Transaction - this includes a National Instrument 43-101 on Solfotara's key Basay Property on the island of Negros in the Philippines. Neil T. Motton (MAIMM, MAIG) is the author of such report.

Metallum's news release of February 28, 2009 reported a NI 43-101 compliant inferred resource calculation for the Basay Property of 102,503,000 tonnes grading 0.45% copper, using a 0.25% copper cut-off and 50 m drill radius, based on 3-D wireframe modeling, with credits of molybdenum, gold silver, and rhenium. This compares to a more recently completed 3-D block model inferred resource calculation of 99,040,000 tonnes grading 0.42% copper, using a similar 0.25% copper cut-off., which the author (Motton) believes to be a more accurate calculation.

Solfotara is now working to finalize the preparation of its consolidated audited financial statements for its year ended March 31, 2009. Solfotara recently completed a short term bridge loan of $200,000 - due August 31, 2009 - and bearing interest at 10% per annum.

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. Solfotara currently has 31,901,651 common shares issued and outstanding.

About Metallum Resources Inc.

Metallum Resources Inc. is a precious metals exploration company which holds a group of 11 patented and 18 unpatented claims within Chester Township, known as its Chester Gold Property, 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 has 53,803,828 common shares issued and outstanding.

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).

Completion of the Proposed Transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and disinterested Shareholder approval. The Proposed Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Proposed 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 Transaction, any information released or received with respect to the Proposed Transaction may not be accurate or complete and should not be relied upon.

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

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