Marum Resources loses $705,141 in Q3

2008-10-28 15:58 ET - News Release

Mr. Richard Boulay reports

MARUM RELEASES THIRD QUARTER FINANCIAL RESULTS

Marum Resources Inc. has released its financial results for the period ended Sept. 30, 2008.

During the third quarter of 2008, the company incurred a loss of $705,141 (one cent per share), compared with a loss of $126,961 (nil per share) in the corresponding period of 2007. The loss recorded for first nine months of 2008 amounted to $1,296,051 (one cent per share), compared with a loss for the first nine months of 2007 of $543,317 (one cent per share).

During the third quarter, the company continued to explore its Rice Lake gold projects. Spring and summer exploration activities included prospecting, mapping and sampling programs on the Poundmaker option, the Goldridge and Ultra properties, and the Strike Point joint venture. Due to the large areas currently being explored, geological activities will continue until snow conditions prevent further work. During the third quarter, the company staked six claims, the Tom claims, to the east of the Poundmaker and to the north of the Strike Point joint venture. These claims cover interesting geological features that appear to differ from prospecting targets normally observed in the Rice Lake greenstone belt. The company is currently developing winter drill targets based on prospecting, mapping and sampling results.

"Marum is very excited to have assembled a strategic land position in Manitoba's Rice Lake gold belt. The company is currently exploring with ground crews and has developed interesting areas for future drill programs. Recent exploration developments by nearby San Gold Corp., the only producer in the Rice Lake belt, are attracting wide attention to the Rice Lake area as an exploration venue for high-grade Canadian Shield vein gold deposits," says Rick Boulay, chief executive officer and chairman of the company.

The technical portions of this news release have been reviewed and approved by Daniel A. Beauchamp, BSc, PGeol, a director of Marum Resources and a qualified person under NI 43-101.