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Oct 28, 2008 Marum Releases Third Quarter Financial Results
Dec 11, 2008 05:36PM
Calgary, October 28, 2008 -Marum Resources Inc. (TSXV: MMU) is pleased to report its financial results for the period ending September 30, 2008.
During the third quarter of 2008, The Company incurred a loss of $705,141 ($0.01/share) compared with a loss of $126,961 ($0.00/share) in the corresponding period of 2007. The loss recorded for first nine months of 2008 amounted to $1,296,051 ($0.01/share) compared with a loss for the first nine months of 2007 of $543,317 ($0.01/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 developedinteresting areas for future drill programs. Recent exploration developments by nearby San Gold Corporation (SGR –TSXV), the only producer in the Rice Lake belt, is attracting wide attention to the Rice Lake area as an exploration venue for high-grade Canadian Shield vein gold deposits” says Rick Boulay, CEO and Chairman of the Company.
The technical portions of this press release have been reviewed and approved by Daniel A. Beauchamp, B.Sc., P.Geol.,a Director of Marum Resources Inc. and a qualified person under NI 43-101.
We seek safe harbor
For further information please contact: Arness Cordick –DirectorRichardBoulay –CEO and Chairman Tel: 1-800-321-8564Tel: 1(403)243-9500 [email protected] The TSX Venture Exchange has neither approved nor disapproved the information contained here