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

TORONTO, ONTARIO, Oct 08 (MARKET WIRE) --
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, supplemented by a detailed news release dated March
18, 2009 (the "Proposed Transaction"), and subsequent news releases dated
April 30, June 1, July 2, August 4, and September 3, 2009. 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

Solfotara has completed the preparation of its consolidated audited
financial statements for its year ended March 31, 2009, which are now
currently under review by its auditors. As well, Solfotara is endeavoring
to complete the preparation of its interim financial statements for the
six month period ended September 30, 2009. As previously reported,
Solfotara has closed on financings totaling approximately $3,766,000 in
gross proceeds whereby units have been issued (each a "Unit") at $0.35,
with each Unit consisting of one common share and one-half common share
purchase warrant with each full warrant exercisable for 24 months at
$0.50. Both Solfotara and Metallum continue to work on preparing a joint
information circular in respect to the Proposed Transaction, although no
time frame for mailing of the Joint Circular has been set as of the date
hereof.

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 39,804,650 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. As previously announced in a
news release on August 21, 2009, Metallum has signed a definitive
agreement with Trelawney Mining and Exploration Inc. for the sale of its
interest in the Chester Gold Property, conditional on all approvals
required by Metallum, including that of the TSX-V. Metallum 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.

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.

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.

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

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.

Contacts:
Metallum Resources Inc.
Greg Lipton
President and CEO
(416) 861-8351
(416) 867-2298 (FAX)
greg.lipton@metallumresourcesinc.com

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