Metallum Resources Inc. Terminates Option and Joint Venture Agreement for Chester Gold Property With Private Company

Metallum Resources Inc. (formerly Young-Shannon Gold Mines, Limited) announces that it has terminated the Option and Joint Venture Agreement (the “Agreement”) that it signed with a private Canadian company in October, 2007 for its Chester Gold Property (see Young-Shannon’s news release of October 23, 2007).

The private company failed to meet cash and work commitment obligations as defined by the Agreement due to prevailing current market conditions, although Metallum Resources Inc. had, during the past year, agreed to three amendments on three separate dates requesting modifications to the Agreement from the private company.

As such, control and the 92.5% ownership of the Chester Property prior to the signing of the Agreement remains with Metallum Resources Inc.

The Chester gold property, situated approximately 120 km. south-southwest of Timmins, and 160 km. north-northwest of Sudbury, is comprised of eleven patented, contiguous mining claims, and eighteen contiguous unpatented mining claims. Considerable exploration work has occurred on the property to date, consisting of mapping, geophysics, drilling, trenching, shaft sinking and assaying, which has yielded significant gold results, but still requires further exploration efforts.

A qualifying technical report was written for the property in June, 2002 (not NI 43-101 compliant) (see Sedar filing Nov. 27, 2002) which identified an indicated mineral resource of 222,000 tons grading 0.354 oz/t gold and an inferred mineral resource of 725,000 tons grading 0.16 oz/ton gold on the C-Prime gold deposit. Two additional drilling campaigns on the property, one in 2004 and one in 2005, continued to deepen and expand the C-Prime gold deposit, however, these recent results have not been included in any update of either proven or indicated mineral resources.

Metallum Resources Inc. is a precious metals exploration company which also has an option to earn a 70 % interest in the M-18 gold property in Argentina. Metallum Resources Inc. has 53,803,828 common shares outstanding and is listed on the TSX Venture Exchange under the symbol ‘MRV’.

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: www.metallumresourcesinc.com.