The Mavrix Quebec 2009 Flow Through LP initial public offering was led by Desjardins Securities Inc. with other syndicate members including CIBC World Markets Inc., BMO Capital Markets, Canaccord Capital Corporation, Dundee Securities Corporation, Industrial Alliance Securities Inc., Laurentian Bank Securities Inc., GMP Securities L.P. and Wellington West Capital Markets Inc.

Mavrix and the Partnership were represented by Blake, Cassels & Graydon LLP and the syndicate of agents was represented by McCarthy Tetrault LLP.

About Mavrix Fund Management Inc.

Mavrix Fund Management Inc. is an asset management company founded and operated by experienced portfolio managers. The company offers a focused lineup of concentrated, actively managed funds that aim to complement mainstream funds. Mavrix supports its products by providing financial advisors with regular and direct access to portfolio managers and unbiased commentary, which has enabled the company to become a trusted advisor to its clients. Mavrix is headquartered in Toronto with offices in Montreal. Mavrix's parent company is GrowthWorks Ltd. GrowthWorks Ltd. venture capital division specializes in the management and growth of regionally based venture capital funds. GrowthWorks Ltd. has combined assets under management of over $1 billion.

SOURCE: Mavrix Quebec 2009 Flow Through LP

Mavrix Fund Management Inc.
416-362-3077 or 1-888-964-3533
www.mavrixfunds.com

The Mavrix Quebec 2009 Flow Through LP initial public offering was led by Desjardins Securities Inc. with other syndicate members including CIBC World Markets Inc., BMO Capital Markets, Canaccord Capital Corporation, Dundee Securities Corporation, Industrial Alliance Securities Inc., Laurentian Bank Securities Inc., GMP Securities L.P. and Wellington West Capital Markets Inc.

Mavrix and the Partnership were represented by Blake, Cassels & Graydon LLP and the syndicate of agents was represented by McCarthy Tetrault LLP.

About Mavrix Fund Management Inc.

Mavrix Fund Management Inc. is an asset management company founded and operated by experienced portfolio managers. The company offers a focused lineup of concentrated, actively managed funds that aim to complement mainstream funds. Mavrix supports its products by providing financial advisors with regular and direct access to portfolio managers and unbiased commentary, which has enabled the company to become a trusted advisor to its clients. Mavrix is headquartered in Toronto with offices in Montreal. Mavrix's parent company is GrowthWorks Ltd. GrowthWorks Ltd. venture capital division specializes in the management and growth of regionally based venture capital funds. GrowthWorks Ltd. has combined assets under management of over $1 billion.

Contacts:
Mavrix Fund Management Inc.
416-362-3077 or 1-888-964-3533
www.mavrixfunds.com

SOURCE: Mavrix Quebec 2009 Flow Through LP and Mavrix Fund Management Inc.

http://www.mavrixfunds.com

--  Assets under management ("AUM") improved to $349.9 million from $313.8
    million at June 30, 2009.
--  Continued strong performance of the Mavrix Explorer Fund, a natural
    resource fund.
--  Completed final closing of the initial public offering for Mavrix
    Explore 2009-I Limited Partnership, raising $6.55 million in proceeds.
--  Filed the final prospectus of the Mavrix Quebec 2009 Flow Through LP.
    The Partnership will primarily invest in flow-through shares of resource
    issuers engaged in mineral or oil and gas exploration primarily in the
    Province of Quebec. The maximum size of the offering is $20 million.
--------------------------------------------------------------------------
($ millions - except per share amounts)               Q3 2009    Q3 2008
--------------------------------------------------------------------------
Assets under management ("AUM")                       $349.9     $395.8
--------------------------------------------------------------------------
Revenues                                              $1.5       $2.9
--------------------------------------------------------------------------
Expenses                                              $1.8       $2.5
--------------------------------------------------------------------------
Net loss                                              $(1.0)     $(0.4)
--------------------------------------------------------------------------
Loss per share                                        $(0.11)    $(0.05)
--------------------------------------------------------------------------
EBITDA(i)                                             $(0.2)     $0.4
--------------------------------------------------------------------------
EBITDA per share                                      $(0.03)    $0.04
--------------------------------------------------------------------------
Shares issued and outstanding                         8,775,458  8,648,364
--------------------------------------------------------------------------

Financial Review

Total AUM at September 30, 2009 was $349.9 million, compared with $313.8 million at June 30, 2009 and $395.8 million at September 30, 2008. The increase was due primarily to improving capital markets. At quarter end, the Company's AUM consisted of $314.2 million of Mutual Funds and $35.7 million of Specialty Funds, compared with $333.1 million and $62.7 million, respectively, at September 30, 2008.

Mavrix Mutual Funds had net redemptions of $3.0 million on gross sales of $15.9 million for the third quarter of 2009. This compares with $11.2 million in net redemptions on $11.8 million of gross sales for the same period in 2008.

For the three months ended September 30, 2009, revenue totaled $1.5 million, compared with $2.9 million for the same period in 2008. The decrease was primarily the result of the previously noted decline in AUM. Total expenses for the third quarter were $1.8 million, a 29% decrease from the prior year. The decline mainly reflects reduced selling, general, administration and other expenses for the quarter, as management has continued to focus on controlling costs.

EBITDA declined to $(236,540) for the three months ended September 30, 2009, compared with $371,568 in the third quarter of 2008. Mavrix reported a net loss for the three months ended September 30, 2009 of $1.0 million, or $(0.11) per share, compared to a net loss for the three months ended September 30, 2008 of $(0.4) million, or $(0.05) per share.

The Company's complete financial statements and MD&A will be available at www.mavrixfunds.com and www.sedar.com.

(i)References to EBITDA are to earnings before interest, income taxes, depreciation and amortization. EBITDA is not a standardized earnings measure under GAAP. Management believes that in addition to net earnings, EBITDA is a useful supplemental measure as it provides investors with an indication of cash available for distribution, income taxes, working capital needs and capital expenditures. Investors should be cautioned, however, that EBITDA should not be construed as an alternative measure of liquidity and cash flows. The Company's method of calculating EBITDA may differ from other issuers and, accordingly, EBITDA may not be comparable to similarly titled measures used by other issuers.

About Mavrix Fund Management Inc.

Mavrix Fund Management Inc. is an asset management company with a focused lineup of concentrated, actively managed funds that aim to complement mainstream funds. Mavrix supports its products by providing financial advisors with regular and direct access to portfolio managers and unbiased commentary, which has enabled the company to become a trusted advisor to advisors and its clients. Mavrix is headquartered in Toronto with offices in Halifax, Montreal, and Winnipeg. Additional information about Mavrix can be found at www.mavrixfunds.com.

Forward-Looking Statements

This press release contains statements about expected future events and financial and operating results that are forward-looking and subject to uncertainties. Actual results, performance or achievement could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Except as required under securities regulations, Mavrix Fund Management Inc. disclaims any intention or obligation to update or revise any existing or forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts:
Mavrix Fund Management Inc.
Raymond M. Steele
Chief Financial Officer
416.365.4071
rsteele@mavrixfunds.com

SOURCE: Mavrix Fund Management Inc.

mailto:rsteele@mavrixfunds.com

On October 02 and 29, 2009, Mavrix announced the initial and second closing, respectively, of the Mavrix Quebec 2009 FT Limited Partnership ("the Quebec LP") which has raised $4.048 million to date. A final closing is expected to occur on November 17, 2009. On October 29, 2009, Mavrix announced the initial closing of the Mavrix Explore 2009-II FT Limited Partnership (the "LP") which has raised $2.887 million to date. A final closing is expected to occur on November 26, 2009. Previous to these latest offerings, Mavrix has raised over $480 million through 17 resource limited partnerships.

"Mavrix experienced its eighth straight month of increasing AUM largely due to positive combined mutual fund and LP sales results in October. Of note, the Mavrix Explorer Fund continues on as one of the leading Canadian natural resource funds in terms of year to date performance." said David Balsdon, CCO, Secretary-Treasurer and Vice President.

-----------------------------------------------------------------------
----
                      AUM as at      AUM as at     AUM as at     AUM as at
                     October 31,  September 30,  December 31,   October 31,
                           2009           2009          2008          2008
---------------------------------------------------------------------------
Mavrix Mutual
 Funds             $310,158,155   $314,188,162  $219,430,243  $269,554,293
---------------------------------------------------------------------------
Specialty Funds     $41,217,021    $35,721,938   $38,000,417   $42,235,093
---------------------------------------------------------------------------
Total Assets
 Under Management
 (AUM)             $351,375,176   $349,910,100  $257,430,660  $311,789,386
---------------------------------------------------------------------------
---------------------------------------------------------------------------
All amounts are expressed in Canadian dollars.

About Mavrix Fund Management Inc.

Mavrix Fund Management Inc. is an asset management company founded and operated by experienced portfolio managers. The company offers a focused lineup of concentrated, actively managed funds that aim to complement mainstream funds. Mavrix supports its products by providing financial advisors with regular and direct access to portfolio managers and unbiased commentary, which has enabled the company to become a trusted advisor to its clients. Mavrix is headquartered in Toronto with offices in Halifax, Montreal and Winnipeg. Mavrix's parent company is GrowthWorks Ltd. GrowthWorks Ltd. venture capital division specializes in the management and growth of regionally based venture capital funds. GrowthWorks Ltd. has combined assets under management of over $1 billion.

Contacts:
Mavrix Fund Management Inc.
416-362-3077 or 1-888-964-3533
www.mavrixfunds.com

SOURCE: Mavrix Fund Management Inc.

http://www.mavrixfunds.com