Mavrix Fund Management Inc. Reports Sales and Assets Under Management Results for October 2009

Mavrix Fund Management Inc. ("Mavrix") today reported Assets under Management (AUM) and sales for the month ending October 31, 2009. Total AUM increased by 0.42% in October to $351.4 million with a year to date increase of 36.49% and a one year increase of 12.70% compared to October 31, 2008.

Mavrix reported Net Redemptions of $2.9 million on Gross Sales of $6.6 million for Mavrix Mutual Funds for the month ended October 31, 2009. A significant portion of the Gross Redemptions was attributable to unit holders raising funds in advance of Mavrix Limited Partnership IPO's.

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.

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

SOURCE: Mavrix Fund Management Inc.

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

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