Mavrix Fund Management Inc. Announces the First Closing of the Mavrix Explore Quebec 2007-I FT Limited Partnership

    TSX: MVX

    TORONTO, Jan. 31 /CNW/ - Mavrix Fund Management Inc. is pleased to
announce the first closing of the Mavrix Explore Quebec 2007-I FT Limited
Partnership (the "LP"). The first closing raised proceeds of $ 12.2 million.
The LP will invest in a diversified portfolio of flow-through shares issued
primarily by mining companies with exploration activities in the province of
Quebec. Quebec has several geological regions with numerous producing mines
and has recently been the site of potentially world class discoveries of gold,
copper, zinc, nickel, iron, and diamonds. Provided applicable conditions under
the Quebec Tax Act are satisfied, a Quebec Limited Partner, who is a resident
of Quebec at the end of the year, may be entitled to deduct up to 150% of
certain exploration expenses incurred in the Province of Quebec.
    Mavrix Fund Management Inc. has been the manager of nine prior Resource
Flow-Through Limited Partnerships that raised over $250 million in proceeds.
    The maximum size of the offering is $25,000,000 and is being co-led by
Desjardins Securities Inc. and CIBC World Markets Inc. Other syndicate members
include TD Securities Inc., Canaccord Capital Corporation, Dundee Securities
Corporation, Laurentian Bank Securities Inc., Berkshire Securities Inc.,
Industrial Alliance Securities Inc., and Richardson Partners Financial
    The Final Closing is expected to occur February 27th.

    About Mavrix Fund Management Inc.

    Mavrix is a publicly listed company trading on the TSX under the symbol
MVX. Mavrix is headquartered in Toronto with offices in Halifax, Montreal,
Winnipeg, Calgary, and Vancouver. Mavrix Mutual Funds are distributed solely
through licensed financial advisors and stockbrokers.

    %SEDAR: 00024751E

For further information:

For further information: Raymond Steele, Chief Operating Officer and
CFO, Direct: (416) 365-4071, Toll Free: 1-888-964-3533, Email:, Or visit our website at

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