Mavrix Fund Management Inc. reports Sales and Assets under Management Results for July 2008

    TORONTO, Aug. 1 /CNW/ - Mavrix Fund Management Inc. (TSX: MVX) today
reported Assets under Management (AUM) and sales for the month ending July 31,
2008. Largely due to deteriorating equity markets, total AUM decreased by
7.86% in July to $496.7 million with a year to date decrease of 21.89% and a
31.03% decrease compared to July 31, 2007.
    Mavrix reported Net Redemptions of $6.6 million on Gross Sales of
$3.3 million for Mavrix Mutual Funds for the month ended July 31, 2008. On
July 17, 2008, Mavrix announced the final closing of the Mavrix Explore 2008-I
FT LP. Sales of Mavrix resource limited partnerships have raised gross
proceeds of $47 million year to date.
    "Robust sales of Mavrix resource limited partnerships nearly offset the
sales results for Mavrix mutual funds, as gross redemptions of our mutual fund
line-up continue to decline. Nearly all of the reduction in our AUM was from
the impact of equity market performance in July." said David Balsdon, CCO and

                                                    AUM as at
                      AUM as at      AUM as at    December 31,     AUM as at
                  July 31, 2008  June 30, 2008           2007  July 31, 2007
     Funds         $385,090,066   $409,550,666   $457,522,479   $536,084,158
     Funds         $111,625,703   $129,530,477   $178,429,473   $184,145,693
    Total Assets
     (AUM)         $496,715,769   $539,081,143   $635,951,952   $720,229,851

    All amounts are expressed in Canadian dollars.

    Mavrix Fund Management Inc. is a leading Canadian niche asset management
company with shares listed on the Toronto Stock Exchange. Its stock symbol is

    %SEDAR: 00020385E

For further information:

For further information: Mavrix Fund Management Inc., Toll Free:
1-888-964-3533, Direct: (416) 362-3077, Or visit our website at

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