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

    TORONTO, July 2 /CNW/ - Mavrix Fund Management Inc. (TSX: MVX) today
reported Assets under Management (AUM) and sales for the month ending June 30,
2008. Total AUM decreased by 3.36% in June to $539.1 million with a year to
date decrease of 15.23% and a 26.72% decrease compared to June 30, 2007.
    Mavrix reported Net Redemptions of $10.9 million on Gross Sales of $4.0
million for Mavrix Mutual Funds for the month ended June 30, 2008. On June 19,
2008 and June 26, 2008, Mavrix announced the closings of the Mavrix Explore
2008-I FT LP and Mavrix Quebec 2008 FT LP respectively that raised gross
proceeds of $27.05 million and $14.99 million to date respectively. The final
closing for the Mavrix Explore 2008-I FT LP is scheduled to occur on July 16,
    "Strong sales of Mavrix resource limited partnerships more than offset
the sales results for Mavrix mutual funds, as was the case in May 2008. Market
conditions in June dampened performance leading to the drop in our AUM." said
David Balsdon, CCO and Secretary-Treasurer.

                                                    AUM as at
                      AUM as at      AUM as at    December 31,     AUM as at
                  June 30, 2008   May 31, 2008           2007  June 30, 2007
    Funds          $409,550,666   $437,304,047   $457,522,479   $552,346,134
    Funds          $129,530,477   $120,499,891   $178,429,473   $183,289,584
    Total Assets
    (AUM)          $539,081,143   $557,803,938   $635,951,952   $735,635,718

    All amounts are expressed in Canadian dollars.

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

    %SEDAR: 00020385E

For further information:

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

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