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

    TORONTO, June 2 /CNW/ - Mavrix Fund Management Inc. (TSX: MVX) today
reported Assets under Management (AUM) and sales for the month ending May 31,
2008. Total AUM increased by 5.10% in May to $557.8 million with a year to
date decrease of 12.29% and a 26.42% decrease compared to May 31, 2007.
    Mavrix reported Net Redemptions of $16.4 million on Gross Sales of
$2.9 million for Mavrix Mutual Funds for the month ended May 31, 2008. On May
16, 2008 and May 29, 2008, Mavrix announced the closing of the Mavrix Explore
2008-I FT LP and Mavrix Quebec 2008 FT LP respectively that raised gross
proceeds of $17.4 million and $11.4 million respectively. The final closings
for both LP's are scheduled to occur by mid to late June 2008.
    "Strong sales of Mavrix resource limited partnerships more than offset
the sales results for Mavrix mutual funds. Rebounding market performance for
the majority of our funds also helped improve our AUM." said David Balsdon,
CCO and Secretary-Treasurer.

                        AUM as at     AUM as at     AUM as at     AUM as at
                      May 31, 2008    April 30,    December 31,  May 31, 2007
                                        2008           2007
    Mavrix Mutual
    Funds             $437,304,047  $441,911,311  $457,522,479  $564,927,988
    Specialty Funds   $120,499,891   $88,801,598  $178,429,473  $193,209,041
    Total Assets
    Under Management
    (AUM)             $557,803,938  $530,712,909  $635,951,952  $758,137,029

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

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