Mavrix Fund Management Inc. Reports Sales and Assets Under Management Results for September 2008

    TORONTO, Oct. 1 /CNW/ - Mavrix Fund Management Inc. (TSX: MVX) today
reported Assets Under Management (AUM) and Sales for the month ending
September 30, 2008. Mostly due to the continued turmoil in the equity markets,
total AUM decreased by 16.1% in September 2008 to $395.8 million with a
year-to-date decrease of 37.8% and a 45.0% decrease compared to September 30,
    Mavrix reported Net Redemptions of $4.0 million on Gross Sales of
$3.6 million for Mavrix Mutual Funds for the month ended September 30, 2008.
On September 30, 2008, Mavrix announced the filing of the final prospectus of
the Mavrix Explore 2008-II FT Limited Partnership (the "LP"). The LP will
invest in a diversified portfolio of flow-through shares issued primarily by
mining companies that engage in exploration activities in Canada. Sales of
Mavrix resource limited partnerships have raised gross proceeds of $47 million
    "Despite the challenging market conditions that are impacting everyone,
we continue to see declining gross redemptions for our mutual funds and are
encouraged by investor interest in our current resource LP offering. We look
forward to future rewarding opportunities in the market." said David Balsdon,
CCO and Secretary-Treasurer.

                         AUM as at     AUM as at     AUM as at     AUM as at
                           Sep. 30,      Aug. 31,      Dec. 31,      Sep. 30,
                              2008          2008          2007          2007
    Mavrix Mutual
     Funds            $333,131,093  $378,911,322  $457,522,479  $508,842,218
    Specialty Funds    $62,682,914   $92,660,939  $178,429,473  $210,932,195
    Total Assets
     Management (AUM) $395,814,007  $471,572,261  $635,951,952  $719,774,413

    All amounts are expressed in Canadian dollars.

    About Mavrix Fund Management Inc.

    Mavrix Fund Management Inc. (TSX: MVX) is an asset management company
founded and operated by experienced portfolio managers. The company offers a
focused line-up 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,
Winnipeg, Calgary, and Vancouver. Additional information about Mavrix can be
found at

    %SEDAR: 00020385E

For further information:

For further information: Mavrix Fund Management Inc., 1-888-964-3533,
(416) 362-3077 or

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