Pursuant to a statutory plan of arrangement announced on May 3, 2006 and approved by shareholders on June 2, 2006, each shareholder of Madalena will receive one-fifteenth of a share of Newco for each common share of the Company owned by such shareholder on the Arrangement Effective Date on Tuesday, August 22, 2006. Madalena will retain all of its cash and oil and gas assets and the Newco will acquire all mineral property assets currently held by the Company. Please see the Company's press release dated July 19, 2006 for further details of the plan.

MAVI will begin trading ex-distribution Friday, August 18, 2006. 

Symbol: MAVI
Ex-distribution Date: Friday, August 18, 2006
Record Date: Tuesday, August 22, 2006 

If you have any questions or require further information please contact Radhika Joseph at (416) 572-2000 X 2435 or 
E-mail: [email protected]