Marum Resources Inc. (the “Company”) is an exploration stage company engaged in the acquisition,

exploration and development of mineral properties of merit in Canada with the aim of developing them to a

stage where they can be exploited at a profit or to arrange joint ventures whereby other companies provide

funding for development and exploitation. Currently, the Company’s exploration activities are dedicated to

gold exploration in Manitoba. To date, the Company has not yet determined whether these properties

contain economically recoverable minerals.

Since December 2003, the Company has established a varied and strategic land position in the Rice Lake

Gold Belt located a thee-hour drive north of Winnipeg, Manitoba. During the nine months ended September

30, 2008, exploration was carried out by the Company on the Strike Point joint venture property and the

Poundmaker joint venture property.

The unaudited interim financial statements of the Company for the three and nine months ended

September 30, 2008, prepared by management, have been prepared on the basis that the Company will be

able to discharge its obligations and realize its assets in the normal course of business at the values at

which they are carried in these financial statements, and that the Company will be able to continue its

business activities. Management believes that the Company will be able to raise the necessary funds to

enable it to meet its commitments as they become due.

During the nine months ended September 30, 2008, the Company carried out prospecting and mapping

activities on the Poundmaker option claims and the Strike Point joint venture property in the northwest

part of the Rice Lake gold belt. Due to the large size of the areas under exploration and the discovery of

new surface showing areas, the Company will continue with prospecting and sampling on both the

Poundmaker and the Strike Point properties until the end of October 2008, including the localization and

spotting of hole locations for drilling during the winter. The Company expects to raise additional funds in

late 2008 and is expected to proceed with a drilling program in early 2009.

Additional prospecting and mapping is expected on the Gem, Angelina and Beresford Lake claim areas in

2009. Discussions with San Gold Corporation will continue to determine the ongoing exploration

strategy for the Strike Point and Beresford Lake joint venture properties (Marum/San Gold JV lands).

All of the Company’s active properties are located in Manitoba’s Rice Lake gold belt, the most significant

lode-gold district in Manitoba, Canada, with hundreds of documented surface gold occurrences and

historic production from several past-producing mines. The Rice Lake Mine (formerly the San Antonio

Mine) was re-activated by San Gold Corporation in 2006. The Rice Lake gold belt consists of

For the three and nine months ended September 30, 2008

metavolcanic and metasedimentary rocks of the Rice Lake Group, metasedimentary rocks of the San

Antonio Formation and various intrusive rocks. Although located in the geologically prospective Rice

Lake gold belt, all of the Company’s properties represent early stage, high risk exploration projects. There

is no assurance that the Company’s exploration activities will result in the discovery of an economic

mineral deposit.

None of the Company’s properties contain any mining equipment or infrastructure. Access to all of the

properties is via a well maintained gravel highway (Highway 304) that runs along the trend of the entire

Rice Lake Gold belt.

The Company has seven exploration projects in the Rice Lake gold belt comprising 158 claims covering

28,177 hectares. The projects are subdivided into the Goldridge, Ultra, Poundmaker, Angelina, Gem,

Beresford Lake and Strike Point properties. Exploration activities during the first three quarters of 2008

were carried out on the Goldridge, Ultra, Poundmaker and Strike Point properties. Additionally, six new

claims were staked (100% Marum) to cover new surface showings that will be investigated in the fourth

quarter of 2008.

The Goldridge property consists of 18 claims covering approximately 4,420 hectares in the west end of the

Rice Lake gold belt. 15 of these claims were staked in June 2007 which effectively doubled the size of the

Goldridge area.

The Ultra property consists of 15 claims covering approximately 3,440 hectares in the west end of the Rice

Lake gold belt.

The Poundmaker property consists of 72 claims covering approximately 12,176 hectares adjacent and to the

east of the Company’s Goldridge properties.

In February 2008, the Company signed an option agreement (the “Poundmaker Option Agreement”) to

earn up to a 100% interest in a portion of Wildcat Exploration Ltd.’s (“Wildcat”) Poundmaker property

for consideration comprised of cash plus common shares of the Company payable as follows: