Mavrix Fund Management Inc. today announced the second closing of the Mavrix Resource Fund 2004 II Limited Partnership, a mining oriented flow-through fund.

To date, gross proceeds raised total $18 million. The maximum size of the offering is $50 million. Mavrix says it intends to invest the funds raised primarily in flow through shares in Canada’s burgeoning mining sector. The final closing is scheduled to take place on November 16th.

Mavrix Fund Management Inc. has been manager of three prior flow-through limited partnerships including the Mavrix Resource Fund 2004 LP that earlier this year raised $24.7 million. Depending on the applicable provincial tax rate, the 2002 flow-through had an after tax cumulative return of 59% to 75% at the time of its completion in March 2004 and the 2003 flow through at June 30, 2004 had an estimated cumulative after tax return ranging from 34% to 48%.

Canaccord Capital Corp. is lead agent for the Mavrix Resource Fund 2004 II Limited Partnership. Members of the syndicate are National Bank Financial Inc., TD Securities Inc., Dundee Securities Inc., First Associates Investments Inc., HSBC Securities (Canada) Inc., Raymond James Ltd., Berkshire Securities Inc., GMP Capital Inc., McFarlane Gordon Inc. and Wellington West Capital Inc. and Union Securities Ltd.