05/09/2005- Reports 2004 Results

[Franko10 ™]

News Release - Monday, May 09, 2005
Morgain Minerals Inc. Reports 2004 Results
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Vancouver, BC, May 9, 2005 - Further to its news release dated May 5,
2005 announcing financial results for its fiscal year ended December
31, 2004, Morgain Minerals Inc. (TSX-V: MGM) (the "Company") reports
the following amendments to its Results of Operations.

Results of Operations

For the year ended December 31, 2004, the Company had a net loss of
$1,471,734 ($0.03 per share), an improvement of $1,288,840 or 47%
versus the $2,760,574 net loss in 2003 when $1,503,779 of industrial
minerals property and the Vat Leach Plant costs were written off and
$650,285 of the Company's investment in Compania Minera El Arca was
written down. In 2004, $723,275 and $217,737 in stock based
compensation and property investigation respectively were expensed (nil
in 2003). General and administrative expenses in 2004 were $90,019
higher (+20%) than 2003 mainly due to the bonuses paid to exiting
directors, the relocation of the Company's corporate offices from
Toronto to Vancouver and higher legal, audit and accounting expenses
arising from the corporate reorganization.


For further information, please contact:
Chester F. Millar - Chairman and President
Telephone: [phone]


The TSX has neither approved nor disapproved of the information
contained herein.

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Copyright (c) 2005 MORGAIN MINERALS INC. (MGM) All rights reserved.
For more information visit our website at
www.morgainminerals.com/ or send mailto:[e-mail]
Message sent on Mon May 9, 2005 at 1:47:35 PM Pacific Time
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