It is demonstrated in this paper that a novel structure which consists of V-shaped conducting strips may exhibit magnetic resonance effect similar to the split ring resonator structures. The simulations have been done using Ansoft HFSS v9.2. By applying a time varying electric field to the V-shaped structure, the location of the resulting resonant frequency has been determined and furthermore, the dependency of resonance frequency on arm width, arm angle, and dielectric thickness have been investigated.