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Maximus Update on Exploration Activities and Liquidities
Thursday September 6, 11:40 am ET
Follow-up exploration underway on the newly discovered high-grade gold zones at Larder Lake
LONGUEUIL, QUEBEC--(Marketwire - Sept. 6, 2007) - Maximus Ventures Ltd. ("Maximus") (TSX VENTURE:MXV - News) is pleased to announce that follow-up drilling has commenced on the newly discovered high-grade gold zones at the Larder Lake Project located in Ontario, Canada, and provide an update on its other exploration activities.
Larder Lake - Ontario, Canada
The first phase of follow-up drilling on the Larder Lake project consists of four drill holes located respectively 150m up-dip, down-dip, east and west of hole #11 intersections (10.4g/t Au over 5.2m, including 20.8g/t Au over 1.5m, and 13.3g/t Au over 6.0m, including 18.6g/t Au over 4.2m). The objective of the four drill holes is to evaluate the area around this newly discovered high grade gold mineralization and test for potential extensions. The first hole should reach its target depth at the end of this week and assay results are expected to be available by month-end. All four drill holes should be completed by the end of October. Based on the assay results, additional drilling may be carried out to further investigate and potentially increase the size of the mineralized zones.
Agreement
The Larder Lake Project consists of the Cheminis, Bear Lake, and Fernland properties (all 100% NFX owned) and the Barber Larder property (75% NFX owned). Under the Option and Joint Venture Agreement between Maximus and NFX signed March 3, 2006, Maximus has the right to earn a 60% interest in NFX's interest at Larder Lake by expending $6 million on exploration by December 31, 2008.
Unity Gold Project - Warren, Idaho, USA
Due to the numerous forest fires raging in the area of the Unity Gold project, Maximus was unable to begin the exploration program on the high-grade gold Unity Project in August as planned. The forest fire situation has now greatly improved and contractors will visit the property in early September to evaluate the rehabilitation work required in the Unity Mine adit prior to starting a planned underground drilling program. The first phase of work at Unity is planned to include rehabilitating the Unity adit in order to carry out 1,400 meters of underground drilling to test the lateral and down-dip extensions of the very high grade Little Giant and Rescue gold veins. The objective of the work program planned for Unity is to complete, as soon as possible, a feasibility study to evaluate the economic viability of reopening the Unity gold mine.
Agreement
Maximus, through its wholly-owned US-based subsidiary, Walker Lane Gold LLC (Walker), can earn a 60% joint venture interest from Unity GoldSilver Mines Inc. by spending US$1.0 million in exploration and development work on the property and by completing a positive feasibility study on or before November 30, 2010. Targeted expenditures are US$250,000 in 2007, US$350,000 in 2008 and US$400,000 in 2009.
Hope Bay Project - Nunavut, Canada
A total of 2,620m of drilling (11 holes) were completed at Hope Bay, exclusively in the Chicago area. The drill program tested the continuity and extent of a large gold-silver alteration system (hole#6: 0.2g/t Au over 108m and hole#10: 0.5g/t Au over 82m) in order to locate potential higher grade gold-silver shoots. All holes intersected alternating sequences of felsic tuffs and flows locally cut by gabbroic dykes. In general, holes are moderately sericitized and/or chloritized with locally up to 5-10% pyrite. However, an increase in alteration and mineralization is seen towards the north, indicating a possible vector in that direction. To date, only 5% of the assay results have been received and a total of 989 are still outstanding. They should all be received by the end of September. The drilling at Chicago is now completed. Maximus will wait until all the assay results are received and compiled to plan additional drill holes at Hope Bay.
Agreement
Maximus' Hope Bay Project comprises two separate claim blocks (Chicago and Twin Peaks) held under an option and joint venture agreement with Miramar. The agreement allows Maximus to earn a 75% interest in the Chicago and Twin Peaks claim groups. Terms of the agreement require cumulative expenditures and advances of at least $3,250,000 by October 30, 2007, $5,250,000 by October 30, 2008, and $7,250,000 by October 30, 2009 to complete the earn-in. Miramar has the option to buy back 25 percent after vesting by Maximus. At the end of July 2007, Maximus has spent over $4,000,000 on the project.
Liquidities
As previously disclosed, the Company currently has an amount of $4.8 million of its $5.4 million in cash and equivalent invested in Canadian asset-backed commercial paper ("ABCP"). The remaining $0.6 million is held in available cash. The Company continues to monitor the ABCP situation and will provide updates as to the impact on the Company of any new development in this regard.
In order to ensure that no disruption occurs on any of its exploration program in the short-term, the Company has entered into a temporary line of credit in the initial amount of $1.0 million. Such financing is secured by the Company's ABCP investment. Given the current rate of expenditure, the Company believes that it has sufficient cash available to meet its current financial obligations. The Company is also actively evaluating various other financing options and, if successful, does not intend to utilize the line of credit. However, there can be no assurance that the Company will be successful in securing such other financing option, in the event that they become necessary.
Forward-looking Statements
This release contains certain "forward-looking statements". All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", and "intend" and statements that an event or result "may", "will", "can", "should", "could" or "might" occur or be achieved and other similar expressions. These forward-looking statements reflect the current internal projections, expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this news release.
biz.yahoo.com/ccn/070906/200709060411721001.html?.v=1
Thursday September 6, 11:40 am ET
Follow-up exploration underway on the newly discovered high-grade gold zones at Larder Lake
LONGUEUIL, QUEBEC--(Marketwire - Sept. 6, 2007) - Maximus Ventures Ltd. ("Maximus") (TSX VENTURE:MXV - News) is pleased to announce that follow-up drilling has commenced on the newly discovered high-grade gold zones at the Larder Lake Project located in Ontario, Canada, and provide an update on its other exploration activities.
Larder Lake - Ontario, Canada
The first phase of follow-up drilling on the Larder Lake project consists of four drill holes located respectively 150m up-dip, down-dip, east and west of hole #11 intersections (10.4g/t Au over 5.2m, including 20.8g/t Au over 1.5m, and 13.3g/t Au over 6.0m, including 18.6g/t Au over 4.2m). The objective of the four drill holes is to evaluate the area around this newly discovered high grade gold mineralization and test for potential extensions. The first hole should reach its target depth at the end of this week and assay results are expected to be available by month-end. All four drill holes should be completed by the end of October. Based on the assay results, additional drilling may be carried out to further investigate and potentially increase the size of the mineralized zones.
Agreement
The Larder Lake Project consists of the Cheminis, Bear Lake, and Fernland properties (all 100% NFX owned) and the Barber Larder property (75% NFX owned). Under the Option and Joint Venture Agreement between Maximus and NFX signed March 3, 2006, Maximus has the right to earn a 60% interest in NFX's interest at Larder Lake by expending $6 million on exploration by December 31, 2008.
Unity Gold Project - Warren, Idaho, USA
Due to the numerous forest fires raging in the area of the Unity Gold project, Maximus was unable to begin the exploration program on the high-grade gold Unity Project in August as planned. The forest fire situation has now greatly improved and contractors will visit the property in early September to evaluate the rehabilitation work required in the Unity Mine adit prior to starting a planned underground drilling program. The first phase of work at Unity is planned to include rehabilitating the Unity adit in order to carry out 1,400 meters of underground drilling to test the lateral and down-dip extensions of the very high grade Little Giant and Rescue gold veins. The objective of the work program planned for Unity is to complete, as soon as possible, a feasibility study to evaluate the economic viability of reopening the Unity gold mine.
Agreement
Maximus, through its wholly-owned US-based subsidiary, Walker Lane Gold LLC (Walker), can earn a 60% joint venture interest from Unity GoldSilver Mines Inc. by spending US$1.0 million in exploration and development work on the property and by completing a positive feasibility study on or before November 30, 2010. Targeted expenditures are US$250,000 in 2007, US$350,000 in 2008 and US$400,000 in 2009.
Hope Bay Project - Nunavut, Canada
A total of 2,620m of drilling (11 holes) were completed at Hope Bay, exclusively in the Chicago area. The drill program tested the continuity and extent of a large gold-silver alteration system (hole#6: 0.2g/t Au over 108m and hole#10: 0.5g/t Au over 82m) in order to locate potential higher grade gold-silver shoots. All holes intersected alternating sequences of felsic tuffs and flows locally cut by gabbroic dykes. In general, holes are moderately sericitized and/or chloritized with locally up to 5-10% pyrite. However, an increase in alteration and mineralization is seen towards the north, indicating a possible vector in that direction. To date, only 5% of the assay results have been received and a total of 989 are still outstanding. They should all be received by the end of September. The drilling at Chicago is now completed. Maximus will wait until all the assay results are received and compiled to plan additional drill holes at Hope Bay.
Agreement
Maximus' Hope Bay Project comprises two separate claim blocks (Chicago and Twin Peaks) held under an option and joint venture agreement with Miramar. The agreement allows Maximus to earn a 75% interest in the Chicago and Twin Peaks claim groups. Terms of the agreement require cumulative expenditures and advances of at least $3,250,000 by October 30, 2007, $5,250,000 by October 30, 2008, and $7,250,000 by October 30, 2009 to complete the earn-in. Miramar has the option to buy back 25 percent after vesting by Maximus. At the end of July 2007, Maximus has spent over $4,000,000 on the project.
Liquidities
As previously disclosed, the Company currently has an amount of $4.8 million of its $5.4 million in cash and equivalent invested in Canadian asset-backed commercial paper ("ABCP"). The remaining $0.6 million is held in available cash. The Company continues to monitor the ABCP situation and will provide updates as to the impact on the Company of any new development in this regard.
In order to ensure that no disruption occurs on any of its exploration program in the short-term, the Company has entered into a temporary line of credit in the initial amount of $1.0 million. Such financing is secured by the Company's ABCP investment. Given the current rate of expenditure, the Company believes that it has sufficient cash available to meet its current financial obligations. The Company is also actively evaluating various other financing options and, if successful, does not intend to utilize the line of credit. However, there can be no assurance that the Company will be successful in securing such other financing option, in the event that they become necessary.
Forward-looking Statements
This release contains certain "forward-looking statements". All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", and "intend" and statements that an event or result "may", "will", "can", "should", "could" or "might" occur or be achieved and other similar expressions. These forward-looking statements reflect the current internal projections, expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this news release.
biz.yahoo.com/ccn/070906/200709060411721001.html?.v=1
