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Re: News Release - Thursday, September 06, 2007
Maximus Update on Exploration Activities and Liquidities
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Follow-up exploration underway on the newly discovered high-grade gold
zones at Larder Lake
Longueuil, Quebec: September 6, 2007. Maximus Ventures Ltd. ("Maximus")
(TSX Venture Exchange: MXV) 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.
For further information please contact:
Fran�ois Viens
President
Maximus Ventures Ltd.
Telephone: (450) 677-1009
Facsimile: (450) 677-2601
www.maximusventures.com
The TSX Venture Exchange has neither approved nor disapproved of the
contents of this news release.
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. Forwardlooking 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.
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Copyright (c) 2007 MAXIMUS VENTURES LTD. (MXV) All rights reserved.
For more information visit our website at
http://www.maximusventures.com/ or send mailto:info@maximusventures.com
Message sent on Thu Sep 6, 2007 at 9:36:32 AM Pacific Time
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