MXR NEWS RELEASE!!!
Hello Everyone:
I found this on the MXR web site this afternoon. I have not yet seen the release on the Stockwatch site. I am assuming that this is going to be released by MXR today. However it is not yet verified and do not based your investment decisions on the information I provide to you!
NEWS RELEASE: FOR IMMEDIATE RELEASE
Vancouver, B.C. - September 29, 1997. Maximum Resources Inc. is pleased to announce that, subject to regulatory
acceptance, the Company has signed an option with Gwen Resources Inc., a private Nevada corporation, to allow
Maximum to acquire up to an 80% interest in 19 unpatented claims and 1 millsite claim in Inyo County, California,
U.S.A.
The option held by the Company is valid until December 31, 2001, and allows Maximum to acquire an initial 51%
interest by the expenditure of US$178,000 on work programs, staged payments of US$48,000 and the issuance of
100,000 common shares in three tranches. After an aggregate expenditure of US$678,000 on staged work
expenditures and total cash payments of US$70,000, Maximum will have earned a total of an 80% interest. At that time
a joint venture will be signed with Gwen Resources for final development of the property.
The property is located on the east side of the Owens Valley, approximately ten miles north of the town of
Independence, California, and comprises approximately 375 acres. The claims form the major part of the Eureka
Mountain gold project. Earlier work done in 1986 and 1987 for several Toronto, Canada, based junior mining
companies, culminated in a drill program using a light, portable rotary percussion drill. Results from the program
included 7.26 oz per ton gold over a vein width of 3.83 feet and 0.065 oz per ton gold over a vertical depth of 110 feet.
Maximum believes that the drill equipment used was incapable of providing adequate definitive samples. The results
should be viewed as indicators of significant gold mineralization only and that the values returned were conservative
and non-specific as to depths in the drill holes sampled. As noted in the report from 1987, "Several drill holes
encountered broken ground which suggests the presence of this favourable mineralizing fault structure. Often no
percussion drill cuttings were returned while in many of these sheared zones".
Commenting on the past work programs, Gordon D. House, P.Geo. and Vice President-Exploration for Maximum
stated, "The previous work programs have shown extensive alteration associated with the high grade quartz veins and
the feldspar porphyry intrusives indicating an active mineralizing system. The early drill programs used equipment
incapable of returning adequate samples from depth and while the results indicate the presence of gold, the values
returned should be considered conservative". Mr. House believes that a reverse circulation drill with a center return bit
will enable a proper evaluation of the gold potential present.
The property covers the faulted boundary of the Owens Valley fault zone and includes mesozoic granitic intrusives and
Tertiary feldspar porphyry dikes with shear related quartz veins associated with extensive alteration and gold
mineralization. All the earlier work was concentrated on the high grade gold in the quartz veins, however, the extensive
alteration envelope was shown to carry gold values which could be proven economic for a bulk tonnage, open pit gold
mining operation.
Work on the property will commence immediately.
As noted in a news release of July 16, 1997 the property in Chile that Maximum was evaluating did not meet
expectations and will not be pursued. Discussions regarding a number of other excellent prospects are on-going and
may be concluded shortly.
On Behalf of the Board,
Russell K. Godwin
President
For investor information please contact RGM Communications Inc. (604) 687-1414 or (U.S.A. & Canada)
1-800-774-5133 or through E-mail (rgodwin@rgm.com)
THE VANCOUVER STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS PRESS RELEASE. |
