G-khan
11-07-2003, 12:17 AM
November 06, 2003 21:44
Maximum Ventures Inc.: Mongolian Gold/Copper Properties Optioned
VANCOUVER, British Columbia, Nov 6, 2003 (BUSINESS WIRE) -- Maximum Ventures Inc. is pleased to announce that it has agreed to an option to acquire up to a 75% interest in two portfolios of gold and copper properties in Mongolia. These highly prospective properties were assembled by Mr. Kenneth de Graaf, P.Eng. M.A.Sc., based on his knowledge and lengthy experience in Mongolia as President of Cascadia Mining Inc., a successful private exploration pioneer in Mongolia.
Maximum Ventures Inc. has the right to earn up to a 75% interest in the Edren Gold/Copper Properties - a group of gold and copper exploration properties in the south western Gobi region of Mongolia, and a right to earn up to a 75% interest in the Ulaan Gold Properties in the western region of Mongolia from a private company.
Edren Gold/Copper Properties
The Edren Gold/Copper Properties are comprised of three exploration licenses with well known copper/gold mineralization reportedly to be primarily of porphyry style with gold and molybdenum with epithermal gold system potential. As well as copper, there is documented evidence of old Chinese dry gold placer mines in the area. Exploration by western geologists identified sericitic alteration zones locally exceeding 100 meters in width, sometimes accompanied by quartz veins, carbonate alteration, and iron oxides. The shear zones generally trend north westerly and range from a few meters to more than 100 m wide and in length can exceed 10 kilometers or more.
The Edren Gold/Copper Properties are located approximately 800 km southwest of the capital city, Ulaanbataar, and 250 km from the major regional capital, Altai City together covering over 13,000 hectares.
Ulaan Gold Properties
The Ulaan Gold Properties are comprised of four exploration licenses featuring excellent exploration potential and access. Mineralization targets on these licenses include:
-- gold-rich volcanogenic, polymetallic, massive sulphide showings, mostly contained within older volcanics; -- skarn copper gold showings associated with sub-volcanic and intrusive systems; -- gold associated with shears and other structural features; and -- gold/copper stockworks that may have epithermal or porphyry type affinities.In addition, reported Russian exploration including drilling within the prospects indicate secondary mineralization is prevalent at the near surface depths tested and therefore, targets have supergene zone and enrichment potential.
The Ulaan Gold Properties are strategically located and cover a strike length of some 20 kilometers in a region considered to have very favorable geology. Location and access are excellent. The properties are only a few kilometers west of the major regional centre of Altai City.
Dr. Gerald Harper, P.Eng., of Gamah International of Toronto, an Independent Qualified Person, has visited the Edren and Ulaan Properties on behalf of Maximum Ventures and the results of his report are expected shortly.
Agreement Terms
Under the terms of the first agreement, Maximum Ventures has an option to earn up to a 75% interest in the Edren Gold/Copper Properties. For a 60% interest, Maximum Ventures has agreed to pay $100,000 USD and issue 500,000 common shares immediately, issue a further 750,000 common shares within 18 months, make property maintenance payments of $25,000 USD per year, expend $1.75 million USD on exploration staged over 4 years, and pay $200,000 USD and issue 1.5 million common shares of Maximum Ventures on or before the end of the fourth year.
Maximum Ventures plans to immediately fund $200,000 for exploration work on the Edren Gold/Copper Properties.
Maximum Ventures has the right to earn a further 15% interest for a total of 75% by funding the completion of a positive bankable feasibility study. The Vendor retains a 25% carried interest to production and retains a 1.75% NSR royalty.
Under the terms of the second agreement, Maximum Ventures has an option to earn up to a 75% interest in the Ulaan Gold Properties. For a 60% interest, Maximum Ventures has agreed to pay $100,000 USD and issue 1,000,000 common shares immediately, make yearly maintenance payments of $45,000 USD, issue a further 1.0 million common shares within 18 months, expend $2.25 million USD in exploration staged over 4 years, and pay $300,000 USD and issue 2.0 million common shares to the Vendor on or before the end of the fourth year.
Maximum Ventures plans to fund $250,000 USD immediately for exploration work on the Ulaan Gold Properties.
Maximum Ventures has the right to earn a further 15% interest for a total of 75% by funding the completion of a positive bankable feasibility study. The vendor retains a 25% carried interest to production and a 1.75% NSR royalty. A finders fee is payable in shares on the acquisitions.
Mongolia
The world class mineral potential of Mongolia has been emerging since 1997 when the Mongolian government implemented a major reform to the legislation affecting mineral exploration and tenure. All mineral tenure in Mongolia is privately held and can be 100% foreign owned.
Ivanhoe Mines' spectacular discovery of the Oyo Tolgoi copper/gold deposit highlights Mongolia's huge untapped mineral potential. Ivanhoe Mines Ltd. is developing this project in the south central Gobi region of Mongolia with worldwide attention. Cameco Gold Corp. has announced that its affiliate, AGR Ltd. in Mongolia is proceeding with construction of the Boroo Gold Mine (1.1 million oz at 3.7 g/tonne) in north central Mongolia scheduled to commence production in early 2004. Mongolia already hosts a world class porphyry copper mining operation at the Erdenet Copper Mine in north central Mongolia which contains more than 1.5 billion tonnes at 0.62% copper.
Recently, Barrick Gold announced a major investment in Mongolia with its planned purchase of a 9.5% interest in QGX Ltd., an exploration company focusing on Mongolia. Barrick's VP Exploration proclaimed, "This transaction represents a strategic investment for Barrick, providing us with a base in one of the world's most prospective gold areas. We believe that Mongolia has tremendous development potential coupled with a favorable investment climate."
Outlook
The important acquisitions give Maximum Ventures a highly prospective land position in Mongolia and a base to build on the considerable and successful Mongolian experience and network established by Mr. de Graaf in Mongolia since 1994. The two portfolios of exploration licenses have been strategically selected by Maximum following more than a year of diligent review of exploration opportunities in Mongolia as part of major initiative to pursue a new generation of mineral properties with gold and copper exploration prospects in Mongolia.
Private Placement
Maximum Ventures Inc. announces that it has agreed to a private placement of its securities to raise $1,400,000 which will consist of the sale of 10,980,392 units at $0.1275 per unit, each unit consisting of one common share and one two-year share purchase warrant with each such share purchase warrant entitling each holder to purchase one additional common share of the Company at a price of $0.25 per share. A portion of the private placement will be issued on a flow-through basis. A finder's fee is payable in shares and in cash on a portion of the private placement.
The proceeds of the private placement will be used to fund property acquisitions and exploration in Mongolia and Canada and general corporate matters.
The acquisitions, private placement and finder's fee are subject to acceptance for filing by the TSX Venture Exchange.
MAXIMUM VENTURES INC. Douglas B. Brooks, President 12g3-2(b): 82-3923The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.
SOURCE: Maximum Ventures Inc.
Maximum Ventures Inc.Douglas B. Brooks, 604-669-5819orToll Free, 888-880-2288ir@maximumventures.netwww.maximumventures.netC ustomize your Business Wire news & multimedia to match your needs.Get breaking news from companies and organizations worldwide.Logon for FREE today at www.BusinessWire.com. (http://www.BusinessWire.com.)
http://www.newsalert.com/bin/story?StoryId=Cp6NvubKbmZeWyJe2mde&Topic=Metals&Nav=na-fc-fcmetals&StoryTitle=Metals&Type=metals
Maximum Ventures Inc.: Mongolian Gold/Copper Properties Optioned
VANCOUVER, British Columbia, Nov 6, 2003 (BUSINESS WIRE) -- Maximum Ventures Inc. is pleased to announce that it has agreed to an option to acquire up to a 75% interest in two portfolios of gold and copper properties in Mongolia. These highly prospective properties were assembled by Mr. Kenneth de Graaf, P.Eng. M.A.Sc., based on his knowledge and lengthy experience in Mongolia as President of Cascadia Mining Inc., a successful private exploration pioneer in Mongolia.
Maximum Ventures Inc. has the right to earn up to a 75% interest in the Edren Gold/Copper Properties - a group of gold and copper exploration properties in the south western Gobi region of Mongolia, and a right to earn up to a 75% interest in the Ulaan Gold Properties in the western region of Mongolia from a private company.
Edren Gold/Copper Properties
The Edren Gold/Copper Properties are comprised of three exploration licenses with well known copper/gold mineralization reportedly to be primarily of porphyry style with gold and molybdenum with epithermal gold system potential. As well as copper, there is documented evidence of old Chinese dry gold placer mines in the area. Exploration by western geologists identified sericitic alteration zones locally exceeding 100 meters in width, sometimes accompanied by quartz veins, carbonate alteration, and iron oxides. The shear zones generally trend north westerly and range from a few meters to more than 100 m wide and in length can exceed 10 kilometers or more.
The Edren Gold/Copper Properties are located approximately 800 km southwest of the capital city, Ulaanbataar, and 250 km from the major regional capital, Altai City together covering over 13,000 hectares.
Ulaan Gold Properties
The Ulaan Gold Properties are comprised of four exploration licenses featuring excellent exploration potential and access. Mineralization targets on these licenses include:
-- gold-rich volcanogenic, polymetallic, massive sulphide showings, mostly contained within older volcanics; -- skarn copper gold showings associated with sub-volcanic and intrusive systems; -- gold associated with shears and other structural features; and -- gold/copper stockworks that may have epithermal or porphyry type affinities.In addition, reported Russian exploration including drilling within the prospects indicate secondary mineralization is prevalent at the near surface depths tested and therefore, targets have supergene zone and enrichment potential.
The Ulaan Gold Properties are strategically located and cover a strike length of some 20 kilometers in a region considered to have very favorable geology. Location and access are excellent. The properties are only a few kilometers west of the major regional centre of Altai City.
Dr. Gerald Harper, P.Eng., of Gamah International of Toronto, an Independent Qualified Person, has visited the Edren and Ulaan Properties on behalf of Maximum Ventures and the results of his report are expected shortly.
Agreement Terms
Under the terms of the first agreement, Maximum Ventures has an option to earn up to a 75% interest in the Edren Gold/Copper Properties. For a 60% interest, Maximum Ventures has agreed to pay $100,000 USD and issue 500,000 common shares immediately, issue a further 750,000 common shares within 18 months, make property maintenance payments of $25,000 USD per year, expend $1.75 million USD on exploration staged over 4 years, and pay $200,000 USD and issue 1.5 million common shares of Maximum Ventures on or before the end of the fourth year.
Maximum Ventures plans to immediately fund $200,000 for exploration work on the Edren Gold/Copper Properties.
Maximum Ventures has the right to earn a further 15% interest for a total of 75% by funding the completion of a positive bankable feasibility study. The Vendor retains a 25% carried interest to production and retains a 1.75% NSR royalty.
Under the terms of the second agreement, Maximum Ventures has an option to earn up to a 75% interest in the Ulaan Gold Properties. For a 60% interest, Maximum Ventures has agreed to pay $100,000 USD and issue 1,000,000 common shares immediately, make yearly maintenance payments of $45,000 USD, issue a further 1.0 million common shares within 18 months, expend $2.25 million USD in exploration staged over 4 years, and pay $300,000 USD and issue 2.0 million common shares to the Vendor on or before the end of the fourth year.
Maximum Ventures plans to fund $250,000 USD immediately for exploration work on the Ulaan Gold Properties.
Maximum Ventures has the right to earn a further 15% interest for a total of 75% by funding the completion of a positive bankable feasibility study. The vendor retains a 25% carried interest to production and a 1.75% NSR royalty. A finders fee is payable in shares on the acquisitions.
Mongolia
The world class mineral potential of Mongolia has been emerging since 1997 when the Mongolian government implemented a major reform to the legislation affecting mineral exploration and tenure. All mineral tenure in Mongolia is privately held and can be 100% foreign owned.
Ivanhoe Mines' spectacular discovery of the Oyo Tolgoi copper/gold deposit highlights Mongolia's huge untapped mineral potential. Ivanhoe Mines Ltd. is developing this project in the south central Gobi region of Mongolia with worldwide attention. Cameco Gold Corp. has announced that its affiliate, AGR Ltd. in Mongolia is proceeding with construction of the Boroo Gold Mine (1.1 million oz at 3.7 g/tonne) in north central Mongolia scheduled to commence production in early 2004. Mongolia already hosts a world class porphyry copper mining operation at the Erdenet Copper Mine in north central Mongolia which contains more than 1.5 billion tonnes at 0.62% copper.
Recently, Barrick Gold announced a major investment in Mongolia with its planned purchase of a 9.5% interest in QGX Ltd., an exploration company focusing on Mongolia. Barrick's VP Exploration proclaimed, "This transaction represents a strategic investment for Barrick, providing us with a base in one of the world's most prospective gold areas. We believe that Mongolia has tremendous development potential coupled with a favorable investment climate."
Outlook
The important acquisitions give Maximum Ventures a highly prospective land position in Mongolia and a base to build on the considerable and successful Mongolian experience and network established by Mr. de Graaf in Mongolia since 1994. The two portfolios of exploration licenses have been strategically selected by Maximum following more than a year of diligent review of exploration opportunities in Mongolia as part of major initiative to pursue a new generation of mineral properties with gold and copper exploration prospects in Mongolia.
Private Placement
Maximum Ventures Inc. announces that it has agreed to a private placement of its securities to raise $1,400,000 which will consist of the sale of 10,980,392 units at $0.1275 per unit, each unit consisting of one common share and one two-year share purchase warrant with each such share purchase warrant entitling each holder to purchase one additional common share of the Company at a price of $0.25 per share. A portion of the private placement will be issued on a flow-through basis. A finder's fee is payable in shares and in cash on a portion of the private placement.
The proceeds of the private placement will be used to fund property acquisitions and exploration in Mongolia and Canada and general corporate matters.
The acquisitions, private placement and finder's fee are subject to acceptance for filing by the TSX Venture Exchange.
MAXIMUM VENTURES INC. Douglas B. Brooks, President 12g3-2(b): 82-3923The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.
SOURCE: Maximum Ventures Inc.
Maximum Ventures Inc.Douglas B. Brooks, 604-669-5819orToll Free, 888-880-2288ir@maximumventures.netwww.maximumventures.netC ustomize your Business Wire news & multimedia to match your needs.Get breaking news from companies and organizations worldwide.Logon for FREE today at www.BusinessWire.com. (http://www.BusinessWire.com.)
http://www.newsalert.com/bin/story?StoryId=Cp6NvubKbmZeWyJe2mde&Topic=Metals&Nav=na-fc-fcmetals&StoryTitle=Metals&Type=metals