Maxtech Ventures is a Canadian resource exploration and development company with diversified mining assets in Canada and internationally.
Maxtech Ventrues Signs Option Agreement on Prospect in the Democratic Republic of the Congo
February 18, 2008
Maxtech Ventures Inc. (TSX.V – MVT / Frankfurt: O3X) ("MaxTech" or the "Company") is pleased to announce that it has entered into a five year option agreement to acquire up to 100% interest in a 36 square kilometre platinum, copper and tin prospect in the Democratic Republic of the Congo (the "DRC").
Maxtech can earn a 70% interest in the project by completing a prefeasibility study on the property, can purchase an additional 5% interest for cash and the remaining 25% interest in the project can be acquired for common shares in Maxtech, based on a valuation of the property and prevailing market price of the Company’s common stock at the time of the acquisition.
The Company has now commenced a 90 day due diligence period to evaluate information on the project. Upon successful completion of its due diligence, Maxtech will advance the Optionor US$100,000. This is an advance payment against acquiring a 5% interest in the property from the Optionor, with the final purchase price to be determined based upon a valuation is established in the future.
Also upon successful completion of its due diligence, the Company will engage independent consultants to prepare a technical report on the project to NI43-101 standards. The mining department of the government of the DRC has extensive technical and geological data on the prospect, due to previous work completed in the area. To assist in the development of this report, the Company has an agreement to acquire this information at a cost of $150,000.
Going forward, Maxtech does not have specific exploration commitments, but will be responsible for costs relating to taking the project to the Prefeasibility stage.
A formal agreement will be undertaken by the parties after the Company has completed its due diligence. This agreement is subject to regulatory approval.
On Behalf of the Board of Directors:
(signed "Thomas R. Tough")
Thomas R. Tough, P. Eng.
President
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.
