Overview

Maxtech Ventures, through its wholly owned Indian subsidiary, Maxtech Resources (PVT) Ltd, was granted a Reconnaissance Permit (RP) in March, 2010 covering 212.75 square kilometres in the Lalitpur District, in the state of Uttar Pradesh (U.P.), India. The RP was granted to explore for iron, gold and platinum group elements, base metals, uranium and diamonds.

In March 2012, the Company relinquished 50% of its acreage position in the RP as per Indian mining laws. The Company then has one year to convert up to 25 sq. km. of the remaining acreage in the RP to a Prospecting License (PL). The PL is the next level of permitting and will allow the Company to perform advanced exploration work on the project for an additional three years.

An initial 5.5 sq. km. PL has now been applied for and is currently going through the approval process. The area in this PL encompasses the known iron deposit comprised of a Banded Iron Formation (BIF), located within a large airborne magnetic anomaly. The anomaly is approximately 20 kilometres in length, and varying in width between one to six kilometres. Within the anomalous area, crews have also identified three rare earth elements (REE) anomalies. Maxtech will submit additional applications to increase the size of the PL to the maximum allowable acreage, in the first quarter of 2013.