Maxtech Ventures is a Canadian resource exploration and development company with diversified mining assets in Canada and internationally.
| October 27, 2009 Maxtech Ventures Enters Into An Option Agreement To Acquire Concessions In Guinea, West Africa | |
| October 27, 2009 - Vancouver, B.C. -- Maxtech Ventures Inc. ("Maxtech" or the "Company") is pleased to announce that it has entered into an Option Agreement with SM/HM Guinea SARL, a company registered in Conakry, Guinea, whereby Maxtech can earn up to an undivided 70% interest in a uranium concession and an iron concession located in S.E. Guinea. The Company is required to spend a total of CAD$1,000,000 over a period of four (4) years in exploration expenditures commencing not later than March 1, 2010 and make cash payments totaling CAD$100,000 over the next two (2) years in four (4) equal payments of CAD$25,000 commencing 28 days after signing a formal agreement. The concessions are as follows: Uranium Concession 192V Area: Prefecture of Beyla, Guinea Size: 231 sq km (Split over two sites) License: #444 Iron Ore Concession 192V1 Area: Prefecture of Kerouane, Guinea Size: 486 sq Km Licence: #445 The iron ore concession is located approximately 450km east of Conakry and 30km just west of the Simandou Mountain Range and is a few kilometers west of a proposed rail link which when completed will give direct access to the main Guinean port and proposed new deep water port south of Conakry, the capital city. The rail link will also provide direct access to the surrounding countries and a seamless connection to the existing railroad networks throughout the rest of Africa. The completion date of the rail link and port, estimated to be between 2010 and 2012, will enable a more cost effective approach to the transportation of raw and refined product. Within the region there is also scope for the implementation of a pellet plant which would again reduce shipping costs. The geology of the Simandou Range is described as a sequence of deformed Precambrian itabirites (banded iron formation), phyllites and quartzites within Proterozoic basement rocks. At surrounding sites, the itabirites have been enriched through alteration to form high grade hematite and hematite-goethite mineralization. The meteoric alteration has caused the separation of silica and resulted in an enrichment of the tenor of iron, in some cases, to more than 70%. In 1996 BGR (Bundesanstalt für Geowissenschaften und Rohstoffe, Hannover, Germany) undertook an extensive project to analyze the entire region on behalf of the Guinea Government. Its findings, reported on in 1998, brought many experienced and renowned mining and exploration companies to the region, including Rio Tinto. Maxtech intends to review the existing and available technical information pertaining to the concessions and to mobilize a ground crew to investigate the Company's findings. The agreement is subject to all regulatory and board approvals. On behalf of the Board of Directors, "Thomas Tough" Thomas R. Tough, P.Eng. President, CEO. 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. NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. | |
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