Maxtech Ventures Inc. Subsidiary Granted Concession In Lalitpur District, Uttar Pradesh, India
The RP covers an area of 212.75 km2 of which 4.945 km2 have been mapped by the Ministry of Mines at a scale of 1:1000. The writer recently visited drill sites in the East Girar area of the RP and had discussions with geologists and geophysicists who were in charge of the exploration program. A demonstration as to the method of field sample preparation of the drill core was also given.
An auriferous banded iron formation (BIF) striking NE-SW and dipping to the north has been traced by mapping, geophysics (IP and magnetic) and surface sampling over a strike length of approximately 3.5 kilometers. A total of 11 diamond drill holes have been completed along 1.5 kilometers of the BIF. Gold-bearing sulphide, mainly pyrite (5-20%), seen in the core of drill hole GBH-21, occurs as narrow massive parallel bands and disseminations.
Gold values range between 0.30 and 1.69 grams/tonne from surface samples and between 0.30 and 12.43 grams/tonne from diamond drill core. All of the exploration to date has been carried out by the Ministry of Mines and arrangements have been made to acquire all of the classified data that has been, and is currently being, compiled by the Ministry.
The Company plans to continue drilling and evaluating the banded iron formation for its gold content.
On Behalf of the Board of Directors,
"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.
The TSX Venture Exchange does not accept responsibility for the accuracy or adequacy of this News Release.
Maxtech Ventures Enters Into An Option Agreement To Acquire Concessions In Guinea, West Africa
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.
Maxtech Announces Loan Agreement
As partial consideration for the Loan, Abacus has agreed to issue to Maxtech by way of a non-refundable bonus, 1,250,000 common shares in the capital of Abacus.
The Loan is secured, inter alia, by a first-ranking security interest in Abacus' expected 2008 mineral exploration tax credit from British Columbia government and a general security agreement covering all present and subsequently acquired personal property of Abacus.
The Loan Agreement and the transactions contemplated thereby are subject to approval by the TSX Venture Exchange.
On Behalf of the Board of Directors
signed "Thomas R. Tough"
Thomas R. Tough, P.Eng
President
For further information, contact Thomas R. Tough by telephone at (604) 687-2038, or by email at .
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.
Maxtech Ventures Appoints New Director and New Chief Financial Officer
Mr. Kennedy brings over 20 years of experience as a director and officer of various public companies. He currently is a director and/or officer of several publicly listed companies providing legal, management and financial services.
Mr. Morita has over 35 years as a professional accountant and is a member of the CGA Association of British Columbia. He has provided over 16 years of consulting services to private and public companies, holding a variety of senior positions as Director, VP of Finance, CFO and Corporate Secretary with various public companies listing on the TSX:V and OTC B/B. Mr. Morita is the president and CEO of North American Mortgage Corporation, his private financial services corporation, providing financial and management consulting services to public and private corporations.
The Company accepts the resignations of Mr. Patrick Gleeson and Ms. Deborah Battiston and would like to thank them for their service to the Company, and wish them well in their future endeavors.
Mr. Peter J. Hawley has also been appointed as a member of the Audit Committee filling the void left by the resignation of Ms. Battiston.
For additional information, please contact:
MAXTECH VENTURES INC.
Thomas Tough
Phone No. (604) 687-0879
Fax No. (604) 408-9301
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.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Maxtech Ventures Appoints New Director
Mr. Hawley has twenty-five years mining-industry experience that spans grassroots exploration through to development and production. He has worked extensively as a consulting geologist to a large number of intermediate and senior mining companies including Teck Corp., Noranda Inc., Placer Dome Inc. and Barrick Gold Corp. He is also experienced in private and public company financing and corporate administration and is the chairman, CEO and founder of Scorpio Mining Corp. (TSX: SPM) which has a 1000 tonne per day mining operation producing in Mexico.
For additional information, please contact:
MAXTECH VENTURES INC.
Thomas Tough
Phone No. (604) 687-0879
Fax No. (604) 408-9301
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.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.