Maxwell Resources to Take Samples and Plan Drill Program for Gold in its Raton Basin Holdings
Phase 1 Report by Engineering Firm Golder Associates Indicates Two Areas with Viability for Proving Up Gold
FOR IMMEDIATE RELEASE
February 15, 2013 - RATON, NEW MEXICO - Maxwell Resources, Inc. (www.MaxwellRe.com) reports that Golder Associates has presented a draft of its preliminary study of Maxwell`s mineral rights holdings in the Raton Basin and identified two areas that indicate the viability for proving up gold.
"The report has pinpointed two areas with gold potential that are viable for Phase 2 of our study which will include, sampling, trending and modest drilling programs," said Phillip Dias, Maxwell`s President and CEO.
Golder`s report indicate that two areas within Maxwell`s holdings of 170,000 acres in northern New Mexico could contain mineable gold: Ute Park (3,479 acres in size) and Eagle Nest (30,231 acres in size, although only a portion of the acreage maybe mineable). Both areas are located about 20 miles northeast of Taos and are located in the southwest portion of Maxwell`s holdings.
Dias said Golder did not estimate how much gold may be in the two areas as "it is too early to tell."
Both sites also are located adjacent to the Baldy District, the location of the historic Aztec Gold Mine, which was successfully mined for gold from 1868-1945, as well as five other gold mines.
Golder presented its draft report to Dias on February 6. Maxwell is in the process of editing and reviewing the findings and, when finished, will disclose in a current report on Form 8-K which the Company anticipates may be filed on or around the end of February.
Maxwell also will be starting the Phase 2 permitting process and hopes to begin this phase (which consists of permitting, confirming the target, planning a drill program, and drilling) in March.
Phase 2 is expected to continue into September, with Phase 3 continuing on through December. Phase 3 consists of evaluating the drill data collected during Phase 2 in preparation for the creation of a 43-101 Preliminary Economic Assessment, Dias said.
Maxwell is exploring the land within the Raton Basin to which it owns fee simple mineral rights in order to prove up gold, coal, hard minerals and other minerals, with the goal of pinpointing the sites that will deliver the greatest return on investment.
The land first was believed to contain a large quantity of high-grade coal (according to 1991 and 2005 USGS surveys) and, while the land still may hold a great amount of metallurgical coking coal, Golder`s research has indicated gold may be more viable within the area, causing Maxwell to adjust its focus.
Golder Associates, a Colorado-based engineering/environmental consulting firm, performed a study on Maxwell`s holdings by overlaying historical data (including the 1991 and 2005 USGS surveys) upon known data points and maps and making calculations based on this examination.
Golder also looked at how easy it is to access the sites, where the best mineral deposits might be (as well as how difficult or easy it could be to extract them), permitting issues, and the market prices of coal, gold, silver, and other minerals.
About Maxwell Resources
Maxwell Resources, Inc. (Symbol: MAXE) owns mineral rights (fee simple) for more than 170,000 acres in the Raton Basin in northern New Mexico`s Colfax County. The company will prove up gold, coal, hard minerals, and other rare earth minerals, with the goal of pinpointing the sites that will deliver the largest return on investment.
Statements made in this news release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expect," "believe," "intend," "plan," "continue," "may," "will," "anticipate," and similar expressions are intended to identify forward-looking statements. Actual results may differ materially from those projected in any forward-looking statement. Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated. Potential risks and uncertainties include among others, our inability to raise additional capital, planned exploration or maintain property rights; interpretations or reinterpretations of geologic information, unfavorable exploration results, inability to obtain permits required for planned production, exploration and other activities, general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; fluctuating mineral and commodity price. Additional information on these and other factors, including Risk Factors, which could affect the Company`s results, is included in its Securities and Exchange Commission ("SEC") filings. Finally, there may be other factors not mentioned above or included in the Company`s SEC filings that may cause actual results to differ materially from those projected in any forward-looking statement. You should not place undue reliance on any forward-looking statements. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by securities laws.
For more information on investing, visit www.MaxwellRe.com or e-mail Dias at 702-706-5576. E-mail is firstname.lastname@example.org.
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Source: Maxwell Resources Inc. via Thomson Reuters ONE