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Maxwell Resources Inc. Phase 1 of Maxwell Resources' Raton Basin Study May Indicate Shifting Focus from Coal to Gold
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Preliminary report by engineering firm Golder Associates came in one month early and under budget
FOR IMMEDIATE RELEASE
January 23, 2013 - RATON, NEW MEXICO - Maxwell Resources, Inc. (www.MaxwellRe.com) reports that Golder Associates has completed a preliminary study of Maxwell's mineral rights holdings in the Raton Basin a month early and under budget. The report, which will be released publicly later this month, also may see Maxwell changing its attention from one mineral to another.
"Preliminary findings within the report may suggest that we shift our focus from coal to gold," said Phillip Dias, president and CEO of Maxwell Resources.
Maxwell is exploring the land within the 170,000 acres within New Mexico's Raton Basin to which it owns fee simple mineral rights in order to prove up gold, coal, other hard minerals, with the goal of pinpointing the sites that will deliver the greatest return on investment.
Based upon 1991 and 2005 USGS surveys, the land first was believed to contain a large quantity of high-grade coal and, while the land still may hold a great amount of metallurgical coking coal, this first phase of Golder's research has indicated it might be more beneficial to focus on gold instead
Golder has performed this first "desk top study" by collecting historical data, including the 1991 and 2005 USGS studies, and overlaying them upon known maps and data points and making predictions based on the research.
In addition to pinpointing the locations within Maxwell's Raton Basin holdings that will provide the best potential targets for further investigation, this first phase of Golder's work on Maxwell's behalf also has looked at transportation/access issues, if any, where the best mineral/coal/gold fields might be (as well as how extractable they are), permitting issues, as well as the market price of coal, gold, silver, and other minerals.
This phase was projected to be completed in March, but has concluded one month early, Dias added.
The next phase, Phase 2, will start in the spring, during which we will sample certain spots in order to analyze coal or gold samples to determine their quality. It is estimated that this phase should be completed in late summer or by September 2013. Targets that merit further investigation will require a drilling and sampling program to verify the extent and quality of the resource.
Dependent upon results from Phase 2, Golder will be commissioned to perform Phase 3, which includes the compilation of a 43-101 report by Golder to Maxwell. Specific parameters within the 43-101 must be met before Maxwell can call the coal and/or mineral deposits within its fee-simple ownership as reserves. Designating the deposits under Maxwell's control as reserves, will confirm that its holdings are mineable, according to Dias.
"Phase 3 should be complete by late 2013 or early 2014," Dias said.
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, and other minerals, with the goal of pinpointing the sites that will deliver the largest return on investment.
Forward-Looking Statements
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 call Dias at 702-706-5576. E-mail is info@maxwellre.com.
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Maxwell Resources Inc. via Thomson Reuters ONE
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Maxwell Resources Inc. via Thomson Reuters ONE
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