Bear Lake Gold

Sep 04, 2008 08:48 ET Maximus and NFX Report More High-Grade Results From the Bear Lake Gold Zone at Larder Lake Hole #49 intersects 9.5 meters grading 19.4g/t Au LONGUEUIL, QUEBEC and TORONTO, ONTARIO--(Marketwire - Sept. 4, 2008) - Maximus Ventures Ltd. ("Maximus") (TSX VENTURE:MXV) and NFX Gold Inc. ("NFX") (TSX VENTURE:NFX) are pleased to report new results from the follow-up drilling program on the Bear Lake gold zone of the Larder Lake Property located in northeastern Ontario. Hole #49 intersected, at 750 meters vertical depth, 9.5 meters of carbonate-type mineralization grading 19.4 g/t gold, including a section of 6.5 meters grading 27.9 g/t gold. This intercept is located 100 meters down dip and 150 meters to the east of hole #44, which intersected 15.1 meters grading 13.6 g/t gold, as reported in a press release dated June 4, 2008. The high grade gold intercept in hole #49 confirms the deeper extension and continuity of high-grade gold values along the Bear Lake gold zone to depths of 750 meters vertical, more than 75 meters deeper than any prior intercept. Furthermore, the alteration (albitization, silicification) and the mineralization intersected to date all seem to increase in strength with depth, suggesting the Bear Lake Gold Zone remains open to depth. "Although our primary target is the flow-type mineralization, we are pleased with the continuity and high grade of the carbonate-style mineralization, now developing as a primary target as well," stated Francois Viens, president and CEO of Maximus. "Both mineralized systems show great strength and continuity and are still open at depth and to the east". Drilling Strategy Most of the high-grade intersections obtained to date occur within "carbonate-type" mineralization, and were intersected in drill holes completed from north to south. Testing the parallel "flow-type" mineralization from the north has not been successful below 700 meters vertical and thirteen holes had to be abandoned either for technical problems or because of the strongly altered shear zone that lies between the carbonate-type and flow-type mineralization. However, approximately 60% of the gold produced at the now-closed Kerr Addison mine, located 5 kilometres east of the Bear Lake gold zone came from flow-ore, which historically produced higher and more consistent gold grades than the carbonate-ore (Smith, P., 1991, Archean Au-Ag-(W) Quartz Vein Mineralization within the Larder Lake-Cadillac Break, Kerr-Addison-Chesterville System, North-East Ontario, Master Thesis, U. of Toronto). Considering the significance of both types of mineralization in the exploration model at Bear Lake, the current drill program has been adjusted so that holes designed to test the Bear Lake gold zones at depths below 700 meters vertical are drilled from south to north in order to test the flow-type mineralization (before reaching the shear zone), and from north to south to test the carbonate-type mineralization. Holes #47, also drilled at Bear Lake, deviated much more than anticipated and intersected 5.5 meters of altered flow-type mineralization at a depth of 415 meters vertical, which assayed 0.5g/t of gold, and intersected 2.0 meters of strongly altered carbonate-type mineralization grading 2.5g/t of gold at 600 meters vertical. These highly anomalous gold values, coupled with the strong alteration encountered in all the holes drilled below 400 meters, demonstrate the presence of a large gold mineralized system in the Bear Lake area. Assay results from holes #46 and #48 drilled, at Fernland (located 2.3 kilometers west of Bear Lake), were also received and are reported in Table 1. Both holes tested favourable high-iron mafic volcanics (possible "flow-type" mineralization), west of the Fernland shaft and down-plunge from hole NFX06-15 (5.3 meters grading 1.8g/t gold, including 1.5 meters which assayed 4.7g/t gold). Although sub-economic, the strength of the alteration observed in the holes, and the significant widths of the flow-type mineralization intersected, seem to indicate a strong mineralized system below 400 meters vertical, which opens up a large area that warrants additional deeper drilling. Highlights of recent results are presented below and complete results are presented in Table 1 available at the following address: http://media3.marketwire.com/docs/maximus_0904.pdf Highlights of Recent Drilling Results at Larder Lake are available at the following address: http://media3.marketwire.com/docs/maximus_1_0904.pdf Project Update Three drill rigs are currently active at the Larder Lake Gold Project. Of the budgeted 43,000-meter drilling program that started in September 2007 at Larder Lake, a total of 25,000 meters of diamond drilling has been completed to date, in 45 holes. The drilling program will continue to test the Bear Lake gold zone with two drill rigs directed at down-plunge extensions of the high grade gold mineralization discovered to date, and a third drill rig is directed at strike extensions, all testing to a vertical depth of over 1,000 meters, using a 125 meter to 150 meter hole spacing. The 2008 drilling program will also test other promising gold targets on the Larder Lake Property. These targets are all located within the same rock units that host most of the gold occurrences along the Cadillac-Larder Lake Break, including the historic Kerr-Addison mine. Larder Lake Property Maximus has a 60% interest in the Cheminis, Bear Lake and Fernland projects and a 45% interest in the Barber Larder project, which together comprise the Larder Lake Gold Project located in northeastern Ontario. NFX has a 40% and 55% interest, respectively, in these projects. NFX-Maximus Merger As previously announced, Maximus and NFX have entered into a definitive arrangement agreement providing for the acquisition by NFX of all outstanding common shares of Maximus (the "Business Combination") in consideration of which each shareholder of Maximus will receive one (1) common share of NFX pursuant to a plan of arrangement under the Business Corporations Act (British Columbia) (the "Arrangement"). Currently, Maximus has approximately 74 million common shares issued and outstanding while NFX has approximately 53 million common shares issued and outstanding. Based on the one for one share exchange ratio, the Maximus and NFX shareholders will own approximately 58% and 42%, respectively, of the combined common shares outstanding. The Arrangement must be approved by two-thirds of the votes cast by shareholders present and voting at the special meeting of Maximus shareholders called to consider the Arrangement. Maximus and NFX currently expect to hold their respective shareholder meetings on September 11, 2008 and to close the transaction on or about September 16, 2008. The completion of the Business Combination is subject to the approval of the Supreme Court of British Columbia, the TSX Venture Exchange and all applicable regulatory authorities, and is further subject to other customary conditions set out in the arrangement agreement. Quality Assurance and Control As part of its QA/QC program, Maximus carried out check assays on the high-grade intersections with no discrepancies found in the assay results. The assays reported are the uncut average grades of all determinations from the same samples. The analytical method for gold is one (1) assay-ton fire assay, with gravimetric finish on all samples. All assays reporting over 2 g/t Au are automatically re-checked using the rejects. Assaying is done at Polymet Labs in Cobalt, Ontario. The quality control process includes inserting blank samples and certified standards within each batch sent to the laboratory. Qualified Person The technical content of the information contained in this news release was reviewed and approved by Mr. Bernard Boily, P. Geo., and Maximus' Vice President of Exploration. Mr. Boily is responsible for supervising the drilling program and is a qualified person under National Instrument 43-101. Forward-looking Statements This news release contains certain "forward-looking statements". All statements, other than statements of historical fact, that address activities, events or developments that Maximus and NFX believes, expects or anticipates will or may occur in the future, are forward-looking statements. These forward-looking statements reflect the current internal projections, expectations or beliefs of management of Maximus and NFX based on information currently available to them. Forward-looking statements are subject to a number of known and unknown risks and uncertainties beyond Maximus and NFX's control including uncertainties related to the completion of the proposed business combination, potential mineralization, exploration results, completion of work program, and availability of equipment necessary for the drilling program and future plans and objectives of the companies. Resource exploration, development and operations are highly speculative, characterized by a number of significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate, including, among other things, unprofitable efforts resulting not only from the failure to discover mineral resources but from finding mineral deposits which, though present, are insufficient in quantity and quality to return a profit from production. There can be no assurance that such statements will prove to be accurate and actual results could differ materially from those suggested by these forward-looking statements for various reasons discussed from time to time in filings made by the companies with securities regulatory authorities. This cautionary statement qualifies all forward-looking statements herein. Accordingly, readers should not place undue reliance on forward-looking statements. Maximus and NFX undertake no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Maximus and NFX Announce New Drilling Results Extending the Bear Lake Gold Zone at Larder Lake Hole #24AW intersects 1.4 meters grading 10.2g/t Au and hole 24A cuts 1.9 meters assaying 9.1 g/t Au LONGUEUIL, QUEBEC and TORONTO, ONTARIO--(Marketwire - July 9, 2008) - Maximus Ventures Ltd. ("Maximus") (TSX VENTURE:MXV) and NFX Gold Inc. ("NFX") (TSX VENTURE:NFX) are pleased to announce additional results from the follow-up drilling program on the Bear Lake Gold Zone of the Larder Lake Property located in northeastern Ontario. Hole #24AW intersected 5.8 meters of flow-type mineralization grading 3.0 g/t gold, including a section of 1.4 meters grading 10.2 g/t gold. Furthermore, hole #24A cut a 1.9 meter section of carbonate-type mineralization assaying 9.1 g/t gold and hole #44W intersected 13.0 meters of carbonate-type mineralization grading 2.6 g/t gold, including a 1.5 meter section assaying 7.1 g/t gold and 3.2 meters assaying 5.1 g/t gold. In addition, hole #35 cut 0.7 meter of pyritized sediments grading 7.2 g/t gold. This intersection represents a new zone south of the carbonate and flow-type mineralization and will be subject to further investigation as the drilling program progresses. "We are very happy that the drilling consistently hits the carbonate-type mineralization at Bear Lake" stated Francois Viens, President and CEO of Maximus. "We have adjusted the program to target the flow-type mineralization that consistently demonstrated the best continuity and gold grade at the historic Kerr-Addison Mine." Highlights of recent results are tabulated below and complete results are presented in attached Table 1 The Highlights of recent drilling results are available at the following address: http://media3.marketwire.com/docs/highlights_recent_drilling_results.pdf At Bear Lake, most of the drill intercepts to date are in the carbonate-type mineralization. Three deeper holes targeting the flow-type mineralization below 700 meters vertical were abandoned before reaching their target (e.g. holes #42A, #43 and #44) due to the presence of a strongly altered shear zone located approximately half way between the carbonate-type and flow-type mineralized zones. At the now-closed Kerr Addison mine located 5 kilometers east of Bear Lake, the flow-ore, which produced 60% of the gold, yielded higher and more consistent gold grades than the carbonate-ore which constituted only 40% of the total production. Considering the significance of the flow-type mineralization in the exploration model at Bear Lake, the drilling program has been adjusted so that holes designed to test the Bear Lake gold zones below 700 meters vertical are drilled from south to north, in order to intersect the flow-type mineralization before intersecting the shear zone. Project Update Three drill rigs are currently active at Larder Lake. Of the budgeted 43,000-meter drilling program proposed for Larder Lake in 2008, a total of 19,500 meters of diamond drilling has been completed to date in 39 holes. The drilling program will continue to systematically test the Bear Lake gold zone along strike and down-plunge to a vertical depth of 1,000 meters, using a 125 meter to 150 meter hole spacing. The 2008 drilling program will also test other promising gold targets on the Larder Lake Property. These targets are all located within the same rock units that host most of the gold occurrences along the Cadillac-Larder Lake Break, including the historic Kerr-Addison mine. To date, approximately 5% of all the samples submitted to the laboratory for assaying are still outstanding. Larder Lake Property Maximus is conducting the drilling program pursuant to the Option and Joint Venture Agreement between Maximus and NFX, whereby Maximus has the right to earn a 60% interest in NFX's 100% interest in the Cheminis, Fernland and Bear Lake claims and 45% interest in NFX's 100% owned Barber Larder claims, by expending $6 million on exploration by December 31, 2008. On July 4, 2008, Maximus notified NFX that it has met its $6 million expenditure commitment. Subject to NFX's review of the notice and documentation submitted with it, Maximus will be deemed to have earned a 60% and 45% undivided interest in the properties as described above. NFX-Maximus Merger On June 13, 2008, Maximus and NFX announced that they have entered into an agreement to combine the two companies on the basis of one (1) NFX share for each one (1) Maximus share. Based on the share exchange ratio, the Maximus and NFX shareholders will own approximately 58% and 42%, respectively, of the combined common shares outstanding. Completion of the transaction is subject to usual terms and conditions for such a transaction, including completion of due diligence, completion and execution of definitive business combination documentation, receipt of opinions from qualified investment dealers that the transaction is fair to the shareholders of NFX and Maximus, receipt of all required regulatory and securityholder approvals and no material adverse changes occurring in the financial condition of either company. Quality Assurance and Control As part of its QA/QC program, Maximus carried out check assays on the high-grade intersections with no discrepancies found in the assay results. The assays reported are the uncut average grades of all determinations from the same samples. The analytical method for gold is one (1) assay-ton fire assay, with gravimetric finish on all samples. All assays reporting over 2 g/t Au are automatically re-checked using the rejects. Assaying was done at Laboratoire Expert in Rouyn-Noranda, Quebec and at Polymet Labs in Cobalt, Ontario. The quality control process includes inserting blank samples and certified standards within each batch sent to the laboratory. Qualified Person The technical content of the information contained in this news release was reviewed and approved by Mr. Bernard Boily, P. Geo., Maximus' Vice President of Exploration. Mr. Boily is responsible for supervising the drilling program and is a qualified person under National Instrument 43-101. Forward-looking Statements This news release contains certain "forward-looking statements". All statements, other than statements of historical fact, that address activities, events or developments that Maximus and NFX believes, expects or anticipates will or may occur in the future, are forward-looking statements. These forward-looking statements reflect the current internal projections, expectations or beliefs of management of Maximus and NFX based on information currently available to them. Forward-looking statements are subject to a number of known and unknown risks and uncertainties beyond Maximus and NFX's control including uncertainties related to the completion of the proposed business combination, potential mineralization, exploration results, completion of work program, and availability of equipment necessary for the drilling program and future plans and objectives of the companies. Resource exploration, development and operations are highly speculative, characterized by a number of significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate, including, among other things, unprofitable efforts resulting not only from the failure to discover mineral resources but from finding mineral deposits which, though present, are insufficient in quantity and quality to return a profit from production. There can be no assurance that such statements will prove to be accurate and actual results could differ materially from those suggested by these forward-looking statements for various reasons discussed from time to time in filings made by the companies with securities regulatory authorities. All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. Maximus and NFX undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law. Table 1 (Larder Lake Assay Results - Bear Lake Area) is available at the following address: http://media3.marketwire.com/docs/table1_larder_lake_assay_results_bear_lake.pdf Larder Lake Property Plan View, Bear Lake Area Longitudinal Section - Carbonate-type Mineralization Map and Bear Lake Area Longitudinal Section - Flow-type Mineralization Map are available at the following address: http://media3.marketwire.com/docs/ImageMap_0709.pdf

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