Larder Lake Gold Property, Ontario, Canada
As of June 30, 2008, the Company reached the $6,000,000 earn-in point on the Larder Lake Gold Property and now
holds a 60% interest in the Cheminis, Bear Lake and Fernland projects and a 45% interest in the Barber Larder
project, under the terms of the 2006 Option and Joint Venture Agreement entered into between the Company and
NFX. NFX has reviewed and approved the Company’s expenditure obligations.
The 2008 drilling program is testing both carbonate and flow-type mineralization along the Bear Lake gold
zone, laterally, up-plunge and down-plunge to a vertical depth of 1,000 meters, using a 125 meter to 150 meter
hole spacing. Of the budgeted 43,000 meter drilling program, a total of 23,500 meters has been completed up to
August 15, 2008 at Larder Lake, of which 39 holes totalling 21,000 meters investigated the Bear Lake gold zone
exclusively. Seven of these holes were abandoned due to technical difficulties. Some have been re-drilled and
the others will be re-drilled at a later date. To date, the results from 31 holes drilled at Bear Lake have been
released. The 2008 drilling program is also testing 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 former Kerr-Addison mine, which produced some 11 million ounces of
gold before shut down.
zu HopeBay:
During the option period, exploration work at Hope Bay is performed by Miramar under work programs and
budgets prepared by Miramar and approved by the Company. A 2,700-metre drilling program was planned for
Hope Bay in 2008 to test gold mineralization targets in the Twin Peaks/Discovery area located close to
Miramar's Madrid and Doris deposits. This area hosts numerous gold showings that lie within zones of strong
iron-carbonatization and/or silicification and associated with major and subsidiary faults within corridors of high
strain or strong foliation. As a result of the unavailability of drills and other necessary equipment and personnel,
Miramar has requested that the 2008 program be delayed, and Maximus and Miramar are currently negotiating
revised terms to the option agreement to account for this delay and to extend the period for Maximus to earn its
interest.
zu Unity:
On July 14, 2008. the Company announced the beginning of a 3,600m drilling program on the Unity project. The
work will focus on testing the lateral and down-dip extensions of two of the richest gold veins, namely the Little
Giant and Rescue veins. Should the drilling program be successful, a pre-feasibility study to justify the
rehabilitation of old workings and additional underground development would then be commissioned. Other
veins on the property will also be tested by drilling.
As of June 30, 2008, the Company reached the $6,000,000 earn-in point on the Larder Lake Gold Property and now
holds a 60% interest in the Cheminis, Bear Lake and Fernland projects and a 45% interest in the Barber Larder
project, under the terms of the 2006 Option and Joint Venture Agreement entered into between the Company and
NFX. NFX has reviewed and approved the Company’s expenditure obligations.
The 2008 drilling program is testing both carbonate and flow-type mineralization along the Bear Lake gold
zone, laterally, up-plunge and down-plunge to a vertical depth of 1,000 meters, using a 125 meter to 150 meter
hole spacing. Of the budgeted 43,000 meter drilling program, a total of 23,500 meters has been completed up to
August 15, 2008 at Larder Lake, of which 39 holes totalling 21,000 meters investigated the Bear Lake gold zone
exclusively. Seven of these holes were abandoned due to technical difficulties. Some have been re-drilled and
the others will be re-drilled at a later date. To date, the results from 31 holes drilled at Bear Lake have been
released. The 2008 drilling program is also testing 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 former Kerr-Addison mine, which produced some 11 million ounces of
gold before shut down.
zu HopeBay:
During the option period, exploration work at Hope Bay is performed by Miramar under work programs and
budgets prepared by Miramar and approved by the Company. A 2,700-metre drilling program was planned for
Hope Bay in 2008 to test gold mineralization targets in the Twin Peaks/Discovery area located close to
Miramar's Madrid and Doris deposits. This area hosts numerous gold showings that lie within zones of strong
iron-carbonatization and/or silicification and associated with major and subsidiary faults within corridors of high
strain or strong foliation. As a result of the unavailability of drills and other necessary equipment and personnel,
Miramar has requested that the 2008 program be delayed, and Maximus and Miramar are currently negotiating
revised terms to the option agreement to account for this delay and to extend the period for Maximus to earn its
interest.
zu Unity:
On July 14, 2008. the Company announced the beginning of a 3,600m drilling program on the Unity project. The
work will focus on testing the lateral and down-dip extensions of two of the richest gold veins, namely the Little
Giant and Rescue veins. Should the drilling program be successful, a pre-feasibility study to justify the
rehabilitation of old workings and additional underground development would then be commissioned. Other
veins on the property will also be tested by drilling.
Bahnfahrn macht Spaß!!