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Re: News Release - Tuesday, July 31, 2007
Maximus Acquires An Option On A High-Grade Gold Project In Idaho,
USA
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Significant historic production from extensive high grade gold veins
untested since 1942.
Longueuil, July 31, 2007. Maximus Ventures Ltd. (Maximus) is pleased
to announce the signing of an option agreement with Unity GoldSilver
Mines, Inc. (Unity) to earn a 60% joint venture interest in the Unity
mine located near the town of Warren, Idaho, USA. Historic production
details from files owned by Unity GoldSilver, Inc and Idaho Geological
Survey show that three high-grade gold veins in the Unity mine have
reported production of 100,000 ounces of gold at grades ranging from 30
to 150 grams of gold per tonne. Forty-one veins have been identified on
the property, although most remain unexplored. Maximus can earn its 60%
interest in the Unity property by spending US$1.0 million in
exploration and development work and by completing a posit ive
feasibility study on or before November 30, 2010.
"The exploration potential of the Unity area is outstanding and this
agreement represents a great opportunity for Maximus" says Francois
Viens, President and CEO. "The high grade gold mineralization, and good
access, to both the area and the existing underground workings, will
allow Maximus to rapidly explore and hopefully develop an underground
gold mining operation that could generate significant cash flow for the
company. Our present cash balance is more than sufficient to meet the
terms of the agreement, including completing the exploration program
and feasibility study." The presence of an adjacent fully permitted
gravity mill could represent a significant opportunity for Maximus to
accelerate production and save capital, were an economic resource
developed at Unity.
Property History
The Unity Property consists of 8 patented claims and 38 unpatented
claims, all contiguous and covering 756 acres (306 hectares). It is
located near the town of Warren in central Idaho,, 80 km north of
McCall, a community of 3,000 people where all the required services are
available . A well maintained gravel road links Warren to McCall.
The property includes the Unity GoldSilver Mine which produced 100,000
ounces of gold from three gold-rich quartz veins at grades of 30 to 150
g/t during the early 20th century. The mine was closed in 1942 as a
war measure and it has been dormant since. Gold was recovered
exclusively by gravity with recoveries estimated at over 80%. No
cyanide was ever used in the milling process. An additional one
million ounces of gold was extracted from extensive placer gold
deposits around the mine. The Unity mine vein system was likely a
significant source of the placer gold and the significant placer
deposits are likely indicative of a large mineralizing system in the
area. A fully permitted 125 ton per day gravity mill in good working
condition is available 2 kilometres from the Unity mine portal. The
mill is not in operation at the moment.
Mineralization and Exploration Potential
The hydrothermal vein system covers an area of about 4 square
kilometres. Individual veins are very continuous, up to 2 kilometres
long, and only a fraction of the area has been mined or systematically
explored. One of the veins was traced on surface and developed
underground over a strike distance of 1,200 metres to a depth of 150
meters.
To date, 41 different gold-bearing quartz veins have been identified on
the property, of which the Rescue, the Little Giant and the Charity are
three of the 18 better known veins and supplied most of the reported
historic gold production. These veins are still open laterally and
down-dip and, with minimal exploration and development work, their
extensions could potentially be mined again from an existing 1,600m
long adit
A striking feature of this project is the areal extent of the gold-rich
narrow quartz vein system. While individual veins range from few
centimetres to often over 1 metre in thickness, they can be traced for
hundreds to thousands of meters along strike and occur over an area of
over 4 square kilometres. The veins are locally very high grade and
are reported to have locally yielded grades of up to several hundred
ounces of gold per tonne. However, production grades were generally
recorded at 1 to 5 ounces per ton (30 to 150 grams per tonne) according
to available information. Maximus believes that there is excellent
potential to develop mineable resources both in previously-mined veins
and in veins that are as-yet unexplored
No drilling has been recorded on the property and all previous
exploration efforts were conducted using trenching and underground
drifting along the veins. There are strong geological indications that
significant mineralization remains in place along the three principal
veins already exposed by old workings (either laterally or down-dip).
Furthermore, many other gold-bearing quartz veins, parallel to or
cutting the main vein systems remain to be explored.
Agreement
Maximus, through its wholly-owned US-based subsidiary, Walker Lane Gold
LLC (Walker), can earn a 60% joint venture interest from Unity
GoldSilver Mines Inc. by spending US$1.0 million in exploration and
development work on the property and by completing a positive
feasibility study on or before November 30, 2010. A first phase of work
will include rehabilitating the Unity adit in order to carry out an
underground drilling program to test the lateral and down-dip
extensions of the Little Giant and Rescue veins, followed by a feasib
ility study to evaluate re�opening of the mine.
Targeted expenditures are US$250,000 in 2007, US$350,000 in 2008 and
US$400,000 in 2009. In the event that a positive feasibility study is
completed and a favourable board decision is obtained to begin
construction, Walker and Unity would fund such construction
expenditures according to their participation in the project; however,
if Unity elects not to fund its share of the construction costs, Walker
will finance all construction costs and receive an addit ional 5%
participation from Unity as compensation. Walker will be the project
manager during the exploration, construction and operation phases of
the program.
For further information please contact:
Fran�ois Viens
President
Maximus Ventures Ltd.
Telephone: (450) 677-1009
Facsimile: (450) 677-2601
www.maximusventures.com
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Forward-looking Statements
This release contains certain "forward-looking statements". All
statements, other than statements of historical fact, that address
activities, events or developments that the Company believes, expects
or anticipates will or may occur in the future, are forward-looking
statements. Forward-looking statements reflect the current internal
projections, expectations or beliefs of the Company based on
information currently available to the Company. Forward-looking
statements are subject to a number of risks and uncertainties,
including those detailed from time to time in filings made by the
Company with securities regulatory authorities, that may cause the
actual results of the Company to differ materially from those discussed
in the forward-looking statements, and even if such actual results are
realized or substantially realized, there can be no assurance that they
will have the expected consequences to, or effects on, the Company.
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Copyright (c) 2007 MAXIMUS VENTURES LTD. (MXV) All rights reserved.
For more information visit our website at
http://www.maximusventures.com/ or send mailto:info@maximusventures.com
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