2013-01-24 11:47:53 -
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.
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,"
"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 firstname.lastname@example.org
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Source: Maxwell Resources Inc. via Thomson Reuters ONE