Maxim Power Corp. Announces Increase in Resource and Reserves Estimates at Mine 14 and Updates Exploration and Expansion Plans
May 03 2012 - 7:32PM
Marketwired
Maxim Power Corp. ("MAXIM" or the "Corporation") (TSX:MXG)
announced today that its wholly owned subsidiary, Summit Coal Inc.
("SUMMIT"), has issued an updated Technical Report for its Mine 14
(metallurgical coal) project pursuant to National Instrument
43-101.
The report outlines Measured and Indicated Resources are 119.3
million tonnes, reflecting a 359% increase over those reported in
2005, and Inferred Resources are 154.0 million tonnes. Proven and
Probable Reserves, which are included in the Resource estimate, are
18.7 million tonnes, representing an increase of 40%. As a result,
the estimated mine life of Mine 14 increases from 10 years to 14.4
years based on the currently planned mining program. Refer to the
May 2012 Technical Report on SEDAR (www.sedar.com), which was
prepared by Golder Associates.
MAXIM also announced today that SUMMIT was awarded two coal
leases comprising 2,560 hectares, in the Alberta Government's
Public Offering of Crown Coal Rights on May 2, 2012. One of these
leases comprises 768 hectares immediately adjacent to MAXIM's
existing Mine 14 coal leases. The second lease comprises 1,792
hectares and is located northwest of leases owned by Grande Cache
Coal Corporation. The addition of these leases increases the coal
lease holdings of SUMMIT by 92% to 5,341 hectares. The May 2012
Technical Report excludes potential Resources and Reserves
associated with these new leases.
SUMMIT intends to carry out an exploration program during 2012
to identify additional Resources and Reserves on both its existing
and recently acquired leases. Upon the completion of this program,
SUMMIT intends to issue a further updated Technical Report.
Additional information on Mine 14 can be found in the Technical
Report on the Mine 14 Project for Summit Coal Inc. dated May 3,
2012, which is available on SEDAR (www.sedar.com).
About MAXIM
Based in Calgary, Alberta, MAXIM is an independent power
producer, which acquires or develops, owns and operates innovative
and environmentally responsible power and power related projects.
MAXIM currently owns and operates 40 power plants in western
Canada, United States and France, having 788 MW of electric and 111
MW of thermal net generating capacity. MAXIM trades on the TSX
under the symbol "MXG". For more information about MAXIM, visit our
website at www.maximpowercorp.com.
Statements in this release which describe MAXIM's intentions,
expectations or predictions, or which relate to matters that are
not historical facts are forward-looking statements. These
forward-looking statements involve known and unknown risks and
uncertainties which may cause the actual results, performances or
achievements of MAXIM to be materially different from any future
results, performances or achievements expressed in or implied by
such forward-looking statements. MAXIM may update or revise any
forward-looking statements, whether as a result of new information,
future events or changing market and business conditions and will
update such forward-looking statements as required pursuant to
applicable securities laws.
Contacts: Maxim Power Corp. John R. Bobenic President and CEO
(403) 750-9300 Maxim Power Corp. Michael R. Mayder Vice President,
Finance and CFO (403) 750-9311
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