Maxim Power Corp. Announces Agreement to Acquire Additional Coal Lease
May 09 2012 - 7:52PM
Marketwired
Maxim Power Corp. ("MAXIM" or the "Corporation") (TSX:MXG)
announced today that its wholly owned subsidiary, Summit Coal Inc.
("SUMMIT"), has entered into an agreement to acquire an additional
coal lease for its Mine 14 project. The new lease comprises 1,328
hectares and is contiguous to SUMMIT's existing Mine 14 coal
leases. Upon closing this acquisition, SUMMIT's lease holdings
increase a further 25% to 6,669 hectares. The transaction is
subject to customary closing conditions.
SUMMIT had issued an updated Technical Report for its Mine 14
(metallurgical coal) project pursuant to National Instrument 43-101
on May 3, 2012. This report excludes potential Resources and
Reserves associated with this new lease and the two leases recently
acquired in the Alberta Government's Public Offering of Crown Coal
Rights on May 2, 2012.
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 www.maximpowercorp.com
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