Maritime Confirms Exercise of Warrants by Rambler Metals and Mining
July 18 2013 - 11:48AM
Marketwired Canada
Maritime Resources Corp. (TSX VENTURE:MAE) ("Maritime" or the "Company") -
confirms that a total of 588,230 warrants priced at $0.25 have been exercised by
Rambler Metals and Mining PLC (TSX VENTURE:RAB) (AIM:RMM) ("Rambler"). The
proceeds of the exercise will help fund Maritime's 2013 summer work program
which has been developed to further advance the Green Bay Property and the past
producing Hammerdown Gold Mine in particular. Following the exercise, Rambler
will hold 5,751,460 shares representing 18.44% of the outstanding shares of
Maritime.
"We would like to thank Rambler for their early exercise of these warrants and
their continued confidence and support of the Green Bay gold project. These
additional funds will be put to good use in assisting with this summer's work",
stated Eric Norton, President and CEO. After the exercise of Rambler's warrants,
2,758,895 share purchase warrants remain outstanding. The warrants are
exercisable at $0.25 and expire on December 1, 2013.
Further information on the Green Bay Gold Property can be found on our website
along with the NI43-101 compliant Technical Report recently filed on SEDAR on
July 11, 2013 at www.maritimeresourcescorp.com .
ABOUT MARITIME:
Maritime Resources holds 100% of the Green Bay property, located near
Springdale, Newfoundland. The property hosts the past producing Hammerdown gold
mine and the Orion gold deposit separated by a 1.5 km distance, and the
Lochinvar base metals/precious metals deposit.
An initial Independent NI 43-101 compliant Mineral Resource Estimate for the
Green Bay Gold property was released in early June 2013. The study estimates the
property to contain in excess of 400,000 ounces of gold in the Measured and
Indicated category and in excess of 600,000 ounces in the Inferred category,
both at a 3 g/t cut-off grade. The estimate was compiled by Tetra Tech of
Ontario.
The Hammerdown gold deposit was successfully mined by Richmont Mines between the
years 2000 and 2004 while gold prices averaged $325/oz. During its operation a
total of 291,400 tonnes of ore were mined and milled, at an average grade of
15.83 g/t Au, recovering a total of 143,000 ounces of gold. All of the ore was
processed at the Nugget Pond mill, now owned and operated by Rambler Metals,
with an average gold recovery of 97.1%. Mining concluded in 2004 due to low gold
prices with mineralization remaining, although uneconomic at that time. The
Orion gold deposit consists of two main vein systems, both of which are open
along strike, up and down plunge.
On Behalf of the Board of Directors,
Eric W. Norton, President & CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release. Statements in this press release, other than purely
historical information, including statements relating to the Company's future
plans and objectives or expected results, may include forward-looking
statements. Forward-looking statements are based on numerous assumptions and are
subject to all of the risks and uncertainties inherent in resource exploration
and development. As a result, actual results may vary materially from those
described in the forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Maritime Resources Corp.
Cathy DiVito
Investor Relations
(604) 484-7111
info@maritimeresourcescorp.com
www.maritimeresourcescorp.com
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