Congo Resources

[Tackler]

MaxTech to option Congolese prospect

2008-02-19 13:55 MT - News Release

Mr. Thomas Tough reports

MAXTECH VENTURES SIGNS OPTION AGREEMENT ON PROSPECT IN THE DEMOCRATIC REPUBLIC OF THE CONGO

MaxTech Ventures Inc. has entered into a five-year option agreement to acquire up to a 100-per-cent interest in a 36-kilometre-square platinum, copper and tin prospect in the Democratic Republic of the Congo (DRC).

MaxTech can earn a 70-per-cent interest in the project by completing a prefeasibility study on the property, can purchase an additional 5-per-cent interest for cash, and the remaining 25-per-cent interest in the project can be acquired for common shares in MaxTech, based on a valuation of the property and prevailing market price of the company's common stock at the time of the acquisition.

The company has now commenced a 90-day due diligence period to evaluate information on the project. Upon successful completion of its due diligence, MaxTech will advance the optionor $100,000 (U.S.). This is an advance payment against acquiring a 5-per-cent interest in the property from the optionor, with the final purchase price to be determined based upon a valuation established in the future.

Also upon successful completion of its due diligence, the company will engage independent consultants to prepare a technical report on the project to NI 43-101 standards. The mining department of the government of the DRC has extensive technical and geological data on the prospect, due to previous work completed in the area. To assist in the development of this report, the company has an agreement to acquire this information at a cost of $150,000.

Going forward, MaxTech does not have specific exploration commitments, but will be responsible for costs relating to taking the project to the prefeasibility stage.

A formal agreement will be undertaken by the parties after the company has completed its due diligence. This agreement is subject to regulatory approval.