Maximus options two mining claims in Nevada
2005-06-24 16:36 ET - News Release
Mr. Frederick Graybeal reports
MAXIMUS VENTURES LTD. COMPLETES LAND ACQUISITION ON NEVADA GOLD PROJECT
Maximus Ventures Ltd. has signed a mining lease and option-to-purchase agreement on two patented mining claims located 25 miles southwest of Goldfield in Esmeralda county, Nevada. The claims are in the Walker Lane, a belt of intense structural deformation that contains numerous precious metal mining districts, including the Comstock Lode at Virginia City, Goldfield, Tonopah and others.
The two claims under option cover numerous old workings in the central part of a former gold producing area, where up to 40,000 ounces of gold were mined starting in 1873. The option requires a down payment of $12,000 (U.S.), followed by annual payments of $10,000 until production. All preproduction payments are treated as advance royalties. The production royalty is 2 per cent of gross sales or $20,000, whichever is greater. Maximus may buy out the royalty at any time for $300,000. There are no work requirements.
Maximus has also staked 28 unpatented claims covering all remaining prospects and extensions of visible mineralization in the area. Maximus previously announced an option from Timberwolf Minerals on 12 unpatented claims surrounding the two patented claims in a news in Stockwatch dated March 4, 2005. Historic data and geologic mapping indicate there is potential for disseminated gold mineralization on the claims.
Acquisition of the patented claims and additional staking completes acquisition of mineral rights at what will be called the Excelsior Springs project, said Frederick T. Graybeal, Maximus president. Geologic mapping is in progress and will be followed by exploration permitting and drilling .
