SNRV / MAXE News Maxwell Resources Announces Acquisition of Mineral Interests in Raton Basin
6:59p ET October 5, 2012 (GlobeNewswire)
Maxwell Resources, Inc. (OTCBB:MAXE $1.00 a share) announced that it acquired certain mineral interests in Colfax County, New Mexico which includes gold, silver, iron, ore, copper and coal. In addition, the Company acquired a three year option to acquire a working interest in any oil and/or gas wells in Colfax County. The acquisition was completed in July 2012 pursuant to the terms of a Contract of Sale with Sun River Energy, Inc. As consideration for the acquisition, Maxwell paid $500,000 and issued 2,564,103 shares to the shareholders of Sun River Energy which shares are subject to a 12 month lock-up.
The US Geological Survey (USGS) has published reports which estimate 9.6 billion tons of coal-in-place in the Raton Basin. The Company has selected approximately 6000 acres for initial review. Our Calculations estimate over 51 tons of cooking Coal could be in place on 6000 of our acres. Historically 45% of coal in place is ultimately recovered, processed and sold.
The Company has commenced geological assessment and site survey and has retained Leaverite Exploration Inc. to begin the assessment process which includes geological mapping and surface elevation among other testing criteria to prove up the first mineral potential in the area. The results of this survey will provide the Company with the road map that is required to roll out its plan, necessary for the years ahead mining the minerals.
Maxwell Resources' Goal: Exploration of the Raton Basin for Potential Energy and Valuable Metals.
About Maxwell Resources
Maxwell Resources is engaged in proving up gold, coal, hard minerals, and rare earth minerals. The Company's is focused not limited to developing these resources within the Raton Basin of Colfax County in Northern New Mexico.
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