Maxwell Resources Inc. : Maxwell Resources Inc. Phase 1 of Maxwell Resources'
Raton Basin Study May Indicate Shifting Focus from Coal to Gold
Preliminary report by engineering firm Golder Associates came in one month
early and under budget
FOR IMMEDIATE RELEASE
January 23, 2013 - RATON, NEW MEXICO - Maxwell Resources, Inc.
(www.MaxwellRe.com) reports that Golder Associates has completed a preliminary
study of Maxwell's mineral rights holdings in the Raton Basin a month early
and under budget. The report, which will be released publicly later this
month, also may see Maxwell changing its attention from one mineral to
"Preliminary findings within the report may suggest that we shift our focus
from coal to gold," said Phillip Dias, president and CEO of Maxwell Resources.
Maxwell is exploring the land within the 170,000 acres within New Mexico's
Raton Basin to which it owns fee simple mineral rights in order to prove up
gold, coal, other hard minerals, with the goal of pinpointing the sites that
will deliver the greatest return on investment.
Based upon 1991 and 2005 USGS surveys, the land first was believed to contain
a large quantity of high-grade coal and, while the land still may hold a great
amount of metallurgical coking coal, this first phase of Golder's research has
indicated it might be more beneficial to focus on gold instead
Golder has performed this first "desk top study" by collecting historical
data, including the 1991 and 2005 USGS studies, and overlaying them upon known
maps and data points and making predictions based on the research.
In addition to pinpointing the locations within Maxwell's Raton Basin holdings
that will provide the best potential targets for further investigation, this
first phase of Golder's work on Maxwell's behalf also has looked at
transportation/access issues, if any, where the best mineral/coal/gold fields
might be (as well as how extractable they are), permitting issues, as well as
the market price of coal, gold, silver, and other minerals.
This phase was projected to be completed in March, but has concluded one month
early, Dias added.
The next phase, Phase 2, will start in the spring, during which we will sample
certain spots in order to analyze coal or gold samples to determine their
quality. It is estimated that this phase should be completed in late summer or
by September 2013. Targets that merit further investigation will require a
drilling and sampling program to verify the extent and quality of the
Dependent upon results from Phase 2, Golder will be commissioned to perform
Phase 3, which includes the compilation of a 43-101 report by Golder to
Maxwell. Specific parameters within the 43-101 must be met before Maxwell can
call the coal and/or mineral deposits within its fee-simple ownership as
reserves. Designating the deposits under Maxwell's control as reserves, will
confirm that its holdings are mineable, according to Dias.
"Phase 3 should be complete by late 2013 or early 2014," Dias said.
About Maxwell Resources
Maxwell Resources, Inc. (Symbol: MAXE) owns mineral rights (fee simple) for
more than 170,000 acres in the Raton Basin in northern New Mexico's Colfax
County. The company will prove up gold, coal, and other minerals, with the
goal of pinpointing the sites that will deliver the largest return on
Statements made in this news release that are not historical facts are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Words such as "expect," "believe," "intend,"
"plan," "continue," "may," "will," "anticipate," and similar expressions are
intended to identify forward-looking statements. Actual results may differ
materially from those projected in any forward-looking statement.
Specifically, there are a number of important factors that could cause actual
results to differ materially from those anticipated. Potential risks and
uncertainties include among others, our inability to raise additional capital,
planned exploration or maintain property rights; interpretations or
reinterpretations of geologic information, unfavorable exploration results,
inability to obtain permits required for planned production, exploration and
other activities, general economic conditions and conditions affecting the
industries in which the Company operates; the uncertainty of regulatory
requirements and approvals; fluctuating mineral and commodity price.
Additional information on these and other factors, including Risk Factors,
which could affect the Company's results, is included in its Securities and
Exchange Commission ("SEC") filings. Finally, there may be other factors not
mentioned above or included in the Company's SEC filings that may cause actual
results to differ materially from those projected in any forward-looking
statement. You should not place undue reliance on any forward-looking
statements. The Company assumes no obligation to update any forward-looking
statements as a result of new information, future events or developments,
except as required by securities laws.
For more information on investing, visit www.MaxwellRe.com or call Dias at
702-706-5576. E-mail is email@example.com.
This announcement is distributed by Thomson Reuters on behalf of Thomson
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: Maxwell Resources Inc. via Thomson Reuters ONE
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