Maritime Confirms Exercise of Warrants by Rambler Metals and Mining
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/18/13 -- 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
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.
Maritime Resources Corp.
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