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May 15, 2012
Not for dissemination in the United States or through U.S. newswires

VANCOUVER, BC - Maritime Resources Corp. (MAE-TSX Venture, "Maritime") announces it intends to raise approximately $705,000 to finance exploration on the Company's Green Bay Property in Newfoundland. The financing will consist of a non-brokered private placement of flow-through units (the "FT Units") and non flow-through units (the "NFT Units").

The flow-through financing will comprise up to 2,250,000 FT Units at $0.20 per FT Unit. Each FT Unit will consist of one flow-through common share and one non-transferable share purchase warrant. The non flow-through financing will comprise up to 1,500,000 NFT Units at $0.17 per Unit. Each NFT Unit will consist of one non flow-through common share and one non-transferable share purchase warrant. Each share purchase warrant attached to both the FT Units and the NFT Units will entitle the holder to purchase one non flow-through common share at a price of $0.25 for 18 months following the closing.

The net proceeds from the issuance of the NFT Units will be used by Maritime to finance the exploration and development activities, including studies examining the potential to re-open the Hammerdown mine, at the Green Bay property in Newfoundland, and for general corporate purposes. Proceeds from the issuance of the FT Units will be used to incur exploration expenses, including step-out and infill drilling at the Hammerdown project. Maritime will renounce the qualifying expenditures to subscribers of the FT Units for the fiscal year ended Dec. 31, 2012.

Finder's fees of 6% in cash or NFT Units together with 6% Broker Warrants ("Broker Warrants"), as applicable under securities laws, may be payable on a portion of the financing to finders who assist in the placement. The Broker Warrants will have the same terms as the warrants attached to the FT Units and the NFT Units. The private placement is subject to regulatory approval.

The terms outlined within supersede those previously announced on February 27, 2012.

About Maritime Resource Corp:

Maritime's Green Bay property consists of the Hammerdown gold deposit and the Orion gold deposit, separated by 1.5 km. The Hammerdown gold deposit was successfully mined by Richmont Mines between 2000 and 2004; producing ore at an average grade of 16.1 g/t Au. Maritime is currently updating the potential for remaining resources and anticipates drilling in 2012 to expand this potential at Hammerdown. The Orion gold deposit contains an inferred resource of 119,000 ounces of gold in a 710,000 tonne deposit grading 5.2 g/t Au, as stated in the Technical Report dated July 19, 2010. For additional information, please visit the Company's website at

On behalf of the Board of Directors,

Eric Norton
President & CEO

For further information, please call:

Cathy DiVito, Investor Relations
Telephone: (604) 484-7111

Jay J. Bedard, President, Envoy Strategic Partners
Telephone: (416) 977-7778

The TSX Venture Exchange has not reviewed and 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.