Jul 11, 2013
Maritime Resources Corp. (MAE-TSX Venture) ("Maritime" or the "Company") - announces that, further to the news release dated May 28,2013, it has now filed the Technical Report, dated July 3,2013, and entitled "Technical Report and Resource Estimate on the Green Bay Property, Newfoundland, Canada ". The Report was authored by Tetra Tech of Sudbury, Ontario in accordance with NI 43-101 guidelines.
Maritime is now commencing a work program as recommended in the Report. This summer's work will be to continue trenching at the eastern extension of the Rumbullion zones, sample and analyze mine water from the closed Hammerdown gold mine, and test metallurgical recoveries of gold from ore on the Green Bay property.
Maritime holds 100% of the Green Bay property which hosts the past producing Hammerdown gold mine and the Orion gold deposit separated by a 1.5 km distance. As a result of an expanded land position, Maritime now controls 51.7 square kilometres (12,775 acres) near Springdale in north-central Newfoundland.
Green Bay Gold Property NI 43-101 Mineral Resource Estimate:
The Resource is summarized below, at a 3 g/t cut-off grade, and shown in various cut-off grades in Table 1.
Resource Estimate Notes and Parameters:
Maritime Resources holds 100% of the Green Bay property which 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.
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
Cathy DiVito, Investor Relations Telephone: (604) 484-7111
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.