Jul 18, 2013
Maritime Resources Corp. (MAE-TSX Venture) ("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 (TSXV: 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 www.maritimeresourcescorp.com.
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
For further information, please call:
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.