MARITIME RESOURCES CORP. : http://www.maritimeresourcescorp.com/ : QwikReport

News

#February 07, 2019
Maritime Announces Management Changes

 VANCOUVER, BC - Maritime Resources Corp. (TSX.V: MAE) ("Maritime" or the "Company") announced that the following management changes have occurred:
  • Ms. Niina Makela has resigned as Maritime's Chief Financial Officer;
  • Ms. Germaine M. Coombs CPA, CMA has been appointed as Maritime's Chief Financial Officer;
  • Ms. Jacqueline Collins has resigned Maritime's Corporate Secretary; and
  • Ms. Lorna D. MacGillivray LLB has been appointed as Maritime's Corporate Secretary.
Maritime's President and Chief Executive Officer, Mr. Garett Macdonald, stated, "I would like to thank Niina and Jackie, on behalf of Maritime and its Board, for their contributions to the Company as Maritime's Chief Financial Officer and Corporate Secretary, respectively and for their assistance with the transition to a new management team. I am also pleased to welcome Germaine and Lorna to Maritime and look forward to working with them as we advance the Hammerdown gold project in Newfoundland & Labrador.

Ms. Coombs also serves as Vice President and Chief Financial Officer of Aurelius Minerals Inc. and previously was the Vice President and Chief Financial Officer for Stonegate Agricom Ltd. from August 2010 until July 2017. Prior to this, she was Corporate Controller for FNX Mining Company Inc. from August 2004 to May 2010. From 1998 to 2004, she held progressively senior accounting roles at the Iron Ore Company of Canada, a Rio Tinto company. Ms. Coombs brings over 20 years of extensive financial and commercial experience predominantly in the mining and resource industry, successfully leading finance teams through different stages of project financing, construction and operations.

Ms. MacGillivray also serves as Corporate Secretary of Aurelius Minerals Inc. and previously was the Vice President, Secretary and General Counsel for Stonegate Agricom Ltd. from August 2008 until July 2017. Prior to that, she was Assistant Secretary of Thompson Creek Metals Company Inc. from May 2007 to May 2011. Previously, she was Corporate Secretary and General Counsel of Glencairn Gold Corporation from November 2003 to January 2008. Ms. MacGillivray has 30 years of in-house legal and corporate secretarial experience for mining companies, including Campbell Resources Inc., Zemex Corporation and Northgate Exploration Limited.

About Maritime Resources Corp.:

Maritime Resources holds a 100% interest in the Green Bay Property, including the former Hammerdown gold mine, located near Springdale, Newfoundland and Labrador, Canada.

Maritime Resources Corp.
Garett Macdonald, President & CEO

For further information, please call:
Garett Macdonald
Telephone: 416 365 5321

info@maritimegold.com
www.maritimeresourcescorp.com

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

Caution Regarding Forward Looking Statements:

Certain information included in this press release, including information relating to future financial or operating performance and other statements that express the expectations of management or estimates of future performance constitute "forward-looking statements". Such forward-looking statements include, without limitation, statements regarding copper, gold and silver forecasts, the financial strength of the Company, estimates regarding timing of future development and production and statements concerning possible expansion opportunities for the Company. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief are based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, the price of and anticipated costs of recovery of, copper concentrate, gold and silver, the presence of and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, the availability of personnel, machinery and equipment at estimated prices, mineral recovery rates, and others. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, interpretation and implications of drilling and geophysical results; estimates regarding timing of future capital expenditures and costs towards profitable commercial operations. Other factors that could cause actual results, developments or events to differ materially from those anticipated include, among others, increases/decreases in production; volatility in metals prices and demand; currency fluctuations; cash operating margins; cash operating cost per pound sold; costs per ton of ore; variances in ore grade or recovery rates from those assumed in mining plans; reserves and/or resources; the ability to successfully integrate acquired assets; operational risks inherent in mining or development activities and legislative factors relating to prices, taxes, royalties, land use, title and permits, importing and exporting of minerals and environmental protection. Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and the Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise, except as required under applicable security law.
File: http://www.maritimeresourcescorp.com/i/pdf/news/PR-Feb-7-2019-FINAL-(1).PDF
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#February 01, 2019
Maritime Announces Board And Management Changes

 VANCOUVER, BC - Maritime Resources Corp. (MAE-TSX Venture, "Maritime") announced that effective January 31, 2019 the following board and management changes have occurred to reflect the continued evolution and development of Maritime as it works to further advance the high-grade Hammerdown gold project and its Whisker and Orion exploration projects in Newfoundland:
  • Mr. Douglas Fulcher will no longer serve as Maritime’s President and Chief Executive Officer and has resigned as a member of the board;
  • Mr. Andrew Pooler will no longer serve as Maritime’s Chief Operating Officer and has resigned as a member of the board; and
  • Mr. Garett Macdonald, currently a member of the board, will serve as Maritime’s President and Chief Executive Officer.
Maritime's Chairman, Mr. John Hayes, stated, "I would like to thank Doug and Andrew, on behalf of Maritime and Maritime's board, for their service as Maritime's President and Chief Executive Officer and as Maritime's Chief Operating Officer, respectively. The company has benefited from Doug's efforts in guiding Maritime's operations and has also benefitted from Andrew's technical expertise as reflected in the progress the company has made to date on its projects."

Mr. Hayes continued, "On behalf of Maritime and Maritime's board, I would like to take this opportunity to welcome Garett as Maritime's President and Chief Executive Officer. With his diverse and extensive engineering experience in project development and mine operations, including both open pit and narrow vein underground settings, the board believes that Garrett will provide the necessary technical and corporate leadership to Maritime as the company examines and advances development opportunities at Hammerdown. His innovation and commercial focus have earned him the reputation for producing results which will benefit Maritime at this important stage in its history and in the development of the company's projects."

About Maritime Resources Corp:

Maritime Resources holds a 100% interest in the Green Bay Property, located near Springdale, Newfoundland and Labrador, Canada.

On behalf of the Board of Directors,


John Hayes
Chairman



For further information, please call:
John Hayes Telephone: 1-866-991-7004
info@maritimeresourcescorp.com


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.

Caution Regarding Forward Looking Statements:

Certain information included in this press release, including information relating to future financial or operating performance and other statements that express the expectations of management or estimates of future performance constitute "forward-looking statements". Such forward-looking statements include, without limitation, statements regarding copper, gold and silver forecasts, the financial strength of the Company, estimates regarding timing of future development and production and statements concerning possible expansion opportunities for the Company. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief are based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, the price of and anticipated costs of recovery of, copper concentrate, gold and silver, the presence of and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, the availability of personnel, machinery and equipment at estimated prices, mineral recovery rates, and others. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, interpretation and implications of drilling and geophysical results; estimates regarding timing of future capital expenditures and costs towards profitable commercial operations. Other factors that could cause actual results, developments or events to differ materially from those anticipated include, among others, increases/decreases in production; volatility in metals prices and demand; currency fluctuations; cash operating margins; cash operating cost per pound sold; costs per ton of ore; variances in ore grade or recovery rates from those assumed in mining plans; reserves and/or resources; the ability to successfully integrate acquired assets; operational risks inherent in mining or development activities and legislative factors relating to prices, taxes, royalties, land use, title and permits, importing and exporting of minerals and environmental protection. Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and the Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise, except as required under applicable security law.
File: http://www.maritimeresourcescorp.com/i/pdf/news/2019-02-01_NR.pdf
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#December 06, 2018
Maritime Starts Drill Program at Whisker Valley Project

 

VANCOUVER, BC - Maritime Resources Corp. (MAE-TSX Venture, "Maritime”) is pleased to announce the start of the Company’s initial drill program on the Whisker gold project which is located approximately 10 kilometres from the Hammerdown gold deposit on the Green Bay Property in Newfoundland and Labrador, Canada.

The Whisker Valley drill program will focus on a gold vein system that was trenched and channel sampled in the fall of 2017. Results from that program showed continuous gold values in individual veins that occur in a zone that has been traced at surface for over 200 metres strike length.  Individual channel sample results from the veins were documented in a series of news releases by Maritime Resources available on the Company’s website (www.maritimeresourcescorp.com).  

The Company subsequently completed a detailed IP Survey in early 2018 that was designed to test the depth potential of the known vein system as well as search for extensions to the east and west ends of the veins.  The IP Geophysical Survey provided a coincident chargeability response with the Whisker Gold Vein system and extended the footprint of the mineralized zone to a potential 500 metres strike length (See NR #18--23, September 26th, 2018). The gold veins carry disseminated pyrite and base metals sulphides which appear to provide the IP response. Other anomalies identified in this survey have yet to be investigated. (see map, below)

PLAN MAP SHOWING DISTRIBUTION OF VEINS AND IP ANOMALIES (along with first 3 drill holes)

The initial drill program will consist of approximately 1000 metres of drilling. The first 3 holes are planned below the trench areas to test the depth extent and identify structures hosting the gold vein system. At this point little is known about the structures controlling the veins that have variable dip and strike orientations.
The drilling contract has been awarded to local contractor Springdale Forest Resources Inc.

Maritime would like to thank the Government of Newfoundland and Labrador for approving the Whisker Valley Project under it’s JEA mineral incentive program.

Stock Option Grant

Maritime also announces that, in accordance with the Company’s stock option plan, it will grant new and existing directors, officers, employees and consultants incentive stock options to purchase up to an aggregate of up to 4,805,000 common shares exercisable on or before December 6, 2023 at a price of $0.11 per share. 

About Maritime Resources Corp:
Maritime Resources holds 100% of the Green Bay Property, located near Springdale, Newfoundland and Labrador, Canada.  The property hosts the past producing Hammerdown gold mine and the Orion gold deposit separated by a 1.5 km distance that sits within an overall strike length of 4000 metres. As well the Lochinvar base metals/precious metals deposit sits to the north east end of the Rumbullion deposit.

Based on the Company’s March 2017 PFS, the Hammerdown mine is expected to produce approximately 180,000 ounces over a 5 year life at a cash cost of $558 CDN with an all in cost (including capital, sustaining capital and operating cost) of $955 CDN per ounce of gold.  Total estimated upfront capital is $35M CDN, and the project has a pre-tax NPV8% = $72M CDN with an IRR of 47% based on a toll milling arrangement at the nearby Nugget Pond Mill. The after tax NPV8% = $44M CDN with an IRR = 35% based on a $1250/oz gold price.

Bernard H. Kahlert, P.Eng. is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical disclosure contained in this release.
 
Further information on the Green Bay Gold Property can be found on our website at www.maritimeresourcescorp.com along with the NI43-101 compliant Technical Report and Prefeasibility Report filed on SEDAR.

On behalf of the Board of Directors,

Doug Fulcher
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

Caution Regarding Forward Looking Statements:

Certain information included in this press release, including information relating to future financial or operating performance and other statements that express the expectations of management or estimates of future performance constitute “forward-looking statements”.  Such forward-looking statements include, without limitation, statements regarding copper, gold and silver forecasts, the financial strength of the Company, estimates regarding timing of future development and production and statements concerning possible expansion opportunities for the Company.  Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief are based on assumptions made in good faith and believed to have a reasonable basis.  Such assumptions include, without limitation, the price of and anticipated costs of recovery of, copper concentrate, gold and silver, the presence of and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, the availability of personnel, machinery and equipment at estimated prices, mineral recovery rates, and others.  However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements.  Such risks include, but are not limited to, interpretation and implications of drilling and geophysical results; estimates regarding timing of future capital expenditures and costs towards profitable commercial operations.  Other factors that could cause actual results, developments or events to differ materially from those anticipated include, among others, increases/decreases in production; volatility in metals prices and demand; currency fluctuations; cash operating margins; cash operating cost per pound sold; costs per ton of ore; variances in ore grade or recovery rates from those assumed in mining plans; reserves and/or resources; the ability to successfully integrate acquired assets; operational risks inherent in mining or development activities and legislative factors relating to prices, taxes, royalties, land use, title and permits, importing and exporting of minerals and environmental protection.  Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement.  The forward-looking statements contained herein are made as at the date hereof and the Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise, except as required under applicable security law.

File: http://www.maritimeresourcescorp.com/i/pdf/news/NR-2018-12-06-91151.pdf
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#November 08, 2018
Maritime Announces the Appointment of 3 new Board members

 VANCOUVER, BC - Maritime Resources Corp. (MAE-TSX Venture, "Maritime") On the completion of the recently closed $3.5 million financing with Dundee Resources Ltd. and Sprott Inc., Maritime is pleased to announce the appointment of three new independent board members to further enhance the team. The new appointees include Mr. John Hayes as Director who will also serve as Chair of the Board, Mr. Garett Macdonald and Mr. Mark Ashcroft as directors of the Company. The new directorships take effect immediately and will work with our existing team as the Company advances the high grade Hammerdown gold project and further develops its Whisker and Orion exploration projects. Brief biographies of the directors are highlighted below.

Mr. John Hayes, M.Sc., MBA, P. Geo - Chair of the Board, Director
John is a professional geologist with over 17 years of industry experience ranging from regional surveys to advanced exploration. In addition, John has many years of capital markets experience. John graduated from Memorial University of Newfoundland with an Honours Bachelor of Science in Geology (1989) and a Master of Science in Geology (1997). He also holds an MBA from Dalhousie University (2003). He is a member (P. Geo.) of the Professional Engineers and Geoscientists of Newfoundland and Labrador. John was a mining analyst and Managing Director for BMO Capital Markets from 2003 until his retirement in April 2014. In his role with BMO, John covered precious and base metal companies globally from exploration to production stages. John joined Osisko Mining Inc in June 2016, where he served as the Senior Vice President of Corporate Development until March 2018.

Mr. Garett Macdonald, MBA, P. Eng. - Director
Garett is a professional mining engineer with extensive experience in project development and mine operations with over 22 years of industry experience. He has managed large technical programs through the concept, feasibility and into construction stages and has senior management and board level experience with several public companies. Most recently as Vice President of Project Development for JDS Energy and Mining, Garett was responsible for leading the Curraghinalt Feasibility Study for Dalradian Resources, a high grade, narrow vein Curraghinalt gold project in Northern Ireland, recently acquired by Orion Mine Finance for $537M. Garett also held roles in mine operations and engineering earlier in his career with senior Canadian mining firms Suncor Energy, and Placer Dome Inc. From 2009 to 2013 he served as Vice President of Operations for Rainy River Resources prior to the $310M sale of Rainy River to New Gold Inc. Garett is currently the President & CEO of Tower Resources and a director of First Cobalt, Aurelius Minerals and Gungnir Resources. He holds a Master of Business Administration degree from Western University's Ivey Business School and a Bachelor of Engineering (Mining) from Laurentian University in Sudbury.

Mr. Mark N.J. Ashcroft, P. Eng. - Director
Mark has been involved in various capacities in the global mining industry and the North American and European debt and equity markets since 1990. Mark is currently the President and Chief Executive Officer and a Director of Aurelius Minerals Inc. Previously, Mark served as President and Chief Executive Officer and a Director of Stonegate Agricom Ltd. from August 2008 to September 2014. From 2007 to 2008, Mark worked at Versant Partners, where he was responsible for successfully developing their mining finance business in sales, trading and corporate finance. Prior to joining Versant Partners, Mark had been employed since 2003 with Toll Cross Securities Inc., a boutique institutional firm in Toronto where he became Managing Director and Head of Investment Banking. From 2001 to 2003, Mark was a member of the Mining and Metals Team at Standard Bank's New York office where he was responsible for providing metals trading and project financing solutions to mid-tier developers and producers in Canada and Latin America. From 1999 to 2000, he was a member of the Mining and Metals Team of Barclays Capital, a leading provider of project finance to the mining industry. From 1996 to 1998, he worked in Mines Technical Services at Inco Limited's Ontario Division, where he qualified as a Professional Engineer in Ontario. various operating roles in North and South Mark holds his Bachelor of Engineering (Mining) from Laurentian University and a Master of Science (Finance, Regulation and Risk Management) from the ISMA Centre of the University of Reading.

Mr. Fulcher, President and CEO commented: "We are extremely pleased to be moving Maritime forward in such a positive way with both the financing for $3.5 million completed by two significant groups in Dundee and Sprott and the additions to our board. The three new members have board expertise in all aspects of the mining and financial industry and come with a proven track record of developing, financing and operating mining projects. With these new board members joining the Maritime team we will continue to diligently advance our 100% owned Green Bay Hammerdown gold project towards production."

The Company would also like to announce that Mr. Alan Williams has resigned as Chairman and Director of the Company effective October 29th, 2018. Alan was one of the original founding directors of the Company in 2007 and became Chairman in 2017, he has remained active both on the board and as the Company's Chairman since then. On behalf of the board and employees of the Company, we thank Alan for his years of dedication and wish him all the best on his future endeavors. Alan will continue to act as an advisor to the Company.

About Maritime Resources Corp:
Maritime Resources holds 100% of the Green Bay Property, located near Springdale, Newfoundland and Labrador, Canada. The property hosts the past producing Hammerdown gold mine and the nearby Orion gold deposit. As well the Lochinvar base metals/precious metals deposit sits to the north east end of the Rumbullion deposit.

Based on the scenario presented in the Company's March 2017 PFS, the Hammerdown mine is expected to produce approximately 180,000 ounces over a 5 year life at a cash cost of $558 CDN with an all in cost (including capital, sustaining capital and operating cost) of $955 CDN per ounce of gold. Total estimated upfront capital is $35M CDN, and the project has a pre-tax NPV8% = $72M CDN with an IRR of 47% based on a toll milling arrangement at the nearby Nugget Pond Mill. The after tax NPV8% = $44M CDN with an IRR = 35% based on a $1250/oz gold price.

Further information on the Green Bay Gold Property can be found on our website along with the NI43-101 compliant Technical Report filed on SEDAR on July 11, 2013 at www.maritimeresourcescorp.com.

Bernard H. Kahlert, P.Eng. is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical disclosure contained in this release.

On behalf of the Board of Directors,

Doug Fulcher
President, CEO


For further information, please call:
Doug Fulcher              Telephone: (604) 336-7322
info@maritimeresourcescorp.com

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.

Caution Regarding Forward Looking Statements:

Certain information included in this press release, including information relating to future financial or operating performance and other statements that express the expectations of management or estimates of future performance constitute "forward-looking statements". Such forward-looking statements include, without limitation, statements regarding copper, gold and silver forecasts, the financial strength of the Company, estimates regarding timing of future development and production and statements concerning possible expansion opportunities for the Company. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief are based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, the price of and anticipated costs of recovery of, copper concentrate, gold and silver, the presence of and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, the availability of personnel, machinery and equipment at estimated prices, mineral recovery rates, and others. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, interpretation and implications of drilling and geophysical results; estimates regarding timing of future capital expenditures and costs towards profitable commercial operations. Other factors that could cause actual results, developments or events to differ materially from those anticipated include, among others, increases/decreases in production; volatility in metals prices and demand; currency fluctuations; cash operating margins; cash operating cost per pound sold; costs per ton of ore; variances in ore grade or recovery rates from those assumed in mining plans; reserves and/or resources; the ability to successfully integrate acquired assets; operational risks inherent in mining or development activities and legislative factors relating to prices, taxes, royalties, land use, title and permits, importing and exporting of minerals and environmental protection. Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and the Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise, except as required under applicable security law.
File: http://www.maritimeresourcescorp.com/i/pdf/news/2018-11-08-nr2-mae.pdf
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#November 08, 2018
Maritime Announces the Closing of the $3.5 million Private Placement

 VANCOUVER, BC - November 8, 2018 Maritime Resources Corp. (MAE-TSX Venture, "Maritime" or the "Company") is pleased to announce that it has closed its non - brokered private placement previously announced on October 11, 2018. The Company has raised $3,502,959 through the issuance of a combination of 25,460,900 Units (the "Units") at a price of $0.11 per Unit and 5,402,000 Flow-Through units (the "FT Units") at a price of $0.13 per FT Unit (the "Offering").

Each Unit consists of one common share and one-half (1/2) of one transferable common share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder to acquire one common share of the Company at a price of $0.15 per common share for a period of 24 months expiring November 7, 2020.

Each FT Unit consists of one common flow-through share and one-half (1/2) of one transferable common share purchase warrant ("FT Warrant"). Each whole FT Warrant will entitle the holder to acquire one non-flow-through common share of the Company at a price of $0.15 per common share for a period of 24 months expiring November 7, 2020.

All Warrants will include an acceleration clause that, if at any time after 4 months from the closing of the Offering, if the closing price of the Company's common shares on the TSX Venture Exchange is greater than $0.25 for 20 consecutive trading days, then the expiry date for the Warrants and the Warrants may, by notice in writing by the Company, be accelerated to 30 days following the date that such notice is given.

The Company issued a total of 2,152,791 finder units ("Finder Units") at a price of $0.11 per Finder Unit. Each Finder Unit is comprised of one common share and one-half (1/2) of one non-transferable warrant ("Unit Finder Warrant"). Each whole Unit Finder Warrant is exercisable to purchase one common share of the Company at a price of $0.15 per common share for a period of 24 months expiring November 7, 2020.

The Company also issued 2,152,791 finder warrants exercisable at a price of $0.11 for a period of 24 months expiring November 7, 2020.

All securities issued are subject to a four month hold period expiring March 9, 2019.

Dundee Resources Ltd. purchased $1.77 million of the financing and now, together with its affiliates, owns or controls approximately 18.54% of Maritime Resources on an undiluted basis and 25.28% on a partially diluted basis. As finder, Sprott Capital Partners, a division of Sprott Private Wealth has placed $1.5 million, with Sprott Inc. purchasing $625,000 and together with its affiliates will own 13.25% of Maritime Resources on a partially diluted basis.

Doug Fulcher, President and CEO of Maritime commented, "With the closing of this placement and the significant participation by both Dundee and Sprott as strategic partners we are now in a position to move forward with our goals for the Hammerdown and Whisker Projects. We are continuing to add to our team of professional to further enhance our ability to advance our project in Newfoundland."

Use of Proceeds

The net proceeds from the financing will be used to advance the Company's 100% owned Hammerdown Mine project as well as the Whisker Valley and Orion project in Newfoundland and for general working capital and corporate purposes.

About Maritime Resources Corp:

Maritime Resources holds 100% of the Green Bay Property, located near Springdale, Newfoundland and Labrador, Canada. The property hosts the past producing Hammerdown gold mine and the Orion gold deposit separated by a 1.5 km distance that sits within an overall strike length of 4000 metres. As well the Lochinvar base metals/precious metals deposit sits to the north east end of the Rumbullion deposit.

Based on the Company's March 2017 PFS, the Hammerdown mine is expected to produce approximately 180,000 ounces over a 5 year life at a cash cost of $558 CDN with an all in cost (including capital, sustaining capital and operating cost) of $955 CDN per ounce of gold. Total estimated upfront capital is $35M CDN, and the project has a pre-tax NPV8% = $72M CDN with an IRR of 47% based on a toll milling arrangement at the nearby Nugget Pond Mill. The after tax NPV8% = $44M CDN with an IRR = 35% based on a $1250/oz gold price.

There exist numerous opportunities for improvement, including a significant reduction in planned development and capital costs, as well as increasing the mine life with the conversion of approximately 400,000 ounces of gold in the inferred category adjacent to existing mine development.

Further information on the Green Bay Gold Property can be found on our website along with the NI43-101 compliant Technical Report filed on SEDAR on July 11, 2013 at www.maritimeresourcescorp.com.

Bernard H. Kahlert, P.Eng. is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical disclosure contained in this release.

On behalf of the Board of Directors,

Doug Fulcher
President, CEO


For further information, please call:
Doug Fulcher              Telephone: (604) 336-7322
info@maritimeresourcescorp.com

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.

Caution Regarding Forward Looking Statements:

Certain information included in this press release, including information relating to future financial or operating performance and other statements that express the expectations of management or estimates of future performance constitute "forward-looking statements". Such forward-looking statements include, without limitation, statements regarding copper, gold and silver forecasts, the financial strength of the Company, estimates regarding timing of future development and production and statements concerning possible expansion opportunities for the Company. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief are based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, the price of and anticipated costs of recovery of, copper concentrate, gold and silver, the presence of and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, the availability of personnel, machinery and equipment at estimated prices, mineral recovery rates, and others. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, interpretation and implications of drilling and geophysical results; estimates regarding timing of future capital expenditures and costs towards profitable commercial operations. Other factors that could cause actual results, developments or events to differ materially from those anticipated include, among others, increases/decreases in production; volatility in metals prices and demand; currency fluctuations; cash operating margins; cash operating cost per pound sold; costs per ton of ore; variances in ore grade or recovery rates from those assumed in mining plans; reserves and/or resources; the ability to successfully integrate acquired assets; operational risks inherent in mining or development activities and legislative factors relating to prices, taxes, royalties, land use, title and permits, importing and exporting of minerals and environmental protection. Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and the Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise, except as required under applicable security law.
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