Business
Maritime Resources Corp. Update
(via Thenewswire.ca) VANCOUVER, BC / TheNewswire / January 25, 2016 - Maritime Resou...
About this update from New Found Gold Corp
[{"type":"text","content":"Maritime Resources Corp. Update(via Thenewswire.ca)\n\n \n\n\n\n \nVANCOUVER, BC / TheNewswire / January 25, 2016 - Maritime Resources Corp. (MAE-TSX Venture, \"Maritime\") provides an update. Following one of the most challenging years in mining exploration, we offer you this update on corporate activities and assure you that the Board of Maritime will remain vigilant and focused in 2016 on our plan to advance and bring back into production our 100% owned Green Bay gold project in Newfoundland. \n\n\n \nWe are currently in the process of raising funds through a non-brokered private placement (see News Release 15-05 dated November 5, 2015) of units coupled with a streaming royalty that will return 100% of the original investment made pursuant to the offering to investors, which return will be paid out of production from the Green Bay project. If you have any questions about the offer, please contact us and we would be glad to answer any questions. The TSX Venture has granted an extension and we expect to close this financing in the near future.\n\n\n \nWe have collected tendering bids to conduct a Prefeasibility Study (\"PFS\") which we plan to begin once the financing is completed. The study is expected to take about 4 to 6 months to finish. The PFS will be conducted on the Hammerdown portion of the deposit which contains in excess 727,500 tonnes @11.59 g/t Au in the M&I categories and in excess of 1,767,000 tonnes @7.58 g/t Au in the Inferred category, both at a 3 g/t cut-off grade. We believe that this step will ensure that we position the Company to increase shareholder value. \n\n\n \nMaritime has a unique advantage with a Canadian gold property containing a high grade vein system that is accessible from surface, with underground infrastructure in place as well as proven metallurgy with high gold recoveries. The availability of infrastructure and mill, just 150 km from Maritime's Hammerdown mine site, will greatly reduce the timeframe for permitting and also capital requirements of production. For further information on the Property, please visit our website.\n\n\n \nBernard 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.\n\n\n \nAbout Maritime Resources Corp: \n\n\n \nMaritime holds 100% of the Green Ba...