Maximus Ventures Ltd.

Maximus Ventures Ltd.

October 24, 2007 16:00 ET

Maximus Closes Private Placement to Raise a Total of $3.2 Million


Maximus Ventures Ltd. (the "Company") (TSX VENTURE:MXV) announces that it has closed today, further to its news release of September 19, 2007, a private placement of 10,666,666 Units at a price of $0.30 per Unit for gross proceeds of $3,200,000 of which 9,730,000 Units were brokered and 936,666 Units were non-brokered. This private placement represents an increase of 666,666 Units from the amount set out in the Company's news release of September 19, 2007 for additional gross proceeds of $200,000. Each Unit issued consists of one common share and one transferable common share purchase warrant, with each warrant entitling the holder to acquire an additional common share of the Company at a price of $0.40 per share until April 24, 2009, subject to the right of the Company to accelerate, on or after February 25, 2008, the expiry date of the warrants where the closing price of the Company's common shares is $0.40 or greater for a period of 30 consecutive trading days.

Dundee Securities Corporation ("Dundee") and Primary Capital Inc. ("Primary") acted as agents in connection with the brokered portion of the offering. Dundee and Primary received a cash commission of 6% of the gross proceeds of their respective brokered portion of the financing and non-transferable agents' warrants to purchase up to 291,900 common shares each (for an aggregate of 583,800 common shares) at a price of $0.30 per share until April 24, 2009.

Net proceeds from the sale of the Units will be used by the Company for exploration expenditures on its projects in Canada and in the USA and for general working capital purposes.

All securities issued in connection with the offering and the underlying securities are subject to a hold period that expires February 25, 2008 and may not be traded except as permitted under applicable securities legislation and the policies of the TSX Venture Exchange.


Diamond drilling is on-going on the Larder Lake project following up on the two high grade intersections from hole #11 (10.4 g/t Au over 5.2m and 13.3 g/t Au over 6.0m). Three holes are completed and a fourth hole is in progress. Assay results are still pending. A significant amount of assay results are still pending from the drilling program recently completed on the Chicago zone of the Hope Bay project. Maximus will release the results when they are available. The technical content of the information related to Larder Lake was reviewed by Mr. Bernard Boily, P. Geo., responsible for supervising the drilling campaign and qualified person for Maximus under the guidelines of National Instrument 43-101.

Forward-looking Statements

This release contains certain "forward-looking statements". All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking statements. Forward- looking statements reflect the current internal projections, expectations or beliefs of the Company based on information currently available to the Company. Forward- looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, that may cause the actual results of the Company to differ materially from those discussed in the forward- looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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