Maritime Resources Corp.

Maritime Resources Corp.

August 31, 2011 09:00 ET

Maritime Hires CAE Mining to Determine Gold Resource

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 31, 2011) - Maritime Resources Corp. (TSX VENTURE:MAE) reports that it has contracted with CAE Mining Canada Inc. (formerly The Datamine Group) of Sudbury, Ontario to assist with determining the remaining resources at the formerly producing Hammerdown Mine at Springdale, Newfoundland. CAE Mining will assemble available drill and mining records into a 3D digital model, including previously mined areas, to yield a block model and estimate of the potential resources that were not recovered by mining. The possible resource to be determined at Hammerdown would be in addition to the inferred resource at Maritime's nearby Orion deposit, as stated in the Technical Report dated July 19, 2010.

The multi-vein Hammerdown gold mine was operated by Richmont Mining from 2000 until April, 2004 during which the gold price averaged about $300/oz. 315,000 tonnes of ore were extracted, at an average grade of 16.1 g/t Au, yielding 157,000 ounces of gold. The Hammerdown deposit is relatively shallow at less than 250 m in depth and was mined underground using cut-and-fill methods from ramp access. There was also a shallow open pit surface operation. The ore was trucked to, and processed at, the Nugget Pond mill, now active and owned by Rambler Metals. Following closure of the mine, Maritime Resources acquired the property and mining records. Recent examination of these records indicates potential mineralization remaining in a number of the Hammerdown and Rumbullion veins, as well as the adjacent Muddy Shag gold zone which requires further infill drilling.

CAE Mining will load the drill hole data base into their Studio3 software to create a three dimensional model of the deposit. A block model will be created to enclose all of the veins of the orebody, followed by digitization and modelling of the mined out areas at the time of closure. Using this model, an estimate of possible resources remaining in each vein of the Hammerdown deposit can be produced, along with identification of potential targets.

The Hammerdown mine is located less than one kilometre from a paved highway and electrical power line in an active mining district of central Newfoundland. Experienced miners live within commuting distance of the mine. As previously reported (see News Release dated June 1, 2011) Maritime has entered into an Exploration and Development Alliance with Rambler Metals and Mining (AIM:RMM)(TSX VENTURE:RAB) in which they will share technical expertise with the goal of advancing Maritime's properties toward production as quickly as possible. Eric Norton, President of Maritime states: "We look forward to working with CAE Mining to identify the possible resource at Hammerdown. This is the first step in evaluating the feasibility of re-starting this mine, which must be done considering the current price of gold relative to that at the time of closure."

The Green Bay gold property, including the Hammerdown and Orion deposits, is held jointly by Maritime Resources (50%) and Commander Resources (50%). Maritime is the Operator. Under the terms of the Option Agreement, Maritime has the right to earn an additional 50% by issuing 5 million shares of Maritime to Commander.

Maritime Resources would like to acknowledge the support of the Government of Newfoundland and Labrador in the form of financial assistance of the 2011 drilling campaign by the Junior Exploration Assistance Program.

Bernard 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,

Eric W. Norton, President & CEO

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.

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

Contact Information

  • Maritime Resources Corp.
    Cathy DiVito
    Investor Relations
    (604) 484-7111