Maxim Power Corp.
TSX : MXG

Maxim Power Corp.

April 26, 2011 17:49 ET

Maxim Power Corp. Announces Receipt of Mine 14 License

CALGARY, ALBERTA--(Marketwire - April 26, 2011) - Maxim Power Corp. (TSX:MXG) ("MAXIM" or the "Corporation") announced today that the Alberta Energy and Resources Conservation Board has issued Coal Mine License No. C 2011-9 to its wholly owned subsidiary, Milner Power Inc. ("Milner") to commence mining the Mine 14 coal reserve.

Milner was previously granted Permit No. C 2009-6 by the Alberta Energy Resources Conservation Board to develop an underground coal mine in the Grande Cache area. The newly granted license enables Milner to commence mining the coal reserve. Milner anticipates receiving an interim surface lease in order to undertake preparatory activities at the mine portal site and expects the permanent License of Occupation and Mineral Surface Lease will be issued prior to commencement of construction.

MAXIM considers the Mine 14 resource to be a valuable strategic asset. The mine will be located north of Grande Cache, Alberta and is estimated to contain 13 million recoverable tonnes of high quality metallurgical coal. (Refer to Technical Report on The No. 14 Mine Project filed on SEDAR on March 22, 2005.) The resource has significant value both as a fuel source for MAXIM's existing HR Milner generating facility and for the sale of metallurgical coal.

MAXIM anticipates that Mine 14 will be commissioned in 2013.

About MAXIM

Based in Calgary, Alberta, MAXIM is an independent power producer, which acquires or develops, owns and operates innovative and environmentally responsible power projects. MAXIM currently owns and operates 44 power plants in western Canada, United States and France, having 809 MW of electric and 117 MW of thermal net generating capacity. Approximately 80% of MAXIM's current portfolio is comprised of clean burning natural gas, high efficiency cogeneration, waste heat and landfill gas fuelled generation. MAXIM trades on the TSX under the symbol "MXG". For more information about MAXIM, visit our website at www.maximpowercorp.com.

Statements in this release which describe MAXIM's intentions, expectations or predictions, or which relate to matters that are not historical facts are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of MAXIM to be materially different from any future results, performances or achievements expressed in or implied by such forward-looking statements. MAXIM may update or revise any forward-looking statements, whether as a result of new information, future events or changing market and business conditions and will update such forward-looking statements as required pursuant to applicable securities laws.

Contact Information

  • Maxim Power Corp.
    John R. Bobenic
    President and CEO
    (403) 750-9300

    Maxim Power Corp.
    Michael R. Mayder
    Vice President, Finance and CFO
    (403) 750-9311
    www.maximpowercorp.com