Maximum Ventures Inc.

Maximum Ventures Inc.

September 11, 2007 14:36 ET

Maximum Ventures Inc.: Mongolia Licences Valid- Government Clarifies Effect of Notices

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 11, 2007) - Maximum Ventures Inc. (NEX:MVI.H) - is very pleased to announce that the Mongolian government has now clarified the effect of its recent notices to holders of exploration licences. The clarification indicates licence holders are obliged to move on to develop deposits. The Chairman of the Mineral Resources and Petroleum Authority of Mongolia ("MRPAM") on September 10, 2007 issued a statement noting that license holders "...have absolutely no risk to loose their rights, if they fulfill the legal requirements."

Validity of licences is important to Maximum as it is suing Western Prospector Group Ltd. and others for, among other things, ownership of all or a portion of the Saddle Hills uranium deposit located in Mongolia.

One of the companies affected by the notices, Khan Resources Inc., issued a further news release this morning containing the following full text of the statement from the Chairman.

Statement by the chairman Of the Mineral Resources and Petroleum Authority of Mongolia, Sept. 10, 2007.

"Welcoming the active and valuable inputs from different stakeholders in the mining industry and some foreign countries' representatives in the past few days, I would like to take this opportunity to officially address the recent issue concerning some mineral exploration licences.

"Expressing my sincere thanks for your keen attention and interest in mining sector's development of Mongolia let me give you the following explanations.

"It is obvious that the notice of Aug. 14, 2007, given by MRPAM Cadastral Centre to 18 international and national companies about invalidation of their exploration licences, has caused a serious concern among them as well as other investors.

"The notice was given following the recommendations of the state audit board, which discovered that the area covered by the 34 licences out of more than 6,000 currently effective licences, had been explored by state budget in the past and according to law, passed by parliament on July 8, 2006, the exploration licences had to be revoked, because they were covering mineral deposits ready for mining development.

"In this connection, I would like to emphasize that if the concerned licenceholders change them into exploitation or pre-exploitation or production licences in accordance with the minerals law they are most welcome. Important is to accept the legal framework that companies can not anymore continue possessing exploration licences in areas where exploration has finalized long ago instead they are obliged to move on to develop the deposits. They have absolutely no risk to loose their rights, if they fulfill the legal requirements.

"To let you know, so far not a single licence out of the 34 has been invalidated by me, because Mongolian government has no hidden agenda to take away these licences. So let me assure you that the MRPAM is fully committed to strictly following the minerals law, which protects interests of both foreign and domestic investors. As a matter of fact every mining operation conducted according to the law is running with no disruption. For example, one of the largest mining projects with foreign investment Boroo Gold has been enjoying excellent advantages thanks to the stability agreement and has extracted in its operation years total 26 tons of gold (not including the 2007 production), while paying no income taxes. I am very confident that Ivanhoe Mines' Oyu Tolgoi investment agreement, which has been recently approved by the government, will pass the parliament soon.

"I greatly encourage the international and national companies to continue their oil and gas exploration projects and programs. Petroleum exploration has become another great investment opportunity in Mongolian resources sector. Mining policy of Mongolia as well as our international standard licensing system will not be changed, because it is a cornerstone of our national development and prosperity.

"So finally, there is no need to worry about the unlawful revision of these licences. Let us co-operate and continue our business as usual."

Thank you,

Luvsanvandan Bold


Mineral Resources and Petroleum Authority of Mongolia "

Khan Resources Inc. is not involved in Maximum's lawsuit.

In its news release of August 23, 2007 Maximum encouraged investors to carefully consider the possible effects of the notices received by Khan Resources Inc. and Western Prospectors Group Ltd. and other companies and suggested that the notices may not have the effect of immediately cancelling or revoking or invalidating the licences.

Maximum considers Mongolia to be an excellent place to conduct business. Maximum is very pleased with the strong and clear message to investors by the Chairman of the MRPAM that Mongolia is open for business and its mining policy and licencing systems will not be changed.

Law Suit for Ownership of Saddle Hills Uranium Deposit - Mongolia

The effect of the notices is important to Maximum and its investors. Maximum is suing for ownership of the Saddle Hills uranium deposit located in Mongolia. The lawsuit is in the Supreme Court of British Columbia. Maximum is seeking an order and a declaration against Western Prospector, Ken de Graaf and others that certain mineral properties in Mongolia - including licences comprising the Saddle Hills uranium deposit- are held in trust for Maximum. The lawsuit continues with trial set for February, 2008.


Raymond Roland, Director

The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.

12g3-2(b): 82-3923

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Contact Information

  • Maximum Ventures Inc.
    Raymond Roland
    (604) 669-3005 or Toll Free: 1-888-880-2288