NFX Gold Inc.

NFX Gold Inc.
Maximus Ventures Ltd.

Maximus Ventures Ltd.

March 21, 2007 09:00 ET

Maximus Resumes Drilling at NFX's Larder Lake Gold Project, Ontario

TORONTO, ONTARIO and LONGUEUIL, QUEBEC--(CCNMatthews - March 21, 2007) - Maximus Ventures Ltd. (TSX VENTURE:MXV) and NFX Gold Inc. (TSX VENTURE:NFX) are pleased to announce that diamond drilling has recommenced at NFX's Larder Lake gold project (the "Larder Lake Project") in Larder Lake, Ontario, Canada. This next phase of the diamond drilling program is scheduled for minimally 10,000 metres. The Larder Lake Project consists of the Cheminis, Bear Lake, and Fernland properties (all 100% NFX owned) and the Barber Larder property (75% NFX owned). Under the Option and Joint Venture Agreement between Maximus and NFX signed March 3, 2006, Maximus acquired the right to earn a 60% interest in NFX's share at Larder Lake by expending $6 million on exploration by December 31, 2008.

A significant portion of the 2006 drill program focused around the old Cheminis and Fernland mines. Results confirmed the presence of historically identified resources in several zones at each of the mines with some potential to extend resources. In addition to the historically identified zones, several of the 2006 drill hole intersections occurred in parallel structures to those hosting the historically known zones. Significant compilation work completed in 2006 showed the presence of parallel units of flow ore and carbonate ore similar to those containing mineralization at the Kerr Addison mine located some 2km to the east. Kerr Addison historical production exceeded 11 million ounces of gold.

In 2007 Maximus plans to drill approximately 10,000m to investigate the potential along the relatively unexplored parallel structures showing the presence of mineralization, one of which appears to have played a significant role controlling the mineralization at the Kerr Addison mine. These parallel structures combined with the presence of flow ore and carbonate ore units have been identified from the 2005 and 2006 drilling on the property and offer significant exploration potential. The drilling program started in mid-March, 2007 with one drill and should last until September, 2007. Additional information on the Larder Lake drilling program is available from the previous Maximus / NFX news releases dated February 7th 2007, December 6, October 19 and July 18, 2006.

Maximus is also pleased to announce the nomination of Mr. Bernard Boily as exploration manager. Mr. Boily has some 30 years experience and a strong background in exploration and exploitation, both underground and by open pit methods. Prior to joining Maximus, Mr. Boily was the senior geologist at Inmet's Troilus division. Mr. Boily will be responsible to manage and supervise all exploration activities for Maximus.

The technical content of the information related to Larder Lake has been reviewed by Mr. Bernard Boily, P. Geo., responsible for supervising the drilling campaign and is the qualified person for Maximus under the guidelines of National Instrument 43-101.

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 are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", and "intend" and statements that an event or result "may", "will", "can", "should", "could" or "might" occur or be achieved and other similar expressions. These 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 has neither approved nor disapproved of the contents of this news release.

Contact Information

  • NFX Gold Inc.
    Thomas G. Larsen
    President and CEO
    (416) 360-8006 or Toll Free: 1-800-360-8006
    (416) 361-1333 (FAX)
    Maximus Ventures Ltd.
    Francois Viens
    (450) 677-1009
    (450) 677-2601 (FAX)