MaxTech Ventures Inc.

April 04, 2007 17:57 ET

MaxTech Signs a Memorandum of Understanding to Acquire an Interest in a Porphyry Copper and Gold Project in Haiti

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 4, 2007) - MaxTech Ventures Inc. ("MaxTech")(TSX VENTURE:MVT)(FRANKFURT:M1N) reports that it has concluded a Memorandum of Understanding with Societe Miniere Ste. Genevieve-Haiti, S.A. (SGH), a private Haitian company located in Port-au-Prince, Haiti. SGH holds a number of advanced stage exploration properties in Haiti which require additional expenditures to further explore and develop the properties. Maxtech, in order to earn an interest in the projects, has agreed to provide the necessary funding for this development, through the purchase of common shares from treasury of SGH.

Upon signing of the agreement, Maxtech has 60 days to complete its due diligence ("due diligence period") on SGH and its mineral projects. Maxtech was granted total exclusivity during the due diligence period.

Under the agreement, Maxtech has put US$2,500,000 in trust for the purchase of 200,000 common shares from the treasury of SGH, at a price of US$12.50, for a total investment of US$2,500,000. Upon regulatory approval for the transaction, US$250,000 will be released from trust to purchase 20,000 common shares of SGH. Upon satisfactory completion of due diligence, the remaining funds will be released from trust to purchase the remaining 180,000 common shares for US$2,250,000.

On closing of this transaction, Maxtech will appoint two members to the Board of SGH. In addition, an Exploration Committee will be formed which will have the exclusive responsibility for the exploration program design, budgeting and control of the exploration expenses. The Committee will be made up of four SGH directors, which include the two new Directors appointed by Maxtech and two from the remaining Directors of SGH. Maxtech will chair this committee and will have the deciding vote in the case of any tie. Maxtech will also manage the exploration program.

On closing of this transaction, Maxtech will have a Right of First Refusal on any additional financing initiatives.

The parties agree that upon completion of Maxtech's due diligence and prior to the purchase of the remaining 180,000 shares in this transaction, a formal agreement will be completed. Canadian Regulatory approval is required for this transaction.

On Behalf of the Board of Directors

Thomas R. Tough. P. Eng., President

This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at for further information.

TSX Venture Exchange has neither approved nor disapproved of the information contained herein.

Contact Information

  • MaxTech Ventures Inc.
    Thomas R. Tough. P. Eng.
    (604) 687-0879
    (604) 408-9301 (FAX)