Maxy Gold Corp.

Maxy Gold Corp.

March 17, 2008 08:00 ET

Maxy Gold Acquires 15 Gold, Silver and Base Metal Exploration Properties in Peru

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 17, 2008) - Maxy Gold Corp. (TSX VENTURE:MXD) ("Maxy" or "the Company") today announced that it has entered into an agreement with Southwestern Resources to acquire a 100% interest in 15 gold and base metal mineral exploration properties totaling 135,369 hectares in central and southern Peru.

In accordance with the Agreement, Maxy will pay CND$200,000 cash and issue 1 million shares to SWG, which together with their existing position will give them an 11% share position in the Company. A 2% NSR royalty payable upon commercial production is applicable to 2 properties: Choco and Condoroma. The agreement is subject to 30 days due diligence and to regulatory approvals.

Andre Gauthier, President and CEO of Maxy said, "We are extremely pleased to enter such a prolific mining country with tremendous exploration potential and political stability. Having lived and worked in Peru for over 15 years, Maxy will have the advantage of a built in contact base, and intimate familiarity with the geology of Peru. We now have the chance to follow up the excellent generative work of an accomplished professional exploration team. Of the properties being acquired, most were obtained by SWG in 2006 and 2007 and have not been explored systematically. Peru has been a leading exploration country for the last decade and should remain at the forefront for the foreseeable future. Maxy's management is proud to have acquired such a high quality, significant mineral exploration property package."

Mr. Gauthier has extensive experience in Peru, having headed up Cambior Gold's exploration team in Peru for over 10 years. During that time, he led one gold-copper discovery and identified a number of other projects including La Granja, which became a giant porphyry copper deposit. He also was instrumental in the creation of the Lima Stock Exchange.

Property Portfolio

All Properties are located in Central and Southern Peru in well defined prospective mineralization belts. The portfolio includes 15 properties totaling 135,369 hectares of which one (1) is located in Apurimac, three (3) are located in Moguegua, seven (7) are located in Ayacucho, two (2) in Cuzco, one (1) in Arequipa and one (1) in Lima Province. Ten (10) properties are high sulphidation gold and silver targets, 1 a low sulphidation gold and silver target and 4 are base metal targets.

Between 2005 and 2007, SWG systematically acquired these properties and completed first pass geophysics, trenching, and sampling programs on some. Six of those properties are near drilling stage and include Chocos (which contains the Candel target), Condoroma, Sumaq, Corina, Picha, and Canta. Maxy will complete a full field evaluation of these properties in the next few months in order to identify priority drilling targets The other properties are at grass roots stage, staked on data base information targeting high sulphidation gold - silver epithermal systems. A complete property description will follow the due diligence period.

Appendix 1: table with property size and location and a location map.

About Maxy Gold Corp.

Maxy Gold is focused on the acquisition, exploration and responsible development of precious and base metal properties in China and Peru. In China the Company has an exploration program underway on the MIDU joint venture in Yunnan Province where gold mineralization has been identified, and has a strategic joint venture alliance in Qinghai Province with Western Mining Group, Ltd. one of China's largest mining and development companies, where it is working two promising Au-Cu-W-Mo properties, Duoba and Danbolongwa. The Peruvian acquisition will bring different areas of opportunity and diversifies the Company's exploration focus.

Maxy has approximately $4.2 million available to invest in exploration.

Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statement.


Peru Properties

Project Region Area (hectares) Commodity target

Corina Apurimac 3968 Au-Ag

Nicole Moquegua 2,500 Au
Picha Moquegua 5,900 Cu
Kim Moquegua 2,695 Au

Sumaq Ayacucho 9,000 Au
Sami Ayacucho 27,000 Au
Grace Ayacucho 4,800 Au
Fresia Ayacucho 4,933 Au
Marcia Ayacucho 5,800 Au
Fedra Ayacucho 2,000 Au

Ninfa Ayacucho 1,200 Au

Chocos Arequipa 33,148 Ag-Base metals

Atanea Cuzco 3,000 Au
Condoroma Cuzco 12,825 Cu-Au

Canta Lima 16,600 Cu, Au, Base metals

Total Area 135,369

To view the location map accompanying this release please click on the following link:

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

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