Maxy Gold Corp.
TSX VENTURE : MXD

Maxy Gold Corp.

January 23, 2006 09:00 ET

Maxy Gold Corp.: New Discovery on Midu Project Includes 25 Metres of 1.83 Grams Per Tonne Gold in Trench

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 23, 2006) - Maxy Gold Corp. (TSX VENTURE:MXD): is pleased to announce that a significant new gold mineralized zone has been discovered in the Longtan area of the Midu Gold project, Yunnan Province, China. The new discovery, called the "MULUOZUO" area was disclosed in trenching work following up on stream sediments and soil geochemistry work which had shown a Gold (Au) anomalous zone. The assay results are from chip samples in two east/west trenches in bedrock under and along the same soil geochemistry anomalous line. The two trenches are separated by a section of approximately 70 metres (m), where overburden is greater.

Of particular interest is that the new discovery is approximately 2 km to the west of, and is hosted in the same geological structure as, the Dalontang gold deposit, which is just outside the Midu project area. The Dalontang deposit is owned by our Chinese partner on the Midu project, which has reported it contains a sizable gold deposit of approximately 1,000,000 oz. Maxy has not, however, had the opportunity to investigate the Dalontang deposit or its technical reports in detail, and therefore cannot comment on the reliability of our partners' report.

The results of assays of chip sample from trench are:



Trench # 2: 25 meters (m) of 1.83 grams per tonne (g/t) Au
including a higher grade section of 9m grading 3.5 g/t
Au. within which is 4m of 5.5 g/t Au.

Trench # 1: 18m of 0.5 g/t Au


The MULUOZUO gold mineralization was intersected in 2 trenches dug along the same soil geochemistry anomalous line to test a strong gold soil anomaly that was identified on 3 lines, 200m apart. The trenches are separated on the same line by a 70m zone which was not trenched due to overburden. Given the assay results this 70m gap in the trenching will be an immediate target. The gold in soil lines show the anomaly has a width of approximately 100 meters. If trenching the 70m gap returns similar results, the zone will have been established over a minimum length of 113m. The mineralization is associated with oxidized and altered sedimentary rocks such as conglomerates, sandstones and limestones, as is the case with the Dalontang deposit. Further soils sampling and trenching sections, will be started after the Chinese New Year holiday.

AUGER DRILLING RESULTS

Long awaited results from the auger survey over the Longtan, Qingmulin and Niujie zones of the have been received and analyzed and confirm the previous soils anomalies.

LONGTAN Zone

120 holes were completed to depths varying from 1.8m to 22m locally and included strong soil anomalies confirming the presence of low grade gold mineralization over the favorable rock type and structures.

The results of a small Mag and IP (Dipole-dipole) survey completed over the Longtan target have defined a small geophysical drilling target for disseminated type of mineralization. A small drilling program is being planned and is expected to start after the Chinese New Year holiday.

QINGMULIN Zone

17 holes were completed to depth varying from 4m to 17m in the western sector of the target and confirm a very low gold anomaly over a favourable geological and structural environment.

The results of a small Mag and IP (Dipole-dipole) survey completed over the eastern and western sector of the target have revealed 2 significant geophysical anomaly suggesting the presence of disseminated mineralization. A small drilling program is being planned and is expected to start after the Chinese New Year holiday.

NIUJIE Zone

33 holes totaling 280m were completed and results confirmed the presence of gold anomalies over favorable rock type and structure but failed to detect a significant size and no further work will be done over this immediate target.

Maxy has now fully earned over 50% in the joint venture company holding the Midu Project. Maxy's president, Andre Gauthier, has been appointed Chairman of the joint venture Company. All exploration permits on the Midu project have been transferred to the joint venture Company.

QUALITY CONTROL PROGRAM AND QUALIFIED PERSON

The quality control program on the Midu is under the supervision of General manager, Zhu ChengWei (Geo. Eng.) and Andre Gauthier, president of Maxy. Samples in trenches were systematic chip samples averaging 1m in length, taken from the sides of the trench which were approximately 3m depth. Trench sample preparation was carried out at the certified SGS Lab in Kunming and assayed at the SGS laboratory in Tianjin. Auger samples were split in half and transported to the Geology Nuclear Group Team 209 preparation laboratory in Kunming where samples were pulverized to 200 mesh and sent for analysis to Langfang Institute of Geochemical and Geophysical Exploration (certification ISO 9001) a well regarded analytical laboratory in Langfang, Hebei Province, located some 60 km south of Beijing.

As part of the quality assurance program, systematic core rejects and pulp samples and standards (approximately 20%) are shipped directly to ALS Chemex in Vancouver and reassayed. ALS Chemex is an ISO 9002 registered laboratory.

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 statements.

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

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