NFX Gold Inc.
TSX VENTURE : NFX

NFX Gold Inc.
Maximus Ventures Ltd.
TSX VENTURE : MXV

Maximus Ventures Ltd.

February 02, 2006 21:11 ET

NFX Gold Inc. and Maximus Ventures Ltd.: Assays Being Received From Drilling on NFX's Larder Lake Property, Ontario

TORONTO, ONTARIO and VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 2, 2006) -

(Not for dissemination in the United States.)

NFX Gold Inc. ("NFX") (TSX VENTURE:NFX) and Maximus Ventures Ltd. ("Maximus") (TSX VENTURE:MXV) announced that assays are being received from diamond drilling at the NFX Larder Lake properties, located in northeastern Ontario (collectively the "Larder Lake Property"). Eleven diamond drill holes (3,047 meters) were completed from December 10, 2005 to January 3, 2006 on the Barber Larder part of the Larder Lake Property.

NFX and Maximus have agreed to hold results from assays received to date until all data from analytical work and core logging have been compiled. The compilation will include merging the assays both with geological data obtained from the 2005 holes drilled at Barber Larder and with preexisting information from the Larder Lake Property. This compilation with a plan for further exploration is expected shortly.

The Larder Lake Property consists of the Cheminis, Bear Lake and Fernland properties (all 100% NFX owned) and the Barber Larder property (75% NFX owned). Under the joint venture option agreement between NFX and Maximus, announced on November 24, 2005, Maximus acquired the right to earn a 60% interest in NFX's interest in the Larder Lake Property by expending $6 million on exploration thereon by December 31, 2008, subject to regulatory approval. Minimum expenditures must total $700,000 by July 31, 2006 to continue the option. Through January 20, 2006 applicable expenditures by Maximus were approximately $330,000. Under the terms of the joint venture option agreement, NFX is to issue to Maximus 8,000,000 NFX warrants expiring in annual blocks or under certain NFX market share price thresholds, as detailed in the November 24, 2005 NFX / Maximus joint news release.

Conditional acceptance of the joint venture option agreement has been received by NFX and Maximus from the TSX Venture Exchange. NFX and Maximus are currently completing the filing requirements for final acceptance by the Exchange and finalizing the formal joint venture option agreement. Closing of the joint venture option agreement is expected to occur on or about February 22, 2006.

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 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 Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • NFX Gold Inc.
    Thomas G. Larsen
    President and CEO
    (416) 360-8006 or Toll Free: (800) 360-8006
    (416) 361-1333 (FAX)
    www.nfxgold.com
    or
    Maximus Ventures Ltd.
    Frederick T. Graybeal
    President
    (973) 635-8262
    (973) 635-4991 (FAX)
    www.maximusventures.com