VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 15, 2014) - Maritime Resources Corp. (TSX VENTURE:MAE) is pleased to announce the appointment of Mr. Andrew Pooler to the Board of Directors of the Company and the engagement of Mr. Doug Hurst as an Advisor to the Company in the financial modeling and evaluation of the Green Bay asset and the development of the resource at the former producing Hammerdown Gold Mine.
Mr. Pooler holds a Bachelor of Science degree in Mining Engineering from the University of Idaho and has more than 30 years of experience as a mining engineer and operations executive. His most recent role was as Chief Operating Officer of Esperanza Resources Corp., prior to which he served as the Chief Executive Officer of PanTerra Gold Limited. Mr. Pooler spent 5 years with Abacus Mining and Exploration Corp. as Chief Operating Officer, where he had a key role in the advancement of the Ajax deposit. He also spent 5 years as Senior Vice President, Mine Operations, for Pan American Silver Corporation where he was responsible for the production performance of six operating mines located in Mexico, Peru, Argentina and Bolivia.
Mr. Hurst has over 25 years of experience in the mining/resource industries having acted as geologist, consultant, mining analyst, and senior executive. Mr. Hurst holds a Bachelor of Science in geology from McMaster University (1986). He was a mining analyst with McDermid St. Lawrence and Sprott Securities and a contract analyst to Pacific International Securities and Octagon Capital up until 1995. From 1995 to 2003 Mr. Hurst operated D.S. Hurst Inc. a company offering corporate, evaluation and financial consulting services to the mining industry. He was a founding executive of International Royalty Corporation from 2003 to 2006 and a director of the company until 2010 when the company was purchased by Royal Gold for $700 million.
Mr. Fulcher, President and CEO commented: "We are very pleased to have professionals such as Andy Pooler and Doug Hurst joining our team as we work to advance the Green Bay project. I have worked very closely with Andy during his years with Abacus and I look forward to working with him again on our Green Bay Gold Project. As well, Doug brings a wealth of knowledge in financial and asset modeling that will be key as Maritime looks to move the Hammerdown Gold Deposit towards production again."
Loan Arrangement
The Board of Directors has authorized management to proceed with a loan arrangement for a term of one year whereby the Company will borrow up to $400,000. Under the terms of the loan agreement, lenders will be paid 10% interest and will receive a 20% bonus, payable in shares of the Company at a deemed price of $0.15 per share. The proceeds will be used to continue exploration work on the Company's Green Bay property, Newfoundland and for general working capital.
Grant of Stock Options
The Board of Directors also reports the grant of 200,000 incentive stock options to directors, officers, employees and consultants of the Company under its stock option plan, in accordance with the Company's compensation policy. The options are exercisable for five years at a price of $0.15 per share. These transactions are subject to the approval of and the policies of the TSX Venture Exchange.
ABOUT MARITIME RESOURCES CORP:
Maritime Resources holds 100% of the Green Bay property, located near Springdale, Newfoundland and Labrador. The property hosts the past producing Hammerdown gold mine and the Orion gold deposit separated by a 1.5 km distance, as well as the Lochinvar base metals/precious metals deposit.
An initial Independent NI 43-101 compliant Mineral Resource Estimate for the Green Bay Gold property was released in early June 2013. The study estimates the property to contain in excess of 400,000 ounces of gold in the Measured and Indicated categories and in excess of 600,000 ounces in the Inferred category, both at a 3 g/t cut-off grade. The estimate was compiled by Tetra Tech of Ontario.
The Hammerdown gold deposit was successfully mined by Richmont Mines between 2000 and 2004 while gold prices averaged $325/oz. During its operation, a total of 291,400 tonnes of ore were mined and milled, at an average grade of 15.83 g/t Au, recovering a total of 143,000 ounces of gold. All of the ore was processed at the Nugget Pond mill, now owned and operated by Rambler Metals and Mining, with an average gold recovery of 97.1%. Mining terminated in 2004 due to low gold prices with mineralization remaining, although uneconomic at that time. The Orion gold deposit consists of two main vein systems, both of which are open along strike, and down plunge to the northeast.
Further information on the Green Bay Gold Property can be found on our website along with the NI43-101 complaint Technical Report filed on SEDAR on July 11, 2013 at www.maritimeresourcescorp.com.
Bernard H. Kahlert, P.Eng. is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical disclosure contained in this release.
On behalf of the Board of Directors,
Doug Fulcher, Interim President & CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.