12:43:04 EST Wed 20 Feb 2019
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Maritime Resources Corp
Symbol C : MAE
Shares Issued 86,406,449
Close 2018-07-12 C$ 0.09
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Maritime's proposed acquisition by Anaconda dropped

2018-07-12 19:33 ET - News Release

Mr. Doug Fulcher reports


Anaconda Mining Inc. has formally withdrawn its unsolicited bid to acquire all of the outstanding shares of Maritime Resources Corp. Its team of advisers and management have worked hard to demonstrate to shareholders that the unsolicited bid launched by Anaconda on April 13, 2018, did not truly reflect the value of Maritime's asset.

Maritime management and its board of directors would like to thank dedicated shareholders for their continued support and believe that this reaffirms the confidence shareholders have in the ability of the company's board and management team to complete the process of advancing the past-producing Hammerdown mine.

Doug Fulcher, president and chief executive officer, commented: "I would like to express a special thanks to the team that was put together to advise the board of directors and management of the company, as well as our shareholders for supporting the company over the past several months. We are pleased to have this hostile bid behind us, allowing work to recommence on advancing our Hammerdown gold project. We will now pick up where we left off with an aggressive work program to advance both the Hammerdown and Whisker projects."

With the recent financing now completed, the company will resume its planned work programs.

Maritime retained the services of Dundee Securities Ltd. as its financial adviser, McMillan LLP as legal adviser and Laurel Hill Advisory Group as its proxy solicitation firm in relation to the unsolicited bid.

Hammerdown project

During February and March of this year, the company completed a 1,700-metre drilling (31 drill holes) designed to test the near-surface potential of the unmined J, K, L and M3 gold-rich quartz/sulphide veins. The program was designed to follow up on the veins system that was outlined from the surface trenching program last fall and to test the mineralization down to 30 metres below surface. The goal of the program was to outline a new mineral resource that could potentially be evaluated as a start-up open-pit mining operation. If successful, this could potentially add to the minable ounces and reduce the preproduction timeline as outlined in the prefeasibility study announced in March, 2017. During start-up of the original Hammerdown mine in year 2000, Richmont produced about 8,500 ounces from the small open pit adjacent to the underground over a period of just four months.

The initial plan moving forward will be to compile data from the new drilling, along with all the historical data, into the company's 3-D software to evaluate the continuity of zones. Work will then continue to determine if these new shapes can be used to establish a resource/reserve as an open-pit shell design.

A third set of results have been received and will be released when the compilation is completed. Additional drilling will be done as needed.

Inferred resource drilling at Hammerdown

A phase 2 drill program will focus on testing and upgrading the inferred mineral resource at Hammerdown within the immediate vicinity of the mine plan as outlined in the prefeasibility study, announced in March of 2017. The prefeasibility study defined approximately 400,000 ounces of gold in the inferred category, and this drilling will aim to upgrade a portion of the resource to the measured or indicated categories. Follow-up drilling on this inferred resource will be conducted from underground once the ramps have been dewatered.


Permitting has been under way over the last year with the success of acquiring the final permit to dewater the underground workings in March of this year. This program is anticipated to be carried out later this year. Gemtec Consulting Engineers and Scientists has been spearheading the project's permitting requirements and will continue on with the environmental assessment registration for the project.

Dewatering program

With the permits now in hand to initiate the dewatering of the underground working at Hammerdown, Maritime will continue working closely with the local communities and contractors to plan and budget this critical work.

Whisker project

Trenching in the fall of 2017 has exposed three subparallel high-grade vein systems extending over 200 metres, which remain open at both ends. The company followed up with a geophysical survey that was completed early this spring and will report these results shortly. Further work at Whisker is being planned for this year.

About Maritime Resources Corp.

Maritime Resources holds 100 per cent of the Green Bay property, located near Springdale, Nfld. The property hosts the past-producing Hammerdown gold mine and the Orion gold deposit separated by a 1.5-kilometre distance that sits within an overall strike length of 4,000 metres.

Maritime announced a prefeasibility study (March 2, 2017) that evaluated the measured and indicated National Instrument 43-101 mineral resource estimate for the past-producing Hammerdown gold deposit. The study was completed by WSP Canada Inc., an independent third party engineering firm, with the mandate to evaluate the potential of bringing the past-producing gold mine back into commercial production.

Bernard H. Kahlert, PEng, is the qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical disclosure contained in this release.

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