TORONTO, ONTARIO - (JULY 24, 2014) - Maxim Resources Inc., (Maxim), (TSX.V: MXM Frankfurt: M5H OTCBB: MXMSF), is pleased to announce that it has received the Reconnaissance Concession Authorization in conjunction with the Hassi Berkane Block in the Kingdom of Morocco.
Maxim and the National Office of Hydrocarbons and Mines, (“ONHYM”), made application to the Ministry of Energy, Mines, Water and Environment of Morocco, (“MEMWE”), for a Reconnaissance Concession Authorization in order to conduct the research needed to meet the requirements of the Reconnaissance Contract with ONHYM as previously announced on June 23, 2014.
The Reconnaissance Concession Authorization is required in order to conduct exploration and review works. The work contemplated includes geological, geochemical and geophysical surveys and geotechnical review of already existing data. This work will be completed within approximately 4 months at which point Maxim will assess the results and chose its next steps in conjunction with ONHYM.
The Reconnaissance Concession Authorization provided by MEMWE is granted for a one year period and is exclusive and may be extended for several periods of one year if needed. The results of the exploration and reconnaissance works are released to MEMWE and ONHYM for review. With a successful review of the data Maxim, in conjunction with ONHYM, will have the right to obtain an Exploration Permit from MEMWE for all (or some) of the Hassi Berkane Concession.
Art Brown, CEO and President of Maxim stated; “Maxim is pleased to now be able to move forward with Stage 1 of our reconnaissance works on Hassi Berkane. While trying to complete this works at the earliest, we are continuing to review further projects and opportunities as well.”
Maxim is an oil and gas production and exploration company based in Vancouver, Canada. The Company is focused on identifying assets that meet the following criteria, producing, near term enhancement and exploration opportunities. Investments may be by way of acquisition, participation and/or fractional interest.
Issued on behalf of the Board of Directors of Maxim Resources Inc.
Arthur Brown, President & CEO
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