TORONTO, ONTARIO - (February 22, 2016) - Maxim Resources Inc., (Maxim), (TSX.V: MXM Frankfurt: M5HA OTCBB: MXMSF), is pleased to announce that it has signed a further 6-month extension to its Reconnaissance Concession Authorization in respect of the Hassi Berkane Block in the Kingdom of Morocco with both the National Office of Hydrocarbons and Mines (“ONHYM”) and the Ministry of Energy, Mines, Water and Environment of Morocco, (MEMWE).
The original Reconnaissance Concession Authorization was effective for an Initial Validity Period of 12 months commencing July 15, 2014 and expiring July 15, 2015. On July 15, 2015 ONHYM and MEMWE granted Maxim a First Extension Period for six months ending January 15, 2016.
Maxim requested a Second Extension Period and this was granted on January 15, 2016. The Second Extension Period will expire on July 15, 2016. This Second Extension Period was signed and registered with ONHYM and MEMWE on February 18, 2016.
The further extension was requested by Maxim in order to complete the existing work commitment and to expand the analysis on the Reconnaissance Concession, Hassi Berkane. The work program remains unchanged.
A Reconnaissance Concession Authorization is required in order to conduct exploration and review work in Morocco. The work to be contemplated includes geological, geochemical and geophysical surveys and geotechnical review of already existing data. This work is expected to be completed within next 6 months at which point Maxim will assess the results.
Maxim is an oil and gas 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. Its most recent investment is a Reconnaissance Contract for the Hassi Berkane Block, in the Kingdom of Morocco (“Morocco”) in partnership with the National Office of Hydrocarbons and Mines (“ONHYM”).
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Issued on behalf of the Board of Directors of Maxim Resources Inc.
Andrew Male, President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking information, which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the completion of the work program and the performance of the Company pursuant to the Reconnaissance Concession Authorization. Various factors that could cause actual results to differ materially from such forward-looking information. Although Maxim believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Maxim disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.