LAS VEGAS, Feb. 19, 2013 /PRNewswire/ -- Maxam Gold Corporation (OTCPINK: MXAM) http://www.max-amgold.com, a gold mining and development company, announced today that Comanche Capital Corporation will fund the acquisition of earth moving equipment so Maxam can begin production with several independent gold milling operations.
The CEO of Comanche Capital Corporation, Charles Hays, inspected the northwest gold region of Nicaragua with Maxam's Pembina Limitada management team. Together they visited several mining and milling sites that are actively producing gold ore, and based on current operations, Comanche Capital committed funds to advance to the next step in assisting Maxam/Pembina into gold production.
Bulldozers are expected to be moved on to this first mining claim as early as next week, and it is expected over twenty local mills will be participating in this trial operation. After preliminary refining in Nicaragua, Pembina will export to the U.S. for refining, under its permit, the gold collected from these indigenous mining operations.
Based on the results from this operation, Comanche and Maxam will jointly explore, using indigenous miners, on the 179,000 acre claim Prembina has in the northwest mining district of Nicaragua.
"While the main objective was to begin the acquisition of gold to sell to the refinery, Comanche sees greater potential in Maxam's ability to begin mining with our neighboring processors. Maxam has the opportunity to use these local mills' processing capabilities, to begin gold production within a few weeks, and prove financial viability on this concession. The cash flow generated on this project will give impetus to Comanche Capital to fund the build of our main production facility," stated Charles Langrill, CEO of Maxam Gold Corporation.
About Maxam Gold Corporation.
Based in Nevada, Maxam Gold Corporation is a leading gold mining and development company with its main focus on mining concessions in Nicaragua. Maxam Gold Corporation was formed in 1975 and has been involved in the mining and exploration of gold since 1985. Gold demand, along with gold prices, has revitalized the company. Its policy of acquiring gold production, through the partnership and acquisition of active gold mining companies, will allow Maxam to expand more rapidly and increase the profitability of its current operations.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.The words or phrases "would be," "would allow," "intends to'" "will likely result," "are expected to," "will continue," "anticipate," "expect," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "considers," or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. These include the company's historic lack of profitability, end user customer acceptance and actual demand, which may differ significantly from expectations, the need for the company to manage its growth, the need to raise funds for operations and other risks within the regulation of the industry. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company's past performance is not necessarily indicative of its future performance. The Company does not undertake, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, events or circumstances after the date of such statement.
SOURCE Maxam Gold Corporation