Maxam Gold Subsidiary, Pembina Limitada, To Begin Mining Operations With Its Association Of Independent Miners

Feb 21, 2013, 08:00 ET from Maxam Gold Corporation

LAS VEGAS, Feb. 21, 2013 /PRNewswire/ -- Maxam Gold Corporation (OTCPINK: MXAM), a gold mining and development company, announced today that its subsidiary Pembina Limitada has formed an association of independent miners, and with them, will begin limited production.

Maxam's funding partner, Comanche Capital Corporation is finalizing contracts to move heavy equipment onto the Santa Rio Coco mining concession. 

Maxam's Director of Operations in Nicaragua, Ruy Delgado Lopez stated, "With the earth moving equipment in place, we will be able to start moving ore for our association of miners to begin processing.  On a preliminary basis, we will be running up to 30 tons daily, with a projected yield of approximately $5000 per day.  Production will increase as the workflow is optimized through this opening phase.  All gold produced by the association will be collected by Pembina, and sent to our U.S. refinery.  Working with the independent miners association is important for us, in that it provides assistance to the local working class.  It also enables us to show profitability as we work with Comanche Capital toward funding our main processing facility."

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.

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SOURCE Maxam Gold Corporation