Receives Conditional TSX Venture Exchange Approval for Novita Gold Bearing Conglomerate Transaction
MAX RESOURCE CORP. (MXR.V) announced it has executed the final "Novita Project" Asset Purchase Agreement with Noble Metals Limited and its subsidiary Condoto Platinum Limited and received conditional approval from the TSX Venture Exchange for the transaction. The transaction includes:
- The 100% rights to mineral claims and mineral applications, and more importantly, the "Novita Agreement", an exclusive right of first refusal to the mineral rights and mining rights over 1,050 sq. km held by the Novita Higher Community Council as sole owners of the land and minerals.
- The Novita Agreement area encompasses or is adjacent to the Company's Choco Precious Metals Project, located 100 km SW of Medellin, Colombia.
- The Choco Precious Metals Project covers or is adjacent to historic surface production of 1.5Mozs of gold and 1.0Mozs of platinum by Compania Minera del Choco Pacifico between 1906 and 1990. (Source: R.J. Fletcher and Associates (2011) Review of Gold and Platinum Exploration and Production in Choco Province Colombia Part 3. Private Report for Condoto Platinum Ltd).
- Under the terms of the Novita Agreement, the Novita Higher Community Council is entitled to 12.5% of Net Revenue Return (as defined below) to the Council and 5% of Net Revenue Return to the Committee from any present or future mining production within the Novita Agreement area.
- Established infrastructure, including a fully operation 30 exploration camp at the town of Novita
Brett Matich, Max's President and CEO, commented: "Mr. Bill Hayden, founder and former director of Noble Metals assembled the Novita Project and he will assist the Company's aggressive exploration programs." Mr. Matich continued: "Gold pundits are forecasting prices to continue to rise as demand continues to strengthen. Max is strategically positioned to take advantage of this rising market through its Colombian gold assets."
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