Trading Symbol: MXD.TSXV
VANCOUVER, March 8 /CNW/ - Maxy Gold Corp. MXD.TSX.V ("Maxy") is pleased
to announce that it has selected Watts Griffith (WGM) to complete its
NI-43-101 compliant report on its Huangnan Copper-Gold project in Qinghai
WGM is well qualified to carry out this assignment. Since 1962, WGM has
served the international mining community by completing projects in more than
120 countries. Project management, QA (quality assurance)/QC (quality
control), technical due diligence reviews, Mineral Resource/Reserve estimates
and audits, valuations, mine planning, engineering and metallurgical
investigations have each contributed to the firm's worldwide reputation of
Maxy Gold is expecting the completion of the report before the end of the
Andre Gauthier, President and CEO of Maxy said, "We are pleased to
confirm the overall potential of the Huangnan Copper-Gold Project with this
study. This is the first joint venture with Maxy's new strategic partner,
"Western Mining Group."
On October 4, 2006 Maxy announced a joint venture alliance with Western
Mining. Under the terms of the alliance Maxy will earn a 50% interest in
various gold and base metal projects held by Western Mining subsidiaries in
Qinghai and other Provinces of Western China. The first of these proposed
joint venture projects - the Huangnan property in Qinghai province - was
announced January 15, 2007
On February 12, 2007 Maxy announced the closing of a private financing
with "WESTERN MINING GROUP" totaling CDN$2,250,000. The financing is in
furtherance of the strategic alliance between Maxy and "Western Mining Group",
to jointly develop mineral properties in the provinces of Qinghai and Tibet.
The proceeds of the placement will be applied to the joint ventures and to
general working capital.
Maxy's project consists of two large exploration permits totaling 203
km(2) located in Qinghai Province, Western China. Both the 105.54 km(2)
Duoba-Jijiemu permit and the 97.35 km(2) Danbolongwa permit are Cu-Au
polymetallic prospects. The properties are readily accessible by road and
located approximately 181 km from Xining City, the capital of Qinghai
Province. Over 20 mineralized occurrences, each of a different nature, have
been defined in the region and at least seven of these are medium to small
scale operating Cu, Au and Cu-Au mines located in the vicinity of the permits.
The main producers are the Shuangpengxi Gold Mine, the Jiangligo Copper Mine
(2.5 Mt @ 0.5 to 0.9% Cu (Au, W)) and the Qiadong Cu-Ag Mine (0.6 to 1.5% Cu).
The Huangnan Prospect was only recently identified in 2005 through soil
geochemical surveys, mapping and surface trenching. The Qinghai Non-Ferrous
Metal Exploration No. 7 Group discovered three new mineralized alteration
areas hosting nine areas of extensive surface copper showings. Recent
exploration has identified four regional multi-element geochemical stream
sediment anomalies including:
1) A 25 km long by 10 km wide anomaly along a structural corridor hosting
some of the mines bordering the property; 2) a Au, As, Sb, Ag anomaly
measuring 11 km x 2-3 km on the Duoba-Jijiemu permit; and 3) a Cu, Zn, Au, Ag
anomaly measuring 14 km x 4 km on the Danbolongwa permit.
The alteration and mineralized showings exhibit Sedex, Epithermal Au-Ag,
Pb (both high and low sulphidation), Skarn and Porphyry styles of
No drilling has been done on any of the prospects, but most have
exhibited promising surface expressions. Maxy intends to complete its data
compilation and reinterpretation (geology, geochemistry and airborne
geophysics, as well as satellite imageries) in the coming months, followed by
an intensive prospecting and soil geochemistry campaign over selected areas
during 2007. This will be immediately followed by ground geophysics, and if
justified, diamond drilling in the latter part of 2007. WGM will review the
data and identify the information required for the preparation of the NI
43-101 report, which will need to be translated if not available in English.
About Western Mining
Western Mining, based in Qinghai, is one of the largest mining
conglomerates in China, focusing on the mining, processing and sale of lead,
zinc, copper and other non-ferrous metal resources.
About Maxy Gold Corp.
Maxy Gold is focused on the acquisition, exploration and responsible
development of precious and base metal properties in China, while building key
strategic alliances. Maxy Gold has assembled a technically oriented team that
combines more than 25 years of exploration experience in China and aims to
become an important player in the development of a strong mining industry and
venture capital market in China over the next few years. The Company has an
exploration project underway on the MIDU joint venture in Yunnan province
where gold mineralization has been identified, and on the strategic joint
venture alliance with Western Mining Co. Group, Ltd. one of China's largest
mining and development companies.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Statements in this press release other than purely historical
information, including statements relating to the Company's future plans and
objectives or expected results, constitute forward-looking statements.
Forward-looking statements are based on numerous assumptions and are subject
to all of the risks and uncertainties inherent in the Company's business,
including risks inherent in resource exploration and development. As a result,
actual results may vary materially from those described in the forward-looking
For further information:
For further information: Maxy Gold Corp., Andre Gauthier, President,
Tel: (604) 688-8811, Email: email@example.com; The Equicom Group Inc.,
Michael Joyner, Investor Relations, Tel: (416) 815-0700 ext.275, Email: