VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 31, 2012) - Maritime Resources Corp. (TSX VENTURE:MAE.V - News) ("Maritime") reports that it has exercised its option to acquire 100% of the Newfoundland based Green Bay Gold Property from Commander Resources Ltd. (TSX VENTURE:CMD.V - News).
Maritime previously held 50% of the property which was acquired in 2010 through the issuance of 12 million shares to Commander and a work commitment of $750,000 pursuant to an option agreement between the parties dated June 14, 2010. Further to the terms of the option agreement, Maritime retained the right to acquire full ownership of the property through the issuance of an additional 5 million shares of Maritime. This option has now been exercised.
The Green Bay property hosts two known deposits: The Hammerdown gold deposit and the Orion gold deposit. The property is also host to the Lochinvar base metals/silver zone and several gold and base metal prospects. The Hammerdown gold deposit was mined between 2000 and 2004 and closed due to low (sub $300) gold prices with mineralization remaining, uneconomic at that time. Since going public in October 2010 Maritime has completed in excess of $750,000 of work on the property through geophysical surveys and drilling. With the completion of this acquisition Maritime will have 100% ownership of all three assets. Commander Resources will hold a 2% NSR royalty on future production from the property with the exception of production from the Orion deposit.
Eric Norton, President & CEO of Maritime, states, "With the potential expansion of the gold mineralization at Orion and a progress report from CAE on the past producing Hammerdown Gold Mine, the company is excited to be exercising its option for full ownership of the Green Bay Property which hosts both targets We look forward to our 2012 exploration program on possible new and expansion targets on the property."
Maritime's shares trade on the TSX Venture Exchange under the symbol "MAE". For additional information, please visit the Company's website at www.maritimeresourcescorp.com.
On behalf of the Board of Directors,
Eric Norton, President & CEO
Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Maritime Resources Corp.
Jay J. Bedard
Envoy Strategic Partners