Maxtech Signs Binding Letter of Intent to Acquire Panama Gold Project in Historic Red Lake District
Maxtech Signs Binding Letter of Intent to Acquire Panama Gold Project in Historic Red Lake District
Vancouver, British Columbia – September 10th 2019 – Maxtech Ventures Inc. (CSE: MVT) (Frankfurt: M1N) (OTC: MTEHF)
(“Maxtech” or the “Company”) is pleased to announce the signing of a binding letter of intent (“BLOI”) to acquire 100% of
the Panama Gold Project from Benton Resources Inc.
The property is located in the historic Red Lake mining district in Ontario, Canada which has produced more than 28
million ounces of high-grade gold. The Panama Gold project is located 50km away from and on trend with Great Bear
Resources Dixie Project and has excellent exploration and discovery potential within a relatively underexplored area of
the camp.
Recently, a high-detail airborne magnetic survey was completed and interpreted leading to help identify several high
priority targets for immediate follow up. These targets include a distinct fold approximately 250m along strike from the
Panama Zone which has not been previously identified. Benton has also recently discovered an old assessment file
containing a visible gold occurrence in the northeast part of the project which needs to be investigated. In addition, the
Panama project is host to some of the highest unsourced gold grains (107 grains) in glacial till discovered by the
Geological Survey of Canada, 1999 (Open File 3038).
Peter Wilson, CEO and Director Stated, “ The opportunity for Maxtech to explore such an advanced project at this stage
of the gold price cycle is very timely. Red Lake has had multiple high-grade discoveries during the last several years and is
host to Gold Corp., Pure Gold Mining and Great Bear Resources, among others.”
Pursuant to the terms of the BLOI signed on August 30, 2019, Maxtech will have a 30-day due diligence period and
subject to regulatory approval, will commit to the following over a 4 year period:
• Issue 2,000,000 Maxtech common shares to Benton upon completion of due diligence review at an underlying
price of $0.05 per share;
• Pay Benton $100,000 in cash or share equivalent on first anniversary, based upon a 10 -day VWAP at the time of
the payment and complete $200,000 in exploration expenditures on the property;
• Pay Benton $100,000 in cash or share equivalent on second anniversary, based upon a 10-day VWAP at the time
of the payment and complete $250,000 in exploration expenditures on the property at which point a 50%
ownership interest will vest to MVT;
• Pay Benton $100,000 in cash or share equivalent on third anniversary, based upon a 10-day VWAP at the time of
the payment and complete $250,000 in exploration expenditures on the property at which point a 70%
ownership interest will vest to MVT; and
• Pay Benton $300,000 in cash or share equivalent on fourth anniversary, based upon a 10-day VWAP at the time
of the payment and complete $300,000 in exploration expenditures on the property at which point a 100%
ownership interest will vest to MVT
About Maxtech Ventures Inc.
Maxtech Ventures Inc. is a Canadian-based diversified industries corporation focused on mineral properties.
For additional information see the Company’s web site at http://www.maxtech-ventures.com
Email to [email protected]
Phone: 604-484-8989
Further information about the Company is available on www.SEDAR.com under the Company’s profile.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the
Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.Certain statements
contained in this release may constitute “forward–looking statements” or “forward-looking information” (collectively
“forward-looking information”) as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar
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current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ
materially. In particular, this release contains forward-looking information relating to the business of the Company, the
Property, financing and certain corporate changes. The forward-looking information contained in this release is made as of the
date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new
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assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing
statements expressly qualify any forward-looking information contained herein.