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TSX-V Symbol: MXR
OTC BB Symbol: MXROF
Frankfurt: M1D
VANCOUVER, April 26, 2012 /CNW/ – MAX Resource Corp. (TSX.V: MXR; OTCBB: MXROF; Frankfurt: M1D) has entered into a Mineral Lease with New Nevada Resources, LLC (“NNR”) for 560 acres of mineral rights (“Section 33) immediately adjacent of its Majuba Hill copper/silver/gold project in Nevada where soil sampling in 2011 identified a high grade soil anomaly covering a 1.5 km by 2 km area that returned values as high as 1.53% Cu and 209 g/t Ag in soils. This zone, centered around the past producing DeSoto silver mine, remains open to the south and east and appears to extend at least another 1 km to the northwest on Section 33. Soil sampling to confirm the grade of mineralization identified on surface at Section 33 will be conducted in early May, in conjunction with resumption of drilling at Majuba Hill.
The Mineral Lease with NNR is for a term of 20 years and calls for annual lease payments of $15 per acre in the first year, increasing incrementally to $30 per acre in year four and subsequent years. NNR has the right to retain a 15% working interest in Section 33 or can convert it to a NSR of 0.5% on base metals and 1% on precious metals, in addition to retaining an overriding NSR of 1.75% on base metals and 3% on precious metals.
