CALGARY, ALBERTA--(Marketwire - May 9, 2012) - Maxim Power Corp. ("MAXIM" or the "Corporation") (MXG.TO - News) announced today that its wholly owned subsidiary, Summit Coal Inc. ("SUMMIT"), has entered into an agreement to acquire an additional coal lease for its Mine 14 project. The new lease comprises 1,328 hectares and is contiguous to SUMMIT's existing Mine 14 coal leases. Upon closing this acquisition, SUMMIT's lease holdings increase a further 25% to 6,669 hectares. The transaction is subject to customary closing conditions.
SUMMIT had issued an updated Technical Report for its Mine 14 (metallurgical coal) project pursuant to National Instrument 43-101 on May 3, 2012. This report excludes potential Resources and Reserves associated with this new lease and the two leases recently acquired in the Alberta Government's Public Offering of Crown Coal Rights on May 2, 2012.
SUMMIT intends to carry out an exploration program during 2012 to identify additional Resources and Reserves on both its existing and recently acquired leases. Upon the completion of this program, SUMMIT intends to issue a further updated Technical Report.
Additional information on Mine 14 can be found in the Technical Report on the Mine 14 Project for Summit Coal Inc. dated May 3, 2012, which is available on SEDAR (www.sedar.com).
Based in Calgary, Alberta, MAXIM is an independent power producer, which acquires or develops, owns and operates innovative and environmentally responsible power and power related projects. MAXIM currently owns and operates 40 power plants in western Canada, United States and France, having 788 MW of electric and 111 MW of thermal net generating capacity. MAXIM trades on the TSX under the symbol "MXG". For more information about MAXIM, visit our website at www.maximpowercorp.com.
Statements in this release which describe MAXIM's intentions, expectations or predictions, or which relate to matters that are not historical facts are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of MAXIM to be materially different from any future results, performances or achievements expressed in or implied by such forward-looking statements. MAXIM may update or revise any forward-looking statements, whether as a result of new information, future events or changing market and business conditions and will update such forward-looking statements as required pursuant to applicable securities laws.
Maxim Power Corp.
President and CEO
Michael R. Mayder
Maxim Power Corp.
Vice President, Finance and CFO