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Maritime Files Technical Report and Commences Work Program on Green Bay Gold Property

Jul 11 2013 12:00AM

Marketwire

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VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/11/13 -- Maritime Resources Corp. (TSX VENTURE: MAE) ("Maritime" or the "Company") - announces that, further to the news release dated May 28, 2013, it has now filed the Technical Report, dated July 3, 2013, entitled "Technical Report and Resource Estimate on the Green Bay Property, Newfoundland, Canada". The Report was authored by Tetra Tech of Sudbury, Ontario in accordance with NI 43-101 guidelines.

Maritime is now commencing a work program as recommended in the Report. This summer's work will be to continue trenching at the eastern extension of the Rumbullion zones, sample and analyze mine water from the closed Hammerdown gold mine, and test metallurgical recoveries of gold from ore on the Green Bay property.

Maritime holds 100% of the Green Bay property which hosts the past producing Hammerdown gold mine and the Orion gold deposit separated by a 1.5 km distance. As a result of an expanded land position, Maritime now controls 51.7 square kilometres (12,775 acres) near Springdale in north-central Newfoundland.

Green Bay Gold Property NI 43-101 Mineral Resource Estimate:

The Resource is summarized below, at a 3 g/t cut-off grade, and shown in various cut-off grades in Table 1.

-- 428,600 ounces of gold in the Measured and Indicated category-- 661,100 ounces in the Inferred category Table 1: SENSITIVITY OF RESOURCES TO GRADE CUT-OFF----------------------------------------------------------------------------------------------------------------------------------------------------Resource Grade GoldCategory Cut-off Deposit Tonnes (g/t Au) (Ounces)---------------------------------------------------------------------------------------------------------------------------------------------------- HD, RM, MS 831,330 10.46 279,574 2 g/t Au ----------------------------------------------- Orion 1,581,500 3.87 196,776 ----------------------------------------------------------- HD, RM, MS 727,460 11.59 271,072 3 g/t Au -----------------------------------------------Measured and Orion 1,096,500 4.47 157,582 Indicated ----------------------------------------------------------- HD, RM, MS 642,180 12.67 261,592 4 g/t Au ----------------------------------------------- Orion 630,500 5.24 106,220 ----------------------------------------------------------- 5 g/t Au HD, RM, MS 562,760 13.82 250,048 ----------------------------------------------- Orion 347,200 5.86 65,414------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ HD, RM, MS 2,204,000 6.64 470,513 2 g/t Au ----------------------------------------------- Orion 1,891,000 4.52 274,803 ----------------------------------------------------------- HD, RM, MS 1,767,000 7.68 436,304 3 g/t Au ----------------------------------------------- Orion 1,288,000 5.44 225,272Inferred ----------------------------------------------------------- HD, RM, MS 1,336,000 9.02 387,440 4 g/t Au ----------------------------------------------- Orion 917,000 6.18 182,201 ----------------------------------------------------------- HD, RM, MS 1,027,000 10.39 343,066 5 g/t Au ----------------------------------------------- Orion 692,000 6.75 150,176----------------------------------------------------------------------------------------------------------------------------------------------------HD = Hammerdown RM = Rumbullion MS = Muddy Shag



Resource Estimate Notes and Parameters:

1. CIM definition standards were followed for the resource estimate.2. The 2013 resource models used Ordinary Krig grade estimation within a three-dimensional block model with mineralized zones defined by wireframed solids.3. A cut-off grade of 3.0 g/t Au over 1.2 metres was used for reporting resources with capping of gold grades at 125 g/t at Hammerdown and 50 g/t at Orion.4. A Specific Gravity of 2.84 was applied.5. Numbers may not add exactly due to rounding.6. Mineral Resources, which are not mineral reserves, have not demonstrated economic viability.7. The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.8. A portion of the estimated resource, specifically the Hammerdown mineralization, may be located in close proximity to previously mined areas and, as such, may not be recoverable due to structural or safety concerns.



The Resource Estimate was prepared by Todd McCracken, P. Geo. of Tetra Tech, Sudbury, ON. Mr. McCracken is a qualified person and independent of the Company, as defined by section 1.5 of NI 43-101. The mineral resource estimate is based on the combination of geological modeling, geostatistics and conventional block modeling using the Ordinary Krig method of grade interpolation. The mineral resources were estimated using a block model with parent blocks of 5m X 5m X 5m split three times into sub-blocks. The geological model including mineralized intercepts were generated by Maritime personnel and then audited by Tetra Tech. The QAQC protocols and corresponding sample preparation and shipment procedures have been reviewed by Tetra Tech.

ABOUT MARITIME:

Maritime Resources holds 100% of the Green Bay property which hosts the past producing Hammerdown gold mine and the Orion gold deposit separated by a 1.5 km distance, and the Lochinvar base metals/precious metals deposit.

The Hammerdown gold deposit was successfully mined by Richmont Mines between the years 2000 and 2004 while gold prices averaged $325/oz. During its operation a total of 291,400 tonnes of ore were mined and milled, at an average grade of 15.83 g/t Au, recovering a total of 143,000 ounces of gold. All of the ore was processed at the Nugget Pond mill, now owned and operated by Rambler Metals, with an average gold recovery of 97.1%. Mining concluded in 2004 due to low gold prices with mineralization remaining, although uneconomic at that time. The Orion gold deposit consists of two main vein systems, both of which are open along strike, up and down plunge.

On Behalf of the Board of Directors,

Eric W. Norton, President & CEO

The TSX Venture Exchange 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, 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.



Contacts:
Maritime Resources Corp.
Cathy DiVito
Investor Relations
(604) 484-7111
info@maritimeresourcescorp.com





Source: Marketwire


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