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In May 2007 MAX completed a number of private placements for gross proceeds of $8.6 Million and remains well-funded to pursue the exploration and development of its diverse portfolio of North American exploration properties, which include:
C de Baca Uranium Project, New Mexico
In September, 2005 MAX acquired a total of 108 claims in Socorro County, New Mexico. The claims are subject to annual advance royalty payments of US$10,000 to the vendor until production. After production, a royalty of 2% of revenues is payable until such time as a total of US$500,000 (including the initial cash payment and annual payments) has been paid.
The C de Baca Project is located approximately 14 miles north of the town of Magdalena and 100 miles south of the town of Albuquerque, New Mexico. The claims have excellent road access by both graveled and cross county roads.
The C de Baca Project was explored during the early 1980's by OxyMin, a wholly-owned subsidiary of Occidental Petroleum. The uranium host is a 3500+ foot wide south-trending sequence of strongly reduced braided stream deposits grading into a system of alluvial fan and flood plain sediments. This geochemically well-defined depositional trend favors uranium deposition along the margins of the system where the reduced (altered) sands range in thickness from 150-200 feet. During the exploration, 216 drill holes were drilled in specific areas of the claim block and roughly defined the eastern limits of the favorable system. Due to the geological formations in the area, OxyMin felt that the property may be amenable to "in-situ leaching "("ISL"), subject to further exploration.
Historic reports completed by Oxymin in 1981 and 1982 indicated that they had identified an exploration target of 1.67 million tons grading 0.18% U3O8 (approximately 6 million lbs.) and that there was upside potential to find more mineralization. Readers are cautioned that this report by Occidental Minerals was not NI 43-101 compliant (and predated NI 43-101). The historic information provided is for reference only and the reader should not infer or assert that the information is correct, reliable, relevant or accurate and the historic information should not be relied upon.
MAX conducted a 14 hole drill program in 2007 to follow up on the historic Oxymin drilling and was successful in confirming historic uranium grades. Highlights included hole CDB-6, which returned 6.5 feet of 0.136% eU308 starting at a depth of 155 feet and a five foot section of 0.167% eU308 at 170 feet. All uranium mineralization was within 200-300 feet of surface. Drill permits are awaited for a diamond drill program to be conducted in early 2008 to detail and investigate the higher grade mineralized zones.
For more information on the C de Baca Uranium Project, please visit "New Mexico -- Uranium" on this web site.
The Gold Hill Property, Alaska
In May, 2004 the Company entered into an Option Agreement with a privately-held Texas corporation, which holds a Lease on the Gold Hill Claims from GCO Minerals Company. MAX has now exercised the Option and can earn up to a 90% interest in the Gold Hill claims through satisfying annual work commitments totaling $2.25 Million and by making annual advance royalty payments, subject to an NSR that fluctuates from 2.5% to 5.0% depending on the price of gold. In addition, GCO maintains a "back-in right" that would allow GCO to buy back up to a 30% interest in the Gold Hill claims by paying MAX the lesser of US$5,000,000 or 300% of all costs incurred to completion of a Feasibility Report.
The Gold Hill property covers 8,520 acres located approximately 145 miles north of Anchorage, Alaska and within five air miles of the all-weather unpaved Denali Highway (State Highway 8).
During 21007, MAX conducted a five hole drill program at Gold Hill that was designed to follow up on historic work and assay results obtained by the New Alaskan Syndicate (Cities Services Minerals and Dome Mines) in the 1970's. This program tested a 700m by 800m magnetic geophysical anomaly previously identified at Gold Hill, with all holes intercepting MoS2, with strong molybdenum mineralization over long intervals in four holes. All of the holes but one encountered mineralization starting at surface and ending in mineralization at depth. Highlights included hole DH-07-01 (250 feet of 0.080% MoS2) hole DH-07-03 (1000 feet of 0.058% MoS2) and hole DH-07-05 (352 feet of 0.706% MoS2). A 12 hole drill program is scheduled to begin in June 2008 aimed at expanding the known area of intrusive mineralization. A secondary target that emerged from the 2007 program was mineralization identified in sediments to the east that indicate a skarn system may be present as well.
For more information on Gold Hill, please go to "Alaska-Molybdenum" on this web site.
Ravin Molybdenum Project, Nevada
On September 10, 2007 MAX entered into an Option Agreement to acquire a 100 % interest in the Ravin molybdenum/tungsten property in Lander County, Nevada from Energex, LLC, a private Nevada corporation.
The Ravin Property is a historic Freeport/Huston Oil and Minerals Metal property that was explored during the late 1970's and early 1980's. The property is comprised of 162 claims located 20 miles north of the town of Austin, Nevada. Exploration will target a skarn/intrusive system containing high grade Molybdenum and Tungsten
The terms of the Option Agreement with Energex called for an initial payment of US$5,000 and annual payments of US$25,000 after the first year, US$35,000 after the second year, and US$50,000 on each each anniversary thereafter. The Ravin Property is subject to a 3% NSR royalty. Upon full exercise of the Option, the Company will own 100% of the project.
MAX has filed drill permits for an 11 hole drill program totaling 11,000 feet that has been designed to follow up on the results of historic work by Freeport Exploration and Houston Oil and Minerals that reported drill intercepts that included included 30 ft of 1.01% MoS2 and 250 feet of 0.103% MoS2.
The reports by Freeport and Houston Oil and Minerals are not NI 43-101 compliant (and predated NI 43-101). The historic information provided is for reference only and the reader should not infer or assert that the information is correct, reliable, relevant or accurate and should not be relied upon.
For more information on the Ravin property, please go to "Nevada - Molybdenum, Tungsten" on this web site.
NuStar Uranium Project, Arizona
On April 4, 2007 MAX entered into an Agreement with NUSTAR Exploration LLC, a private Arizona limited liability corporation, for the acquisition of a 100% interest in 427 mineral claims totalling 8,540 acres in the highly prospective Arizona Strip in Mohave County, Arizona. The targets are uranium-bearing solution-collapse "breccia pipes" that were mined during the early 1980's.
MAX purchased a 100% interest in the NUSTAR Claims by making a cash payment to NUSTAR of US$128,100 and issuing 200,000 shares of MAX's common stock, subject to a gross royalty of 4% (the "Royalty") of sales revenue from commercial production of uranium from the NUSTAR Claims. For each breccia pipe identified on the NUSTAR Claims that goes into commercial production, MAX shall have the right to purchase 3% of the 4% Royalty on that breccia pipe by payment to NUSTAR of $1,000,000.
The NUSTAR claims area are located on the north-western trend of uranium deposits in this area of Arizona. This trend contains the high-grade past producing Hacks Canyon mines, the Arizona 1 mine (currently on standby) and the EZ-1 and EZ-2 breccia pipes recently purchased by Denison Mines Corp. (DML:TSX) from Pathfinder Mines. The NUSTAR project area is located about 8-10 miles from the EZ pipes and about 20 miles from the Hacks Canyon Mines.
MAX has initiated plans to explore and expand known uranium drill targets, with thirty-four circular or collapsed structures indicative of breccia pipes have been identified on the claims to date. A radon survey is scheduled to begin in early 2008 to identify and prioritize drill targets.
For more information on the NUSTAR uranium project, please visit "Arizona -- Uranium" on this web site.
MacInnis Lake Uranium Project, NWT
On April 1, 2005, MAX entered into an Option Agreement with Alberta Star Development Corp. (TSX-V: ASX; OTCBB; ASXSF) whereby MAX can acquire up to a 50% interest in the MacInnis Lake Uranium Property in the Northwest Territores of Canada.
The terms of the Option Agreement with Alberta Star require cash and share payments and annual exploratory work commitments totalling $2,000,000 over a five year period, subject to a 2% NSR royalty.
The MacInnis Lake uranium claim block consists of 26,184.64 acres located in the Nonacho Basin 150 km northeast of Fort Smith, Northwest Territories and 145 miles northwest of the Athabasca Basin situated in northern Saskatchewan.
The MacInnis Lake Uranium Project and claim-block is known to have widespread surface uranium mineralization, and contains 28 high grade uranium outcrops that were drilled extensively by Shell Oil, Uranerz and PNC Exploration between 1954 and 1988. All uranium exploration and drilling datasets have been archived and recorded by the Geological Survey of Canada and include;
- the DUSSAULT, which has a non-compliant drill indicated inferred resource of 37,000 tons grading 0.17% U308 (the occurrence appears to be open down dip and along strike), values of 0.84% U308 intersected over 2 feet and high-grade samples recovered up to 28% U308.
- the COLE, with numerous trench samples with U308 values reported as high as 3.16%, 5.13% and 20%; and
- the KULT, which has a surface showing 300m x 500m wide with surface uranium and copper mineralization that returned grades up to 3.5% Copper and 3.3% U308.
A High Resolution Aeromagnetic Gradiometer-Radiometric Survey was completed on the MacInnis Lake uranium project in the fall of 2007. The Survey consisted of 2,093 line-kilometers at 100 meter line spacings and was flown by Fugro Airborne Surveys.
The results from the Survey will be combined with archived historical drill results to assist the Company in identifying exploration drill targets to be scheduled for the summer of 2008. Drilling will be subject to receiving the required regulatory permits.
For more information on the MacInnis Lake uranium project, please go to "NW Territories -- Uranium (MacInnis Lake)" on this web site.
Diamond Peak, Nevada
In July, 2006 MAX entered into an Option Agreement to acquire a 100 % interest in the FMC claims in Eureka County, Nevada, the "Diamond Peak Property". The terms of the Option Agreement called for a cash payment of $25,000, the issuance of 100,000 shares of the Company and the following rental payments (in U.S funds):
| First anniversary of Effective Date | $35,000 | |
| Second anniversary of Effective Date | $45,000 | |
| Each anniversary thereafter | $50,000 |
The Diamond Peak property is subject to a 3% NSR royalty.
The Diamond Peak Property is a historic MK Gold Gold/Base Metal property that was explored during the late 1990's and is located at the southern end of the prolific Carlin trend, which contains numerous gold deposits. The property comprises 38 claims located 32 miles north of the town or Eureka, Nevada and the Archimedes gold deposit owned by Barrick Gold Corporation. The system is a typical Carlin gold system overprinted by an intrusive skarn occurrence. Strong surface mineralization occurs in a 2 mile long band of intensely clay altered rocks, 200 to 300 feet wide, on the hanging wall side of a major north striking normal fault, called the West Fault. Historic drilling reported by MK Gold intercepted 11.6% zinc over 5 feet within 60 feet of surface, as well as gold intercepts of 0.062 oz/t over 5 feet.
In May, 2006 MAX entered into an Option Agreement with Kokanee Minerals whereby Kokanee can earn a 51% interest in the Diamond Peak property by spending $1 Million over a three year period and making annual cash and share payments. Kokanee completed a "3d" IP survey at the Diamond Peak project in 2006 and plans to drill seven holes on the property in 2008 on completion of its planned Initial Public Offering.
For more information on the Diamond Peak property, please visit "Nevada -- Gold, Zinc" on this web site.
East Manhattan Wash, Nevada
In December 2007 MAX entered into an Option Agreement to acquire a 100 % interest in the East Manhattan Wash ("EMW") claims in the Manhattan Mining District, Nye County, Nevada from MSM LLC, a Nevada corporation. The property is located 40 miles north of the town of Tonopah, Nevada.
The current exploration model suggests that mineral deposits to be found in the Manhattan District are related to the contact of the Manhattan Caldera Margin and structural intersections. Gold is also related to the Cambrian-Ordivician Age sedimentary rocks along the five mile long by one mile wide zone of the Caldera.
Preliminary assays from one of the outcrops sampled on the East Manhattan Wash property have returned values from 0.054 to 1.01 ppm Au. Assays are pending for the remaining samples, with panning of the samples having revealed "free gold" in some of the samples. Additional land has been staked along the North and South sides of the original EMW claims. The EMW claims offer the opportunity to find high grade gold deposits within a well known mineralized province. Underground deposits found here will be in the 0.5 opt gold range and higher. Conversely, open pittable deposits will be in the 0.05 opt gold range, which is currently being mined at Kinross Gold's Round Mt. deposit.
The terms of the Option Agreement with EMW L.L.C. call for an initial payment of US$28,000, payments of US$20,000 on the first anniversary, US$25,000 on the second anniversary, US$40,000 on the third anniversary, US$50,000 on the fourth anniversary and US$100,000 on the fiifth anniversary. The EMW Property is subject to a 3% NSR royalty. Upon full exercise of the Option, the Company will own 100% of the project.
