Junior Mining

Maritime Signs Letter of Intent on Nugget Pond Gold Plant

Maritime Resources (TSX.V: MAE)

Press Release

Garett Macdonald, President and CEO of Maritime adds, “This agreement provides Maritime with a twelve month exclusive period to evaluate the Nugget Pond Gold Plant in further detail for potential future processing of Hammerdown mineralization. The gold circuit is currently idle and was operated in the past by Richmont Mines, processing feed from the former Nugget Pond and Hammerdown gold mines with gold recoveries of over 95%. Our recently completed PEA outlined an attractive case for a potential re-start the Hammerdown gold project with an average of 69,500 ounces annual production over the first five years and strong after-tax economics including $111.3M NPV5% and 50.5% IRR at a gold price of US$1,375/oz).”  (See press release dated February 29, 2020.)