SAN DIEGO, Oct. 5, 2012 (GLOBE NEWSWIRE) -- Maxwell Resources, Inc. (OTCBB:MAXE) announced that it acquired certain mineral interests in Colfax County, New Mexico which includes gold, silver, iron, ore, copper and coal. In addition, the Company acquired a three year option to acquire a working interest in any oil and/or gas wells in Colfax County. The acquisition was completed in July 2012 pursuant to the terms of a Contract of Sale with Sun River Energy, Inc. As consideration for the acquisition, Maxwell paid $500,000 and issued 2,564,103 shares to the shareholders of Sun River Energy which shares are subject to a 12 month lock-up.
The US Geological Survey (USGS) has published reports which estimate 9.6 billion tons of coal-in-place in the Raton Basin. The Company has selected approximately 6000 acres for initial review. Our Calculations estimate over 51 tons of cooking Coal could be in place on 6000 of our acres. Historically 45% of coal in place is ultimately recovered, processed and sold.
The Company has commenced geological assessment and site survey and has retained Leaverite Exploration Inc. to begin the assessment process which includes geological mapping and surface elevation among other testing criteria to prove up the first mineral potential in the area. The results of this survey will provide the Company with the road map that is required to roll out its plan, necessary for the years ahead mining the minerals.
Maxwell Resources' Goal: Exploration of the Raton Basin for Potential Energy and Valuable Metals.
About Maxwell Resources
Maxwell Resources is engaged in proving up gold, coal, hard minerals, and rare earth minerals. The Company's is focused not limited to developing these resources within the Raton Basin of Colfax County in Northern New Mexico.
Statements made in this news release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expect," "believe," "intend," "plan," "continue," "may," "will," "anticipate," and similar expressions are intended to identify forward-looking statements. Actual results may differ materially from those projected in any forward-looking statement. Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated. Potential risks and uncertainties include among others, our inability to raise additional capital, planned exploration or maintain property rights; interpretations or reinterpretations of geologic information, unfavorable exploration results, inability to obtain permits required for planned production, exploration and other activities, general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; fluctuating mineral and commodity price. Additional information on these and other factors, including Risk Factors, which could affect the Company's results, is included in its Securities and Exchange Commission ("SEC") filings. Finally, there may be other factors not mentioned above or included in the Company's SEC filings that may cause actual results to differ materially from those projected in any forward-looking statement. You should not place undue reliance on any forward-looking statements. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by securities laws.