Mine-A-Max Acquires Interest in Durham Technologies
2 June 1998
Mine-A-Max Acquires Interest in Durham Technologies
VANCOUVER, British Columbia, June 2 -- Mr. E Del Thachuk,
President and director of Mine-A-Max Corporation (OTC Bulletin Board: MAMX)
(The Company), is pleased to announce on behalf of the Company that the
Company has acquired through Durham Technologies Ltd., a twenty-five percent
ownership of an advanced diamond Fly Wheel Battery technology, and fifty
percent interest in two other potential projects.
Durham Technologies Ltd. a research and consulting firm based overseas,
negotiated on Rhombic Corporation's behalf, on the three technology projects
selected by Mine-A-Max Corporation.
Rhombic Corporation (OTC Bulletin Board: NUKE) is a public company trading
on the OTC Bulletin Board.
The decision by Mine-A-Max Corporation to diversify its interest came
about after reviewing the possibilities of the diamond fly wheel battery
developed by German and American scientists.
The use of diamond film predicts great improvements over carbon fiber to
withstand the severe centrifugal force of the spinning fly wheel. Diamond
considerably lighter and stronger than carbon fiber and all other materials,
will make possible greater speeds and more complete storage of energy.
Automobiles utilizing the fly wheel battery technology is planning to be
introduced commercially to the public in the near future.
Mine-A-Max Completed its Rhombic acquisitions with the purchase of fifty
percent of the "Active Engine," an ultimate browser that searches the internet
for answers to inquiries throughout the day and night without the attention of
the user and fifty percent of the Fax Key.
The Fax Key is a simple device to send, store and receive secure facsimile
documents without demanding any action beyond the insertion of a key. Both
the sender and the receiver are freed from the need to key in pass codes or
instruction sequences. The security provided would be equivalent to that
provided by more complex protocols without demanding error prone extra steps.
A variety of products offer secure communications to fax users. The
competitive advantage of this design would lie in its ability to offer
convenient and flexible security at low cost.
The Fax Key would be a separate device, able to operate with any fax.
Mine-A-Max Corporation will be required to supply 25% of the funding with
Rhombic Corporation to supply 75% of the R & D costs for the Fly Wheel
Battery, and each company will share at 50% each on the R & D costs of the
"Active Engine" and the Fax Key.
The diamond fly wheel battery will be developed in Columbia, Missouri, in
the proposed diamond film plant of Rhombic Corporation.
The "Active Engine" and the Fax Key will be produced in Vancouver, B.C.
PROGRESS REPORT ON MINING PROJECT
VIRGINIA CITY, MONTANA
Mine-A-Max Corporation has advanced $94,500.00 US as of January 26th, 1998
to this mining project in Montana.
Due to the price of Gold and Market conditions, Mine-A-Max Corporation was
unable to advance any more funds to the project. After January 26th, 1998,
Roy Moen, the Alameda Prospect LLC property owner made a financial commitment
to continue development of the Prospect Mine.
Mine-A-Max Corporation is presently arranging to reimburse the cost of
continuing the development after January 26th, and arrange for additional
funds to continue the development of the property as per the original
agreement.
The following is the progress report:
An 8 x 9 development Haul Drift was started September 1, 1997. The Haul
Drift was advanced 400 feet at a 5% decline. A cross cut to the main Prospect
Hanging Wall Vein was driven 170 lineal feet at north 35 degrees east. This
was completed in mid March 1998. At 126 feet in the cross cut, mineralization
was encountered in a known mineralized fault zone to exist from old reports
and existing maps. In this mineralized zone, drilling programs were set up to
evaluate ore on both sides of the fault zones, with good success. We also
believe where the first mineralization was encountered this should be the true
foot wall of the Prospect Vein. This could give us approximately a 60 foot
width of the Prospect Vein at this depth.
The Haul Drift was turned at north 45 degrees west to intercept a old
stope, at 575 feet into the mountain. It was decided rather then go into the
old workings at this time to continue the 8 x 9 Haul Drift around the old
stope. In doing so, it was discovered the foot wall of the Prospect Vein was
mineralized. This drift was driven 160 lineal feet to the west, where the
Prospect hanging vein was intercepted again. We have advanced 12 feet into
the Prospect Vein on strike. Here the vein is 36" wide. The grab sample of
the first round was .248 and the second round grab sample was .194. There is
some high grade ore in the last round assaying 2.64 oz Au and 26 oz Ag
indicating high grade ore shutes above and forward as shown in the diamond
drilling program from 1994.
The foot wall mineralized zone appears to be 125' on strike length. A
long hole drilling program was set up May 15, 1998 to drill to the north and
to the south. The results from north are 28' of .08 and is still open on end.
From the south in a 28' long hole two mineralized zones have been discovered.
Two feet of .190 Au and eight feet of .170 Au and two feet of .348 Au and two
feet of .216 Au.
We are currently running a 8 x 9 drift, at south 80 degrees west to define
the 8' mineralized zone. This work will be completed by June 4th.
It is our intention to set up two long holes to drill at 60' on the
Prospect Vein going to the east which is at the end of our cross cut. This
vein is exposed, and has been since mid March. This vein assays .166 Au to
.668 Au.
June 3, 1998 the exploration permit is going to be expanded for a small
trenching program as to define the values of the Prospect Vein which is 20 to
30 feet wide. A reverse, circulation drill program will be set up to define
our newly discovered mineralized ore zone. Once the true thickness and grade
of ore zone is known, these values can be added to the existing reserves as an
ore body.
We currently have 300 tons of ore sitting at the crushing circuit as we
intend to run a bulk sample to define the true grade of the new ore zone
discovery.
Two principals of Mine-A-Max Corporation are engaged in a law suit
regarding the purchase of the Company's stock by way of a private transaction.
The Company had no involvement in this transaction, however the Company was
added to this action. The Company's management believes, after discussion
with Counsel that the Company's exposure is very limited.