ASX ANNOUNCEMENT SHARE PURCHASE PLAN TO FUND DRILLING PROGRAMME AT by lindash

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									Maximus Resources Ltd            email info@maximusresources.com
ABN 74 111 977 354
                                 62 Beulah Road Norwood
telephone 08 8132 7960           South Australia 5067
facsimile 08 8132 7999
                                 PO Box 3126 Norwood
www.maximusresources.com         South Australia 5067




         26 August 2009
         The Manager
         Companies Announcements Office
         Australian Securities Exchange
         20 Bridge Street SYDNEY NSW 2000

                                                                                                                                           
                                                                                                                                            Adelaide Hills


                            ASX ANNOUNCEMENT
                SHARE PURCHASE PLAN TO FUND DRILLING PROGRAMME AT
                            DELORAINE GOLD PROSPECT
             HIGHLIGHTS
               •	 Major	drilling	programme	planned	for	Deloraine	and	Eureka	gold	prospects	in	
                  Adelaide	Hills
               •	 SPP	at	$0.027	per	share
               •	 Positive	results	from	the	planned	drilling	programme	has	potential	to	increase	
                  Maximus’	gold	resources	and	reduce	
                  capital	cost	per	ounce	at	Bird	in	Hand

                                                                                                                      139º
                                                                          138º30'




                                                                                                                                 Mt Rufus
                                                                      0                10 km

                                                                                                                 Moppa
                                                                                                                 Moppa
         INTRODUCTION
         Maximus Resources Limited (“Maximus” or “the
         Company”) is pleased to announce details of a Share        -34º30'
                                                                                                     Gomersal
                                                                                                     Gomersal
         Purchase Plan (“SPP”), the proceeds of which will be                                                                      Angaston
                                                                                                                                   Angaston
                                                                                                                             E
         used principally to fund a drilling programme at the
         Company’s Deloraine and Eureka gold prospects in the                                    Barossa E
                                                                                                 Barossa   Gumeracha
         Adelaide Hills.                                                                               EDeloraine
                                                                                           Para Wirra E
                                                                                           Para Wirra             Birdwood
                                                                                                           E
         Under the terms of the SPP, shareholders with an                                                             Scotts Reef
                                                                                                                   E Scotts Reef
                                                                                                                  EE E
                                                                                                                  E
         address on the Company’s register in Australia or New                                                    E E
         Zealand at the close of business on 9 September 2009                       ADELAIDE              Woodside
                                                                                                          Woodside                   E
         (“Eligible Shareholders”) will have the opportunity to                       Uraidla and                New
                                                                                                                 New Era
                                                                                                                E Era
                                                                                                         Eureka E
                                                                                                                E
                                                                                                                E
                                                                                                              E Bird in Hand
         purchase $2,000, $5,000 or $15,000 worth of fully paid                      Forest Range              E
                                                                    -35º                                     E
         ordinary shares (“SPP Shares”) in Maximus at a price of
         $0.027 per share without any brokerage costs.                                               E
                                                                                       Echunga                             Kanmantoo Copper
                                                                                                     E                      Exploration Target
                                                                                                                              (Hillgrove)
         ADELAIDE HILLS DRILLING PROGRAMME                                                                            Resource
                                                                                          Willunga
                                                                                                                E    E        Mine
         Maximus intends to apply capital raised through
                                                                                                 Angas Lead/Zinc E    E       Historic hardrock gold mines
         the SPP towards an aggressive and focussed drilling
                                                                                                    (Terramin)                Goldfields
         programme at the Company’s Adelaide Hills Deloraine
                                                                                                                              Gold Province
         and Eureka prospects, which the Company believes
                                                                                                                              Maximus Resources Tenements
         have significant gold resource potential. This is in
                                                                                                                              Kapunda JV (Copper Range Ltd)
         addition to the 237,000 ounces already identified at
         Maximus’ Bird in Hand gold prospect.                      Figure 1 Adelaide Hills Gold Province.
  NORTH                                                                                                                                            SOUTH
                     1909 to 1941 production 30,500 ozs from 48,700 tonnes at 20 g/t Au
              Main Shaft                                                        No. 7 Shaft                      Deloraine Exploration Target* tpvm
                                                                                                                 Depth x width x density
                                                                                                                 300 x 4 x 2.7 = 3240tpvm at 15 g/t
                                                                                                                 1620oz pvm to 308metres
                                                                                                                 500,000ozs
                                                                                                     60m




                                                                                                         t ion
                                                                                                 era et
                                                                                              Min Targ
                                                                                                    lisa
                                                                     115m


                                                                                                                             Stoped areas
                                                    145m                                                                     Proposed drillholes
                                                                          n o
                                                                ner arget
                                                                        ati
                                                                   alis
                                                                    T




                                                    175m                                                          *Target is partly conceptual and
                                                                 Mi




                                                                                                                   further exploration may or may
                                            n
                                 ral t
                                        tio
                               ne arge
                                    isa




                                                                                                                   not define a Mineral Resource
                                   T




                                                                                50m
                               Mi




Figure 2 Deloraine target and proposed drilling.

Deloraine Prospect                                                                    Eureka Prospect
The Deloraine prospect has an Exploration Target* of                                  The Eureka prospect, located less than two kilometres
800,000 to 1,100,000 tonnes at grades of 15 to 20 g/t Au.                             from the Bird in Hand prospect, has an Exploration
Between 1909 and 1941, the Deloraine and Deloraine                                    Target* of 160,000 to 240,000 tonnes at grades of 10 to
Queen mines produced 30,500 ounces gold from                                          15 g/t Au. Production records for the Eureka mine are
48,700 tonnes at a grade of approximately 20 g/t Au.                                  incomplete, however PIRSA records indicate that most
The proposed drilling programme for Deloraine will                                    mining activity occurred before 1887. During 1894 the
focus on drilling beneath the historic mine workings,                                 mine was re-opened and approximately 500 tonnes
similar to the approach used recently to significantly                                were mined at a recovered grade of 18.8 g/t Au.
expand resources at the nearby Bird in Hand prospect.                                 It is the Company’s view that a successful exploration
The Company was unable to complete the previously                                      programme at Deloraine and Eureka would create
approved programme of work for Deloraine within                                        significant value for Maximus shareholders through
the timeframe set, therefore it is anticipated that                                    the potential for an increase in our Adelaide Hills gold
discussions will take place with landowners to finalise                                resources. Additionally, successful exploration may
a new timeframe to complete an expedited drilling                                      significantly enhance the value of the Bird in Hand
programme.                                                                             prospect by allowing Maximus to spread the capital
                                                                                       costs required to bring both projects into production
                                                                                       across a greater resource base.




* Exploration Target – the potential quantity and grade is conceptual
  in nature and there has been insufficient exploration to define a
  Mineral Resource. It is uncertain if further exploration will result in the
  determination of a Mineral Resource.



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SPP DETAILS
Eligible Shareholders will be offered SPP Shares for
subscription at a price of $0.027 per share which
represents a discount of approximately 18% from the
volume weighted average closing market price traded
on the ASX over the five business days on which the
stock traded prior to today’s announcement.
The offer is non-renounceable and will open on
14 September 2009. Applications will close on
25 September 2009. However, the Directors reserve
the right to close the SPP early. Applications will be
accepted and allocated at the discretion of the Directors.
Participation in the SPP is optional. The Directors of
Maximus intend to subscribe for shares under the SPP in
respect of their own shareholdings.
The Company intends to apply to the ASX for waivers
of Listing Rules 7.1 and 10.11 that will, subject to
conditions, allow the Company to issue the SPP Shares
without shareholder approval. The maximum number of
shares that will be issued under the SPP is 55,464,641.




Simon Booth
Managing Director
26 August 2009




                                                                 For further information please contact:
                                                                 Simon Booth, Ph:08 8132 7950 or 0417 825 950
                                                                 Email: sbooth@maximusresources.com
                                                                 Duncan Gordon, Investor relations
                                                                 Ph: 08 8232 8800 or 0404 006 444
                                                                 Email: dgordon@adelaideequity.com.au

                                                                 Competent Person Statement
                                                                 This presentation contains forward looking statements that are subject to risk
                                                                 factors associated with the exploration and mining industry.
                                                                 It is believed that the expectations reflected in these statements are reasonable, but
                                                                 they may be affected by a variety of variables which could cause actual results or
                                                                 trends to differ materially.
                                                                 The information in this report that relates to Exploration Results, Mineral resources
                                                                 or Ore Reserves is based on information compiled by Mr Simon Booth who is
                                                                 a Member of the Australasian Institute of Mining and Metallurgy, and who has
                                                                 sufficient experience relevant to the style of mineralisation, the type of deposit
                                                                 under consideration, and the activity he is undertaking, to qualify as a Competent
                                                                 Person as defined in the 2004 Edition of the Australasian Code for Reporting of
                                                                 Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). This
                                                                 report is issued in the form and context in which it appears with the written
                                                                 consent of the Competent Person, who is Managing Director of the Company.




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