Press release from Marketwire
Maxim Power Corp. Announces Receipt of ERCB Coal Beneficiation Plant Approval
Wednesday, May 29, 2013
Maxim Power Corp. Announces Receipt of ERCB Coal Beneficiation Plant Approval18:04 EDT Wednesday, May 29, 2013
CALGARY, ALBERTA--(Marketwired - May 29, 2013) - Maxim Power Corp. ("MAXIM" or the "Corporation") (TSX:MXG) announced today that the Alberta Energy and Resources Conservation Board ("ERCB") has issued Approval No. C 2013-3 to MAXIM's wholly owned subsidiary, Milner Power Inc., to construct and operate a coal beneficiation plant in proximity to the Milner generating station. MAXIM now has all necessary environmental approvals to construct and operate a coal beneficiation facility.
The new coal beneficiation plant, designated by the ERCB as Coal Processing Plant No. 11, will be used to bifurcate coal mined from the MAXIM's Summit Coal Mine 14 into a high-quality, low-mid volatile, metallurgical coal for shipment to export markets, and a fuel grade coal suitable for power production at the Milner generating station. The planned new beneficiation plant is capable of processing run-of-mine coal at a rate of 1.3 million tonnes per annum.
MAXIM considers its Summit Coal resources, which are comprised of Mine 14 and Mine 16S, to be valuable strategic assets. Mine 14 is a fully permitted mine that will be located north of Grande Cache, Alberta and is currently estimated to contain 18.9 million recoverable tonnes of high quality metallurgical coal. (Refer to Technical Report on The No. 14 Mine Project filed on SEDAR on March 21, 2013.) Mine 16S is located 30 kilometers northwest of Mine 14 and represents 29% of Summit's total area of leases. An NI 43-101 Technical Report has not been prepared for the Mine 16S property. Summit's potential coal resources have significant value both as a fuel source for MAXIM's existing Milner generating facility and for the sale of export metallurgical coal.
MAXIM anticipates that Mine 14 and the coal beneficiation plant will commence construction in 2013 and will commence commercial operation in Q1 2015.
Based in Calgary, Alberta, MAXIM is an independent power producer, which acquires or develops, owns and operates innovative and environmentally responsible power and power related projects. MAXIM currently owns and operates 41 power plants in western Canada, the United States and France, having 804 MW of electric generating capacity. MAXIM trades on the TSX under the symbol "MXG". For more information about MAXIM, visit our website at www.maximpowercorp.com.
Statements in this release which describe MAXIM's intentions, expectations or predictions, or which relate to matters that are not historical facts are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of MAXIM to be materially different from any future results, performances or achievements expressed in or implied by such forward-looking statements. MAXIM may update or revise any forward-looking statements, whether as a result of new information, future events or changing market and business conditions and will update such forward-looking statements as required pursuant to applicable securities laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
Maxim Power Corp.
John R. Bobenic
President and CEO
Maxim Power Corp.
Michael R. Mayder
Vice President, Finance and CFO