The Agreement The Option Agreement with Maximus Ventures Ltd, of Montreal, Canada, signed on July 27, 2007 as announced in Unity’s newsletter in August 2007, provides that Maximus can earn a 60% interest in the Unity property by spending US$1.0 million in exploration and development work and by completing a positive feasibility study on or before November 30, 2010. The signing of the final Joint Venture agreement, by mutual consent, will be accomplished in the next few months following a Unity GoldSilver shareholder meeting, date to be announced.
To Date Maximus was unable to conduct any work at the property in 2007 due to the many forest fires in the Payette National Forest. Maximus stated they would attempt to accelerate their work program in 2008 to compensate for the delay. Maximus utilized the winter months to secure necessary permits from the Forest Service for the diamond drilling program. Spring 2008 brought flooding, caused by heavy runoff, which washed out portions of the county roads and bridges at the Unity properties. A new bridge is now being installed. Work is in progress to prepare the drill sites and access roads.
Maximus states in July 14, 2008 News Release…“Maximus is pleased to announce the beginning of a 3,600m (about 12,000 feet) drilling program on its Unity project located in Idaho.…The work will focus on testing the lateral and down dip extensions of the historically very high-grade (30 to 150g/t gold) (1oz to 5oz/ton) and very extensive (up to 2km long) quartz veins. A first phase of work includes testing of the two richest gold veins, namely the Little Giant and Rescue veins and investigate other gold-rich veins on the property (i.e. Charity, Gun Metal, etc). The drilling program will be followed by a pre-feasibility study to justify the rehabilitation of old workings and additional underground development.”
Further to the Maximus News Release…“A striking feature of this project is the extent of the gold-rich narrow vein system. While individual veins range from a few centimeters to often over 1 metre in thickness, they can be traced for hundreds to thousands of meters along strike and occur over an area of over 4 square kilometers. The veins are locally very high grade and are reported to have locally yielded grades of up to several hundred ounces of gold per tonne. However, production grades were generally recorded at 30 to 150 grams per tonne (1 to 5 ounces per ton) according to historic information. Over 1.2 million ounces of gold was historically produced from the area, both from underground and alluvial operations. Maximus believes that there is excellent potential to develop resources both in previously-mined veins and in veins that are yet to be explored by diamond drilling.”
Maximus goes on to say….”To date, 41 different gold-bearing quartz veins have been identified on the property, of which the Rescue, the Little Giant and the Charity are three of the 18 better known veins and supplied most of the reported historic gold production. These veins are still open laterally and down-dip and, with limited exploration and development work, their extensions could potentially be mined again from an existing 1,600m (5,200 feet) long adit (tunnel).”
Additional Claims Staked In the Fall of 2007, Unity completed the filings on thirteen (13) new claims. Total cost for staking and filings was $6,500 which was reimbursed to Unity by Maximus. Unity now has fifty one (51) leased staked claims (858 acres) as well as the original patented/deeded 158 acres of the main mines bringing total acreage to 1,016 acres. At the suggestion of Maximus, twenty six (26) additional claims have been ordered to fill out the land package from the Little Giant group south to join the Charity group, approximately 400 acres. The new claims are being staked at this time.
Aerial Photography of the properties has been arranged which will be beneficial in planning future exploitation of the many vein structures indicated on the surface. The forest fires, which burned much of the properties, did not result in serious material loss and have opened the area making the surface mineral structures and prior workings more visible.
With Gold trading currently at a near record high of $972 per ounce, having increased in price an average of $100 each year since 2001, and Silver presently trading at $19.11 per ounce, up from $4.82 in 2001, Unity’s potential for profit for shareholders is becoming greater annually. Unity’s Directors believe that we are fortunate to forge an alliance with an experienced mining group such as Maximus Ventures Ltd. who is well funded and enthusiastic about the Unity Project. Both Unity and Maximus are looking forward to a successful and profitable partnership.
Ray G. Bohn
Update: September 16, 2008
Maximus Ventures becomes Bear Lake Gold
About Bear Lake Gold/ Formerly Maximus Ventures Ltd.
Precious Metals Exploration in North America
Bear Lake Gold is engaged in the exploration of gold and precious mineral properties in North America. On September 16, 2008, the Company completed a business combination with Maximus Ventures Ltd. (“Maximus”), its partner in the Larder Lake property. Maximus is now a wholly-owned subsidiary of Bear Lake Gold, and in connection with the transaction, the Company changed its name from NFX Gold Inc. to Bear Lake Gold. Additional information about the Company is available on the Company’s website, www.bearlakegold.com and on SEDAR at www.sedar.ca.