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Maxy Gold Corp

Monday, July 16th, 2007

Maxy Gold Corp. announced that gold mineralization has been intersected during tunnel exploration at its Muluozuo target.
Andre Gauthier, President and CEO of Maxy Gold, said “we are encouraged by the mineralization we have seen to date. Tunneling is ongoing, with a key drilling program scheduled to begin later this summer.”
Field Work
Tunneling continues at an aggressive pace with 3 tunnels now complete. The exploration program covers a zone of 500 metres (m) x 350m within the main soil anomaly that is defined over an area of 1000m x 700m. Maxy has experienced very good cooperation from the local communities in completing this evaluation work.
Two tunnels were initiated to verify depth extensions of the gold zones intersected on surface.
Tunnel #1 is oriented in a north-northwest direction and is aimed at intersecting the projection from surface of the gold zone present in trenches # 3 and # 4, approximately 30m below surface (2133 m). It has advanced 150m to date.
Tunnel #1A is drift oriented in an eastern direction, starting in the heart of the mineralized zone at 44m and aimed at following the mineralized zone. The drift has advanced for 63m to date;
Tunnel #2 is located in the eastern sector of the surface anomaly to verify the surface anomaly obtained from rock chip sampling and is oriented in a west-northwest direction. Tunnel # 2 has advanced to 97m.
Tunnel #2B is oriented in a northeast direction and has advanced 95m. It is following the mineralized zone to the NE.
Tunnel #2A is oriented in a southwest direction, has advanced 4.5m and is aiming at following the mineralized zone to the southwest.
Tunnel # 3 is oriented in a north-northwest direction and is located 50m below Tunnel # 1. It has advanced to 20m (2083 m elevation).
Results
• Tunnel 1 (2133 m level), progress: over 150 m
– Intersection : 34.8m grading 0.8 grams per tonne (g/t) gold (Au)
• Tunnel 1A (East), Ore drift, progress: 63 m
– Intersection : 15m grading 1.2 g/t Au (from 0-15M)
• Tunnel 2 (1983 m level), progress: 97.5 m
– Intersection : 10.5m grading 0.44 g/t Au (from 59.5m – 70m )
• Tunnel 2A (S-W), Ore Drift, progress: 4.5 m
– Intersection : 4.5 m grading 0.55 g/t Au
• Tunnel 2B (N-E), Ore Drift, progress: 95m
– Results pending
• Tunnel 3 (2083 m level), progress: 25m
– Results Pending
Future Work
Current plans call for the extension of Tunnel #1 to a length of 200m with Ore drifting continuing on each side. Cross cuts will be dug at 50m intervals. Tunnel # 2 will be extended to 150m and Ore drifting will continue with cross cuts dug at 50m intervals. Progress is approximately 3m per day in each tunnel.
Tunnel #3 is continuing, directed at intersecting the mineralization zone.
A new diamond drilling program will commence at the end of the summer, based on both the surface work (colluvials) and underground work.
All other results are pending.
Mineralization Style
Trench mapping continues to indicate a correlation of Gold results with a ”conglomerate colluvial” unit that is comparable to the host mineralization at the Dalontang mine 2.5 km to the southeast, and potentially could be of a similar mineralization style to other known gold deposits in the world, such as the “La Quinua” deposit area at the Yanacocha mine in Peru, which is hosted by unconsolidated gravel.
Mineralization encountered in both tunnels is associated with a major brecciated zone, part of a major structural feature whose orientation remains uncertain at the present time.

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