Maximus to Sell Adelaide Gold Project

27 May 2009 (Last Updated May 27th, 2009 18:30)

Australian miner Maximus Resources plans to sell its Bird-in-Hand gold project, citing the global financial crisis as the reason behind the sale. Maximus hopes to boost its cash reserves though an asset rationalisation programme, which will see the company get rid of 12 gold exploratio

Australian miner Maximus Resources plans to sell its Bird-in-Hand gold project, citing the global financial crisis as the reason behind the sale.

Maximus hopes to boost its cash reserves though an asset rationalisation programme, which will see the company get rid of 12 gold exploration tenements and focus on new minerals assets with nearer term production and revenue potential.

Maximus managing director Dr Kevin Wills said he hopes by selling the project in its entirety it will have more market appeal.

“The global financial crisis has severely restricted our ability to drive the transition of Bird-in-Hand to commercial fruition – something more likely possible with a future owner able to ensure the project’s long-term viability,” Wills said.

Maximus also plans to sell all or some of its stake in the Windimurra uranium resource and the Ironstone Well gold project, both located in Western Australia.

By staff writer