|By Marketwired .||
|June 24, 2014 05:30 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/24/14 -- First Sahara Energy Inc. ("Company") (CSE: FSE) is pleased to announce that Maxim Resources Inc. ("Maxim") has successfully acquired the full interest in the Company's rights to a reconnaissance contract on the Beni Znassen Block in the Kingdom of Morocco.
According to a press release dated June 23, 2014, (see www.sedar.com) Maxim reported that it has officially signed a reconnaissance contract for the Hassi Berkane block (formerly Beni Znassen block) in the kingdom of Morocco.
As a result, First Sahara will receive a total of 2,000,000 common shares of Maxim subject to a four-month hold period, which the Company currently intends to retain for investment purposes. There is a finder's fee payable by the Company on this transaction of $30,000, which will consist of $10,000 in cash and the balance by the issuance of 400,000 common shares at $0.05 per share. The shares issued will be subject to a four month hold period.
David Lane, First Sahara's President and CEO stated, "We are excited that Maxim has secured the highly prospective Hassi Berkane block. Morocco is an upcoming region for both onshore and offshore oil and gas discoveries, as our preliminary work on this project confirmed. We are pleased to be an investor at this early stage."
FORWARD LOOKING STATEMENTS
Certain statements contained herein constitute forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe", and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Corporation believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this report should not be unduly relied upon. The Corporation does not undertake any obligation to publicly update or revise any forward-looking statements unless required by law. Neither the CSE Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE Exchange) accepts responsibility for the adequacy or accuracy of this release.
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