1. Focused
on
Silver/Copper/Gold Exploration
in
Nevada
March 2012
2. Disclaimer
This presentation may contain “forward-looking statements” which reflect the Company’s current
expectations regarding the future results of operations, performance and achievements of the
Company, including potential property acquisitions, the timing, content and results of work programs,
geological interpretations and potential mineral discoveries, and negotiation and closing of future
financings. The statements reflect the current beliefs of the management of the Company and are
based on currently available information. Accordingly, these statements are subject to known and
unknown risks, uncertainties and other factors which could cause the actual results, performance, or
achievements of the Company to differ materially from those expressed in, or implied by, these
statements.
In addition, investors are cautioned that this presentation may contain information about mineral
properties adjacent to or near the Company’s properties and in which the Company has no right or
interest. Mineral deposits on such adjacent or near properties are not indicative of the mineral
deposits, if any, which may be found on the Company’s properties. The historic information provided
has not been verified by the Company and is for reference only.
2
3. Investment Highlights
Investment Highlights
Drilling in 2011 at Majuba Hill, Nevada has confirmed a newly defined copper/silver/gold
porphyry system with potential for a large bulk tonnage open pit deposit.
Many drill holes have returned over 2 oz/t Ag Eq over wide intersections:
- Hole MM-06 returned 96 m of 39.2 g/t Ag and 0.57% Cu (2.7 oz/t Ag Eq)
inclusive of 44.2 m of 71.0 g/t Ag, 0.15 g/t Au and 1.14% Cu (5.2 oz/t Ag Eq)
In the vicinity of 3 major mines currently under development by senior producers
(Coeur d’Alene, Barrick and Allied Nevada)
Nevada focused - Experienced management with proven exploration success
Well funded - $1.5 Million in Cash
Attractive share structure with only 24.5 million shares issued
Low capitalization ($5 Million)
vs
potential for world-class bulk tonnage open pit Ag/Cu/Au deposit
In the heart of Nevada
3
4. Corporate Structure
Share structure (Mar 20, 2012)
(Mar 20, 2012)
Common Shares:
Common Shares: 24,505,985
24,505,985
Options:
Options: 3,715,000
3,715,000
Warrants:
Warrants: 2,016,755
2,016,755
Fully-diluted:
Fully-diluted: 30,237,740
30,237,740
Cash:
Cash: $ 1.5 Million
$ 1.5 Million
Market cap.
Market cap. $ 5 Million
$ 5 Million
Management ownership:
Management ownership: 36%
36%
4
5. Management
Stuart Rogers
- 25 years of experience in public company finance and management
- founder and former CFO of Prophecy Resource Corp. (TSX: PCY)
President and Director
Clarence (Clancy) Wendt,
- 45 years of experience in gold and silver exploration in the Americas
P. Geo, F AusIMM, CP Mgmt
- involved in discovery of 12 gold deposits in Nevada totaling 17 MM oz Au
- Past President of Geological Society of Nevada
VP Exploration and Director - recent gold discovery – Crowsnest in Southeast B.C. in 2009
Ian Smith -President of Yellowhead Mining Inc. (TSX.V: YMI), developer of the Harper Creek
B.E. (Mining) Hons, Cu/Au/Ag project in B.C., one of the largest copper development projects in Canada.
F AusIMM, CP Mgmt - over 40 years of experience in the development of large scale open pit copper mines
projects, including Red Chris (B.C.) Bougainville (PNG) and La Caridad (Mexico)
Director
Dan MacInnis, - President of MAG Silver (Amex: MVG)
P. Geo - managed and directed multi-million dollar exploration programs for Noranda Exploration,
Battle Mountain Gold/Hemlo Gold, and Sargold Resources.
Director - Discoveries include gold and base metal deposits in the US, Canada and Mexico.
5
6. Exploration Highlights
Recent soil sampling and drilling by MAX in 2011 on Majuba to date indicate that:
High-grade copper and silver oxide mineralization exists well beyond the immediate
area of the past producing Majuba Hill mine.
Two adjacent target area identified for testing:
DeSoto
• 2 km x 1 km high grade Ag/Cu soil anomaly within 500 m of Majuba Hill mine site
• samples up to 1.53% Cu and 209 g/t Ag in soils
• DeSoto soil anomaly remains open to northwest
• only 2 holes drilled – delineation drilling to resume in May 2012
Ball Park
• immediately adjacent to southeast of Majuba Hill Mine; may be southeast extension of
mineralized zone
• One hole drilled in Dec 2011 – MM-17 intercepts 42.7 m of 16.8 g/t Ag, 13.7 m of 15.9 g/t Ag
and 6.16 m of 51 g/t Ag
Drilling in early 2011 intercepts high-grade copper and silver near surface.
in hole MM-06, 96 m of 39.2 g/t Ag and 0.57% Cu inclusive of 44.2 m of 71.0 g/t Ag, 0.15 g/t Au and 1.14% Cu
in hole MM-07 50.3 m of 50.8 g/t Ag, 0.31 g/t gold and 0.31% Cu
in hole MM-03 42.7 m of 37.5 g/t Ag and 0.38% Cu
New Discovery - Dec 2011
Step out drilling intercepts 29.2 m of 30.5 g/t Ag and 0.69% Cu at DeSoto discovery zone 1.4 km to the
northwest of earlier drilling. 6
7. Project Location and Infrastructure
Majuba Hill- Copper/Silver/Gold
2,568 acres comprised of
patented and unpatented
claims and private mineral
rights
high grade Cu/Ag oxide
mineralization – low cost
heap leach processing
23 miles north of Liberty Silver’s
Large scale bulk tonnage
(TSX:LSL) Trinity silver project (NI 43-
open pit potential 101 inferred resource of 1.9 MT
@1.37 oz/t Ag at 0.65 oz/t cutoff)
Only 23 miles off of
Interstate 80 in active
mining district on well
maintained dirt road
Close to rail, highway,
power and skilled work
force
35 miles north of Coeur d’Alene’s
(TSX.CDE) flagship Rochester Silver Mine
(NI 43-101 M&I resource of 263.9 MT
@0.46 oz/t Ag and 0.004 oz/t Au)
7
8. Majuba Hill – Project Area
Majuba Project Boundary
Majuba Mountain
Majuba Placers
Patented Claim Boundary
- 2,568 acres that include patented claims encompassing historic Majuba Hill mine 8
9. Majuba Hill – Mining and Exploration History
1907 Copper and Tin (Cassiterite) Discovered
1914-18 Mason Valley Copper
- 3 Tunnels at Copper Stop - Upper, Middle, and Lower Adit
- Produces 4,000 tons of 12% Cu
1942-54 Greenan-Kerr
Produces 23,000 tons of 4% Cu from Copper Stope Adit
1971-74 MineFinders drills for Climax-Type Mo Porphyry
- Drilling confirms extensive Cu and Ag mineralization
2005-07 Minterra Resource Corp. tests leachable copper oxide target
- Completes 2,600 m of reverse-circulation drilling
- High grade intercepts at Copper Stope include 145 ft @ 1.85 oz/t Ag and 0.49% Cu,
inclusive of 15 ft @ 5.01 oz/t Ag.
- Minterra delisted in 2008 and lets property lapse.
2011 MAX Resource Corp. enters into agreement to earn 75% interest in Majuba Hill
Completes 1,800 m of core drilling with assay results up to 50% higher than Minterra’s
due to improved recovery with core drilling as compared to reverse-circulation.
High grade Cu and Ag mineralization intercepted near surface over long intervals (96 m)
Soil geochemistry completed on unexplored western area of property that identifies
significant Cu (to 1.53%) and Ag (to 209 g/t) in soils over 2 km x 1 Km area at DeSoto
Discovery hole (MM-18) at DeSoto intercepts 29.2 m of 30.5 g/t Ag and 0.69% Cu
DeSoto soil anomaly open to northwest; sampling to continue in 2012
9
10. Majuba Hill – Agreement with Claremont Nevada LLC
Earn-In Agreement with Claremont Nevada Mines , LLC (a private company)
allows MAX to earn an initial 60% interest in Majuba Hill over six years by
spending US$6,500,000 on exploration of the property, as follows:
• $500,000 in exploration work by March 4, 2012 ($880,000 completed);
• a further $750,000 in exploration work by March 4, 2013;
• a further $1,000,000 in exploration work by March 4, 2014;
• a further $1,250,000 in exploration work by March 4, 2015;
• a further $1,500,000 in exploration work by March 4, 2016; and
• a further $1,500,000 in exploration work by March 4, 2017.
The Company can increase its interest in the property to 75% by spending a further
$3,500,000 on exploration over a subsequent two year period. Claremont must then
participate in funding on a pro-rate basis to maintain its interest.
The Majuba Hill property will be subject to a 3% NSR payable to Claremont, 1.5% of which
may be purchased at any time for US$1,500,000.
10
11. 2012 Exploration targets
Copper Stope Target
Historic Production (8 MM lbs of Cu at 12% avg. grade, unrecorded Au and Ag)
Near surface copper/silver/gold mineralization
Phase I drilling: 96 m of 0.57% Cu, 39.2 g/t Ag and 0.10 g/t Au starting from surface
(includes 44.2 m of 1.14% Cu, 71 g/t Ag and 0.15 g/t Au)
Drilling in 2012 to test extension of high grade oxide mineralization from Copper Stope to Ball Park
Ball Park Target
Max soil sampling in August 2011
Appears to be extension of Copper Stope
Drilling in Dec 2011 730 (MM-17) intercepts 42.7 m of DeSoto Target
16.8 g/t Ag, 13.7 m of 15.9 g/t Ag and 6.16 m of Ball Park Target
51.0 g/t Ag
DeSoto Target
MAX sampling in 2011 identifies 2 x 1 km coincident
high grade Ag/Cu soil anomaly that remains open to Copper Stope Target
northwest
Sampling returned 1.53% Cu and 6 oz/t Ag in soils
Drilling in 2012 to delineate ore body for NI 43-101 1500 m
inferred resource 1500 m
11
11
Inferred resource estimate by FYE 2012
12. MM-6: 96.0 m @ 0.57% Cu/ 39.2 g/t Ag (1.5 to 97.5 m)
MM-2: 45.7 m @ 0.56% Cu/ 15.4 g/t Ag (68.6 to 114.3 m) Incl: 44.2 m @ 1.14% Cu/ 0.15 g/t Ag/71.0 g/t Ag
Incl: 9.1 m @ 0.54% Cu/ 39.3 g/t Ag
MM-3: 42.6 m @ 0.38% Cu/ 37.5 g/t Ag (91.5 to 134.1 m)
Incl: 10.7 m @ 0.93% Cu/ 90.2 g/t Ag MM-7: 50.3 m @ 0.31% Cu/ 50.8 g/t Ag (76.2 to 126.5 m)
Incl: 19.8 m @ 0.53% Cu/ 100.1 g/t Ag
MM-5: 89.3 m @ 0.28% Cu/ 16.5 g/t Ag (0 to 89.3 m)
Incl: 13.7 m @ 0.47% Cu/ 30.0 g/t Ag
e
Zon
lt
Surface Projection of underground
Fau
workings at Copper Stope
uba
Maj
MM-21 (2012 Plan)
MM-20: 293 m of 5.49 g/t Ag, 0.10 g/t Au and 0.09% Cu in
Porphyr-style alteration zone with significant sulfides.
Majuba Hill
-Copper Stope Target Looking NW
12
13. Majuba Hill – Copper Oxides at Copper Stope
Hole MM-06 – 254 g/t Ag and 3% Cu over 5 feet
13
14. Majuba Hill – Drill Results 2011
Hole Azimuth Angle Total From To Interval Cu Au Ag Ag Eq (Oz/t)
Depth (m) (m) (m) (g/t) (g/t)
MM-02 243 -70 122.8 68.6 114.3 45.7 0.56% 0.07 15.4 2.0 oz/t
Includes 105.2 114.3 9.1 0.54% 0.11 39.3 2.6 oz/t
MM-03 263 -70 158.6 91.5 134.1 42.6 0.38% 37.5 2.1 oz/t
Includes 102.1 112.8 10.7 0.93% 90.2 5.2 oz/t
MM-05 279 -45 89.3 0 89.3 89.3 0.28% 16.5 1.2 oz/t
Includes 1.5 15.2 13.7 0.47% 30.0 2.2 oz/t
MM-06 - -90 119.8 1.5 97.5 96.0 0.57% 0.10 39.2 2.7 oz/t
Includes 1.5 45.7 44.2 1.14% 0.15 71.0 5.2 oz/t
MM-07 290 -45 146.4 76.2 126.5 50.3 0.31% 0.31 50.8 2.2 oz/t
Includes 106.7 126.5 19.8 0.53% 0.56 100.1 4.1 oz/t
MM-17 119 -70.5 160.1 4.6 18.3 13.7 0.05 15.9 0.6 oz/t
44.2 86.9 42.7 0.03 16.8 0.6 oz/t
117.4 123.5 6.1 0.04 51.0 1.6 oz/t
MM-18 304 -45 146.2 21.9 51.1 29.2 0.69% 30.5 2.8 oz/t
Note: Silver equivalency (Ag Eq. Ounces) includes silver and copper and excludes gold values and is calculated based
on 5 year historic metal price trends of US$24/oz silver and US$3/lb copper. Metallurgical recovery of 100% is assumed.
14
16. Majuba Hill – Recent Drill Results – Hole MM-20
• This first deep hole at Majuba Hill intercepts 293 m of 5.49 g/t Ag, 0.10
g/t Au and 0.09% Cu in sulfide mineralization in a porphyry-style
alteration zone discovered below the high grade Ag/Cu/Au oxide zone at
the Copper Stope
• Hole MM-20 intersected sulfide mineralization, below the supergene
(oxide) mineralization zone, that contains Chalcopyrite, Pyrite and
Molybdenite in a hydrothermally altered mineralized zone indicative of the
primary zone of a porphyry system.
• Gold mineralization grading 0.145 g/t Au was intercepted over the final
116 m of Hole MM-20, which was still in mineralization when terminated
at the planned target depth of 323 m due to weather conditions.
• Gold, copper and molybdenum mineralization were all increasing in grade
with depth
• the mineralized system remains open at depth and in all
directions and will be tested by further drilling in late 2012.
16
19. Majuba Hill – Drilling 2011
Majuba Hill – Drilling 2011
19
20. Majuba Hill – Outlook 2012 and beyond
April 2012 – 5,000 m drill campaign:
2 x 1 km
To outline > 50 MMT resource at DeSoto target
Soil anomaly
To extend mineralized zone at Copper Stope to
2k Ball Park
m
1 x 0.75 km
target area
Objectives for 2012:
Complete an initial resource estimate
to validate our model (size and grade)
Majuba and identify beyond 100 MMTareas
Extend additional target
Hill – Drilling 2011
to expand resource 20
21. Additional Exploration Projects – 2012
East Manhattan Wash, Nevada (100%)
78 claims (1,560 acres) in Manhattan Mining District, Nye County, located 8 miles south of
Kinross/Barrick Round Mountain Mine (+ 12 MM oz ounces of gold produced)
Recovered 4.9 g/t gold and 1.2 g/t silver from 793 lb bulk sample in 2009.
Assays from 163 soil samples taken in 2010 produced values to 1.27 g/t gold.
Permit applications have been filed for an extensive drill program to determine the overall
depth and grade of the mineralization.
Diamond Peak, Nevada (100%)
58 claims located at the south end of the Carlin Trend, 32 miles north of Eureka and the
Archimedes gold deposit (Barrick)
Exploration by MK Gold in 1999 encountered:
106 g/t silver in outcrop (3.09 oz/t) which was never followed up
11.6 % of Zinc over 1.5 meters within 20 meters of surface
geochemical grids in 2011 confirmed high silver zone in the south extends to the east, with soil
assays of up to 5.8 g/t Ag and an outcrop sample of 53.5 g/t Ag
Permitted for drilling of new gold, silver and zinc targets identified by sampling.
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