Maxim Provides Shareholder Update

Maxim Resources Inc. (Maxim or the Company) (TSX
VENTURE:MXM)(OTCBB:MXMSF)(FRANKFURT:M5H) is providing an update in regards to
its on-going litigation with Jasmin Oil and Gas Ltd., in Trinidad ("Jasmin"). 


On April 16, 2012, Maxim and New Scotland Oil and Gas ("New Scotland") commenced
legal proceedings in the High Court of Justice in the Republic of Trinidad &
Tobago against Jasmin and its directors, Charles Cook and Kenneth Macleod. Maxim
claims various reliefs against the Defendants including orders under the
Companies Act Chap. 88:01 of the Laws of Trinidad and Tobago restraining the
oppressive conduct of the Defendants, appointing a receiver over Jasmin,
compensating Maxim and New Scotland for their investment in Jasmin. Maxim also
claims repayment of the sum of US$4,262,398.73 as money had and received by
Jasmin to the use of Maxim and New Scotland and repayment by way of restitution
to Maxim and New Scotland of the sum of US$4,262,398.73 by reason of the unjust
enrichment of Jasmin. 


On May 11, 2012 Jasmin and Charles Cook filed a Defence. Kenneth Macleod filed a
Defence on August 17, 2012 as well as a Cross Claim against Jasmin. 


The matter is at the stage of a case management conference and the Court has
given directions for each party to disclose their respective documents. On March
1, 2013, Jasmin and Charles Cook filed a List of Documents and on March 8, 2013
Maxim filed its list of documents. 


The next date for Court is March 22, 2013 at which further directions will be
given for trial. 


In the interim Jasmin continues to operate and produce from its field to the
best of the knowledge of Maxim. 


Maxim is a junior oil and gas production and exploration company based in
Vancouver, Canada. (Maxim presently holds, through New Scotland Oil and Gas
Limited, 69% Net Revenue in exploration and production of Jasmin within the
South Erin Block, which cover 1,350 acres. After payout of the investment to
Maxim, the Net Revenue Interest will reduce to 41%. Jasmin has drilled 5 wells
to date and the exploration licenses for this Block allow for up to a further 42
wells to be drilled.)


Issued on behalf of the Board of Directors of Maxim Resources Inc. 

Arthur Brown, President & CEO

This news release may contain certain forward-looking information. All
statements included herein, other than statements of historical fact, is
forward-looking information and such information involves various risks and
uncertainties. There can be no assurance that such information will prove to be
accurate, and actual results and future events could differ materially from
those anticipated in such information. A description of assumptions used to
develop such forward-looking information and a description of risk factors that
may cause actual results to differ materially from forward-looking information
can be found in the company's disclosure documents on the SEDAR website at
www.sedar.com. The company does not undertake to update any forward-looking
information except in accordance with applicable securities laws.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Maxim Resources Inc.
Arthur Brown
President & CEO
[phone] or Toll Free: 1-888-882-8891
[phone] (FAX)
[e-mail]
www.maximresources.com