Maxim Resources Corp. Announces Non-Binding Heads of Terms for Joint Venture Agreement in Trinidad with LGO

Maxim Resources Inc. ("Maxim") (TSX VENTURE:MXM)(OTCBB:MXMSF)(FRANKFURT:MSH) is
pleased to announce that it has entered into a non-binding heads of agreement
("HOA") with Leni Gas & Oil plc ("LGO"), a company listed on the Alternative
Investment Market of the London Stock Exchange ("AIM"), in connection with
proposed transaction (the "Proposed Transaction") whereby Maxim and LGO will
work together to jointly pursue oilfield development opportunities in Trinidad
and Tobago ("Trinidad"). 


The Proposed Transaction is subject to customary due diligence by the parties,
the successful negotiation and execution of definitive agreements between the
parties, and the receipt by each of Maxim and LGO of all requisite shareholder
and regulatory approvals, including without limitation the approval of the TSX
Venture Exchange.


Upon signing of the HOA, LGO shall make an initial, refundable payment to Maxim
of Cdn$75,000. Further payments by LGO of up to Cdn$2,425,000 million (the "LGO
Payment") in cash or freely-tradeable ordinary shares of LGO ("LGO Shares") will
be paid to Maxim on and after closing of the Proposed Transaction and the
achievement by Maxim of certain performance objectives, in exchange for the
issuance by Maxim to LGO of up to 30,000,000 shares of Maxim at a price of
$0.08333 per share, representing a maximum of approximately 49% of the issued
and outstanding common shares of Maxim upon completion of the Proposed
Transaction. Upon successful negotiation and execution of definitive agreements
with respect to the Proposed Transaction, LGO shall have the right to nominate
two directors for election to Maxim's board of directors at the next annual
meeting of Maxim's shareholders.


Gross proceeds to Maxim from the Proposed Transaction shall be used (the "Use of
Proceeds") to fund Maxim's litigation with Jasmin Oil and Gas Limited ("Jasmin")
with respect to Maxim's Net Revenue Interest in exploration and production of
Jasmin within the South Erin Block, for general working capital and the
settlement of outstanding debts as well as future acquisitions that Maxim may
explore. In the event that LGO makes the LGO Payment in whole or in part through
the issuance to Maxim of LGO Shares, such shares shall not be acquired by Maxim
for investment purposes but rather shall be sold by Maxim in the ordinary course
in order to fund the Use of Proceeds. 


The South Erin Block contains the producing Jasmin Oilfield under a farm-out
agreement from the Petroleum Company of Trinidad and Tobago ("Petrotrin").
Should Maxim gain effective control of the South Erin Block, LGO has agreed to
provide Cdn$5 million to a work program on the Jasmin Oilfield and shall earn a
direct working interest of not less than 50% of the Jasmin Oilfield on terms to
be agreed between the parties, subject to regulatory approval including without
limitation the approval of Petrotrin. LGO will assume operatorship of the work
program.


Art Brown, Maxim CEO stated; "This is a good step forward for Maxim as it
secures Maxim's ability to continue with its ongoing litigation with Jasmin as
well as afford Maxim the opportunity to move forward with alternate
opportunities that it may find. As well, under this relationship Maxim has
gained not only a financial partner but also an operating partner. LGO have
worked hard to establish themselves as a qualified operator in Trinidad and are
now able to execute on the opportunities that become available."


About Maxim

Maxim is a junior oil and gas production and exploration company based in
Vancouver, Canada. Maxim presently holds, through NSOG, a 69% Net Revenue
Interest 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.


On behalf of the Board

Arthur Brown, President and 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 and CEO
[phone] or Toll Free: 1-888-882-8891
[e-mail]
www.maximresources.com