July 7, 2010 (FinancialWire) — Max Resource Corp. (TSX Venture: MXR) (OTCBB: MXROF) said it has been advised by Kokanee Minerals Ltd. that Kokanee will not be proceeding with its option on Max’s wholly-owned Diamond Peak gold/zinc property in Eureka County Nevada and has returned the property to Max in order to pursue exploration opportunities in Africa.

Max said it will receive all geologic and geophysical data prepared by Kokanee as well as an additional 96 claims that have been acquired around the initial 38 claims. The firm said it intends to review all available data and conduct surface exploration and sampling in preparation for drilling in the third quarter of 2010.

The Diamond Peak Property is located at the southern end of the Carlin Trend of Nevada, which contains gold deposits. The property now comprises 134 claims located 32 miles north of the town or Eureka, Nevada and the Archimedes gold deposit owned by Barrick Gold.

Kokanee completed two drill holes at Diamond Peak and has elected not to make an annual option payment of $50,000 now due to Max. According to Max, Kokanee has agreed to deliver to Max all geological reports and data on the property, which includes a "3-d" Induced Polarization survey that utilized computer data interpretation to provide a comprehensive model which enabled the IP survey to not only measure along the line of survey but between the lines.

Canada-based Max Resource is an exploration company with a portfolio of mineral exploration projects in the Western United States. The firm is currently focused on gold, with three gold properties in Nevada being actively explored in 2010.

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