Maxim Resources Inc. Announces Corporate Changes

TORONTO, ONTARIO--(Marketwired - July 15, 2016) - Maxim Resources Inc. (TSX VENTURE:MXM)(OTCBB:MXMSF)(FRANKFURT:M5HA) ("Maxim" or the "Company") announces that the Company has implemented a series of corporate changes. Effective immediately, Art Brown, and Cyrus Driver have tendered their resignations as Directors of the Company, and Mr. Chris Farnworth has tendered his resignation as Corporate Secretary. The Company thanks Art Brown, Cyrus Driver and Chris Farnworth for their service to the Company and wish them success in the future.

The Board of Directors appointed Mr. Ian Baron as President and CEO effective immediately. Mr. Andrew Male, present CEO, will take on the role of Executive Vice President of Corporate Development with the Company and will continue to serve as a Director of Maxim. The Board has also appointed Mr. David Robinson as Chairman of the Board of Directors.

Mr. Ian Baron is presently a Non Executive Director of the Company and has been working with Maxim for over 2 years now. Mr. Baron has almost 40 years' experience in the upstream oil and gas business, most of it living and working in the Middle East region. Mr. Baron is currently Director Oil & Gas for the Quest Group based in Dubai.

Mr. David Robinson is presently a Non Executive Director of the Company and joined the Board of Maxim on February 10, 2016. Mr. Robinson has over 28 years of experience in the energy sector, with a strong background in finance. He has held management and directorship positions in a number of TSX and TSXV listed companies and was Founder and CEO of an AIM-listed exploration and production company in London, UK.

Andrew Male, a Director of Maxim, stated: "I am pleased to have Ian and David take on elevated roles in the Company. Having worked with Ian closely for the last 2 years at Maxim, I believe his executive level involvement in Maxim now will help the Company pivot to a new level and be able to reinvent itself. Since joining the Board David has been a very positive influence on the Company and I look forward to working with both Ian and David in this new phase of Maxim's development."

Maxim will seek to fill the remaining open Board positions in the near future. The Company will continue to maintain its focus on the Middle East North Africa region and look to leverage the relationships and experience that will be available to the newly constituted corporate structure.

About Maxim Resources Inc.

Maxim is an oil and gas production and exploration company based in Vancouver, Canada. The Company is focused on identifying assets that meet the following criteria, producing, near term enhancement and exploration opportunities. Investments may be by way of acquisition, participation and/or fractional interest. Its most recent investment is a Reconnaissance Contract for the Hassi Berkane Block, in the Kingdom of Morocco in partnership with the National Office of Hydrocarbons and Mines.

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

Andrew Male, Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the completion transactions completed in the Agreement. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. Although Maxim believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Maxim disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.