TORONTO, Feb. 22 /CNW Telbec/ - Roxmark Mines Limited (TSXV - RMK) today
announced that a drill rig has been mobilized to commence a program of
6,200 metres of surface diamond drilling to begin immediately at the Company's
Northern Empire Mine property in the Beardmore Camp.
The 2008 program follows recommendations by independent geologist Peter
Bevan, P. Eng. in a NI 43-101-compliant Report issued in December 2007 and is
designed to test 1,250 metres of strike length within the west extension of
the Contact Zone at the Northern Empire Mine. In 2007, a limited 2,711-metre,
26-hole drill program tested 200 metres of strike length of the Contact Zone
from 7+00E to 9+00E to a depth of just 100 metres, east of previously known
and mined gold mineralization in the Power Zone.
"We are excited about further assessing gold resources at The Northern
Empire," said Monir Younan, President. "As we've said before, our conceptual
assessment that potential from the Contact Zone could be in the neighbourhood
of 300,000 oz., is based on the Bevan Report's findings and an assumed a grade
ranging from 0.35 to 0.40 oz/t Au. and of 750,000 to 800,000 tons of
mineralized material." (This assessment is based on insufficient exploration
work to define resources and uncertainty if further exploration will result in
outlining mineral resources).
"With success in this phase of the 2008 program, Roxmark will be poised
to identify additional gold resources within this system both at depth and
along strike, as the zone remains open in all directions," he added. "Gold
resources from the first phase of the 2008 program will assist in a scoping
study to determine the economics of recommencing production at The Northern
The Northern Empire Mine was serviced by a shaft to a depth of 2,460 feet
and produced 149,000 ounces of gold from 426,000 tons of ore at a recovered
grade of 0.35 oz/t Au. The mine hosts an on-site 200TPD mill (expandable to
500TPD) which was built in 1982 and upgraded and permitted by Roxmark. It
processed gold and molybdenum ores in 2005 and 2006, respectively.
Following the recommendations of the Bevan Report, Roxmark's objective is
to recommence gold production at the Northern Empire Mine after successfully
delineating extensions to the Contact Zone in the 2008 program. A study of the
feasibility of re-opening the mine will include dewatering historical
workings, drifting in the Power and Contact Zone vein structures, completing a
5,000 ton underground bulk sample, and carrying out closer spaced resource
identification drilling from available underground workings to the east and
west of the historical shaft.
The Northern Empire property is located in the Town of Beardmore,
approximately 200 km northeast of Thunder Bay and serviced by the Trans-Canada
Highway. Accessibility of all Roxmark properties, including the Leitch Gold
Mine and the Nortoba-Tyson (a new source of gold and molybdenum), is a strong
cost and logistical advantage.
Roxmark also plans to conduct additional field work in 2008 in the
Beardmore Camp, including: drilling of promising gold veins on its
Nortoba-Tyson property located near the prolific former Leitch Gold Mine that
hosted historical production of 860,648 ounces of gold from 906,395 tons of
ore at a recovered grade of 31.54 g/t Au (0.92 oz/t Au).
In the Geraldton Camp, Premier Gold Mines Limited (TSX - PG) is carrying
out a major exploration program on Roxmark's wholly owned Magnet Mine
Property, where further drilling is to test the Benedict, Main and Stan target
zones. Certain of the Geraldton Camp properties are subject to an earn-in
option by Premier. To date, 16 holes have been completed for a total of
7,000 metres using two drill rigs. The Magnet Mine produced 152,000 ounces of
gold from 360,000 tons of ore at an average grade of 14.40g/t Au during the
period 1938 to 1951.
About Roxmark Mines
Roxmark Mines Limited is the leader in gold and molybdenum exploration
and development in the historically significant Geraldton-Beardmore area of
Northwest Ontario. In the last two years, Roxmark has generated cash flow from
bulk-sampled gold and molybdenum processed at its fully-permitted mill and has
the advantage of infrastructure from six formerly highly productive gold mines
located on its properties. These mines previously produced nearly two million
ounces of gold from high grade ore but were closed primarily due to
dramatically lower gold prices at the time and to boundary issues, since
Further information is available on the Company's website at
www.roxmark.com and on SEDAR under the Company's profile at www.sedar.com.
This news release includes certain "forward-looking statements". Such
forward-looking statements involve risks and uncertainties. The results or
events predicted in these forward-looking statements may differ materially
from actual results or events. Any forward-looking statement speaks only as of
the date of this news release and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information, future
events or results or otherwise.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this news
For further information:
For further information: Monir Younan, President, Roxmark Mines Limited,
(416) 860-1636, Fax: (416) 360-7355, email@example.com, www.roxmark.com;
Renmark Financial Communications Inc.: Christine Stewart,
firstname.lastname@example.org; Barbara Komorowski,
email@example.com, (514) 939-3989, Fax: (514) 939-3717,