TORONTO, March 21, 2016 /CNW/ - Roxgold Inc. ("Roxgold" or "the Company") (TSX.V: ROG) is pleased to announce that His Excellency, Mr Alfa Oumar Dissa, Burkina Faso Minister of Mines, has approved the transfer of the Houko Permit from Daritos Or SARL ("Daritos") to Roxgold's wholly owned subsidiary Roxgold Exploration SARL ("REX").
- The Houko Permit lies adjacent to the Company's Yaramoko permit and adds approximately 30km2 of prospective Boni Shear exposure to Roxgold's portfolio; and
- Additional ground brings Roxgold's Hounde land position to approximately 196km2
The Houko permit lies to the south of the western arm of the Yaramoko permit and adjacent to the western border of the permit (Figure 1). The underlying geology of the Houko permit represents the contact between the Boni Shear Zone and the Birimain volcanic and intrusive suites, which Roxgold has been exploring on the adjacent Yaramoko permit. Roxgold defined and eight kilometre long geochemical trend along the Boni shear, in 2013, to the north of the Houko permit and this geochemical anomalism is thought to persist south along this trend. The permit is mainly overlain by loosely consolidated surficial material and laterite, making it an ideal target for mineralization under this cover.
"We are delighted to be able to bolster our position on the Hounde Belt with an additional 29 km2 of exposure along the regionally important Boni Shear Zone", commented Ben Pullinger, Roxgold's Vice President of Exploration. "The Houko Permit's proximity to the high grade 55 Zone makes it an ideal candidate for fieldwork later this year."
The terms of the Houko acquisition by Roxgold includes the payment to Daritos SARL of 60,000 Euros upon transfer of the permit, with a further 25,000 Euros payable upon the third anniversary of transfer. In addition, a once off payment of 15,000 Euros, along with €1.25 per ounce is payable upon the announcement of a maiden resource on the Houko Permit.
Ben Pullinger, P.Geo is the designated Qualified Persons within the meaning of National Instrument 43-101, and has verified and approved the technical data disclosed in this press release.
Shareholders are encouraged to follow the progress of the Yaramoko Gold Project in our Photo Gallery on our website at www.roxgold.com
Roxgold is a gold exploration and development company with its key asset, the high grade Yaramoko Gold Project, located in the Houndé greenstone region of Burkina Faso, West Africa. The Company is currently in construction and expects to be producing gold by Q2, 2016. Roxgold trades on the TSX Venture Exchange under the symbol ROG and as part of the Nasdaq International Designation program with the symbol OTC: ROGFF.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
This news release contains forward-looking information. Forward looking information contained in this new release includes, but is not limited to, the expected completion of the balance of the AUMS equity financing facility and the terms thereof, and the expected use of proceeds thereof. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. In certain cases, forward-looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the estimation of mineral resources and mineral reserves, the realization of resource estimates and reserve estimates, gold metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Yaramoko Gold Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, including the approval of the TSX Venture Exchange for the balance of the AUMS equity financing facility, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include: changes in market conditions, unsuccessful exploration results, changes in the price of gold, unanticipated changes in key management personnel and general economic conditions. Mining exploration and development is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
SOURCE Roxgold Inc.
Image with caption: "Figure 1: Roxgold’s permit map including the new Houko Permit which lies immediately adjacent to the Yaramoko Permit, and south-west of the 55 Zone and Bagassi South. (CNW Group/Roxgold Inc.)". Image available at: http://photos.newswire.ca/images/download/20160321_C1330_PHOTO_EN_646563.jpg
For further information: Ben Pullinger, Vice President Exploration, 416-203-6401, firstname.lastname@example.org