Roxmark receives $2.14 million from warrants exercised

TORONTO, Oct. 19 /CNW Telbec/ - Roxmark Mines Limited (TSXV-RMK) today announced that investors in a December 2008 private placement financing have fully exercised their common share purchase warrants. Roxmark has received the sum of $2,142,856 pursuant to the exercise of 14,285,712 common share purchase warrants at an exercise price of $0.15 per share. Expiry of the warrants was advanced under certain conditions as per the agreement.

Funds raised will be used for general corporate purposes and to assure that Roxmark has sufficient funding for its field programs.

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 addition to the Hardrock Project in the Geraldton Camp, Roxmark is pursuing a number of initiatives in the Beardmore Camp, including re-opening the Northern Empire Mine and its onsite mill and expanding the resource base at the Leitch-Sand River Mine, once Canada's richest producing gold mine. In recent 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 nine formerly highly productive gold mines located on its properties. These mines previously produced nearly four million ounces of gold from high-grade ore but were closed primarily due to boundary issues and dramatically lower gold prices at the time.

On October 13, 2009 Roxmark and Ontex Resources announced their intention to merge, subject to shareholder approval and other conditions, creating a combined company with significantly greater gold resources and land holdings in the Geraldton-Beardmore area-as well as important operational synergies. The merger values each Roxmark share at 0.8 of an Ontex share.

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.

Forward-Looking Statements

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
    release.
    

SOURCE ROXMARK MINES LIMITED

For further information: For further information: Monir Younan, President, Roxmark Mines Limited, (416) 860-1636, Fax: (416) 360-7355, roxmark@on.aibn.com; www.roxmark.com

Organization Profile

ROXMARK MINES LIMITED

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890