TORONTO, May 26 /CNW Telbec/ - Roxmark Mines Limited (TSXV-RMK) today
reported that it has received an additional $550,000 in cash and will soon be
receiving 200,000 more shares of Premier Gold Gold Mines Limited, under its
joint venture agreement with Premier Gold. The issuance of shares is subject
to TSX approval.
The payments were triggered as a result of Premier's accelerated
exploration expenditures on the Hardrock Project in the Geraldton Camp of the
Beardmore-Geraldton Greenstone Belt.
Under terms of the agreement, signed in September 2007 and amended in
- Roxmark soon will have received a total of $750,000 and 400,000 shares
of Premier valued at approximately $1 million
- Roxmark has a 30% carried interest in the project.
Expenditures incurred so far by Premier on the Hardrock Project are in
excess of $14 million. As operator, it is undertaking an aggressive
exploration program using three drill rigs to carry out more than 50,000
metres of definition and exploration drilling. The drilling is targeting both
open pit and underground style gold zones. Significant potential exists for
developing resources in several areas.
"The success in drilling numerous target sites at the Hardrock Project
accelerates the process of bringing these properties to a production
decision." said Monir Younan, President. "Roxmark's immediate priorities as
operators in the Beardmore Camp remain unchanged. We are committed to bringing
the Northern Empire Mine to the production stage and thereafter, to focusing
on the development of the Leitch-Sand River Mine area." Younan added.
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 aggressively pursuing a number of initiatives in the Beardmore
Camp, including re-opening the Northern Empire Mine and the upgraded onsite
mill and expanding the resource base at the Leitch-Sand River Mine, once
Canada's richest and now 100% owned by Roxmark. 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 dramatically lower gold prices at the time and to
boundary issues, since eliminated.
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.
Neither 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.
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