Trading Symbol: TSX-V: RGZ
TORONTO, March 10 /CNW/ - Randsburg International Gold Corporation
(TSX-V: RGZ) announced today that, subject to TSXV approval, it has entered
into an agreement to acquire an additional 25% interest in a group of mining
claims known as the "Empire Project", located in Custer County, Idaho, (the
"Property") from its joint venture partner, a private US company. The
additional 25% interest means that Randsburg will hold a 75% lease interest in
the Property. Randsburg will acquire the additional 25% interest for the
payment of $100,000 and 500,000 common shares of Randsburg.
Randsburg also announced today that its joint venture partner has entered
into an agreement with other parties to settle the legal proceedings with
respect to the termination of previously granted lease interests in the
claims. The settlement agreement is subject to a 120 day due diligence period
and payment of $1.0 million dollars (CDN) for work product and a release of
"We are pleased with these latest developments with respect to our Empire
Project," commented Michael Opara, President and CEO of Randsburg. "The
additional interest strengthens the Randsburg portfolio of projects. Drilling
on the project is planned for this summer beyond the area of pervious
mineralization discovered from drilling in 2004-2006 in the area known as the
The Empire Project, a former copper/gold/silver producer, is located on
the east-facing slope of the White Knob Mountains approximately three miles
west of Mackay, Idaho. Historic work on the Property, including drilling in
2004 and 2006, indicates the presence of polymetallic skarn mineralization
containing copper, zinc, gold and silver. The Property consists of 23 patented
mining claims, 6 mill-site claims and 21 unpatented mining claims situated in
the Alder Creek Mining District, Custer County, Idaho, USA.
Dr. Ken Germundson, P. Geo., is the Company's Qualified Person under the
meaning of National Instrument 43-101 for the Empire Project. Dr. Germundson
has reviewed this news release and approved its contents.
ABOUT RANDSBURG INTERNATIONAL GOLD CORPORATION:
Randsburg International Gold Corporation is a Canadian exploration
company listed on the TSX Venture Exchange (Symbol TSX-V: RGZ). The Company is
engaged in exploring for diamonds, titanium, iron, precious and base metals,
and platinum group metals (PGMs) in Brazil, Canada and Idaho. The Company has
three active exploration projects.
1. Victory Strike diamond project in Brazil - 85% owned;
2. Titan Project (iron-titanium-vanadium) in Northern Ontario - 100%
3. Empire Project (copper-gold-silver-zinc)-Idaho - a 50% owned Joint
On behalf of the Board of Directors of
Randsburg International Gold Corp.
President and Chief Executive Officer
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
Copyright, 2008 Randsburg International Gold Corporation. This news
release can be reproduced and retransmitted in whole, with no changes
permitted of any kind, including headlines, or the addition of any headlines
or other material, and providing it is supplied and made available without
charge to the end reader.
For further information:
For further information: Michael Opara, President and Chief Executive
Officer, E-mail: firstname.lastname@example.org, Website: