TORONTO, May 29, 2015 /CNW/ - Roxgold Inc. ("Roxgold" or "the Company") (TSX.V: ROG) is pleased to announce that it has received approval of its Mining Convention for the Yaramoko Gold Project from Burkina Faso's Council of Ministers. This follows the recent approval of the State Decree, which formally granted the Company rights to develop and operate the project.
The Mining Convention sets out the fiscal and legal terms with respect to the operation of the Yaramoko Gold Project, including taxation rates applicable to the Project, per the 2003 Burkina Faso Mining Code. The Convention is valid for 20 years commencing on the date of the grant, and may be renewed for subsequent periods of 5 years. The receipt of the Convention also satisfies a key condition precedent associated with the Project's debt financing.
"We are delighted to announce the finalization of the Mining Convention as it signifies yet another positive milestone in the development of Yaramoko," said John Dorward, President and CEO. "We look forward to continuing our development and working with all stakeholders in Burkina Faso to bring Yaramoko into production in mid-2016."
Construction activities at Yaramoko are progressing well with the accommodation camp and bulk earthworks well advanced. Excavation of the boxcut which allows underground development to commence, is completed. In addition, plantsite earthworks are completed which will enable the mobilization of the EPC Contractor in the coming weeks. We invite our shareholders to follow Yaramoko's progress in the photo gallery 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 advancing Yaramoko's 55 Zone through construction and expects to commence production in the second quarter of 2016. Roxgold trades on the TSX Venture Exchange under the symbol ROG.
"Neither TSX Venture Exchange nor its Regulation Services Provider nor BNP Paribas nor Societe Generale (as that term is defined in policies of the TSX Venture Exchange) accepts any responsibility or liability of any nature whatsoever for the adequacy, completeness or accuracy of this release which is made solely and entirely by, and under the responsibility and with the liability of, the Company."
This news release contains forward-looking information. 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 project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, 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. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, but not limited to, variations in market conditions, the nature, quality and quantity of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, the Company's ability to be fully able to implement its business strategies and other risk factors described in the Company's annual information form and other filings with the Canadian securities regulators which may be viewed at www.sedar.com.
SOURCE Roxgold Inc.
For further information: Natacha Garoute, Chief Financial Officer, 416-203-6401, [email protected]