TORONTO, Jan. 3 /CNW Telbec/ - Roxmark Mines Limited (TSXV - RMK) today
announced that the NI 43-101-compliant Report "Qualifying Report for the
Northern Empire Mine", dated December 12, 2007 and prepared by Peter Bevan,
P. Eng., has been filed on SEDAR and is available at the Company's website.
The independent geological report recommends an aggressive program of
underground drilling and production subject to feasibility study at the
Northern Empire Mine, in addition to the surface drilling program previously
The Bevan report also states that:
- The Contact Zone has gold mineralization potential of 1,250 metres
(apparent strike length of 1,450 metres, less the 200 metres explored
- To date, only the top 100 meters have been drill tested at the Contact
Zone, in a system known to host good gold mineralization to a depth of
more than 600 meters.
- In the recent drilling program, covering 200 meters from 7+00E to
9+00E, the Contact Zone contains almost triple the tonnage and twice
the contained gold of the Power Zone. (See Roxmark news release dated
November 20, 2007).
- The likelihood of other gold bearing zones and parallel structures
(like the Temiskaming Contact Zone) is good.
- Based on historical production on veins that were open at depths of
2,075 feet, substantial additional potential exists, conceptually, in
the Contact Zone and parallel structures far below the diabase sill.
Among the Report's recommendations are:
- A $1.1 million 98-hole, Phase I - 6,125-meter surface drilling program
on the Contact Zone, which Roxmark intends to carry out in Winter 2008.
- A $900,000 - 49-hole Phase II surface drilling program scheduled for
the summer of 2008.
- A $10.3-million program (scheduled for late 2008) to re-open the mine-
dewatering to 2,460 feet, drifting in the two vein structures,
completing a 5,000-ton underground bulk sample, and carrying out
underground drilling to east and west of the existing shaft-putting
Roxmark in position to continue with full-scale underground mining,
subject to completing a positive feasibility study.
"Our assessment, which is conceptual in nature, indicates that potential
from the Contact Zone could be in the neighbourhood of 300,000 oz., based on
the report's findings and using an average grade of 0.35 oz/t Au." said
Monir Younan, President.
(This assessment is based on insufficient exploration work to define
resources and uncertainty if further exploration will result in outlining
Younan also reiterated that Roxmark's objectives are to bring the
Northern Empire Mine-prioritized for development over other Roxmark properties
based on its lower capital cost and logistical advantages-to commercial
production quickly, while actively continuing to delineate resources at other
properties both unilaterally and through joint ventures.
In a previous news release, Roxmark announced that it is in the process
of engaging a contractor for a winter field drilling program to test the
additional known strike length still undrilled on the west extension of the
Contact Zone. In addition, the company is proceeding with all necessary steps,
including mine planning, permitting, and employee training, to stay on
schedule toward reopening of the Northern Empire Mine in late 2008.
The Mine was operated successfully by Newmont Mines from 1934 to 1941 and
was serviced by a shaft to a depth of 2,460 feet, producing 149,000 ounces of
gold from 426,000 tons of ore at a recovered grade of 0.35 oz/t Au. The onsite
200TPD mill (expandable to 500TPD) was built in 1982 and upgraded and
permitted by Roxmark. It processed gold and molybdenum ores in 2005 and 2006,
The Northern Empire Mine is located in the Town of Beardmore,
approximately 200 km northeast of Thunder Bay and serviced by the Trans-Canada
Highway. Accessibility of all Roxmark properties, which include the
Nortoba-Tyson property (a new source of gold and molybdenum), is a significant
economic advantage. Further field work is planned for these other properties
in 2008, including drilling of promising gold showings at Nortoba-Tyson.
This news release has been reviewed and approved by Peter Bevan, a
qualified person in accordance with NI 43-101.
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 the last two 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 six formerly highly productive gold mines
located on its properties. These mines previously produced nearly two 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. Three of our mines in the Beardmore camp processed a total of
1.5 million tons of ore that produced in excess of one million ounces of gold,
with an average recovered grade of 0.70 oz. Au/ton.
Further information is available on Roxmark's website at www.roxmark.com
and on SEDAR under the Roxmark'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, Roxmark 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
For further information:
For further information: Monir Younan, President, Roxmark Mines Limited,
(416) 860-1636, Fax: (416) 360-7355, firstname.lastname@example.org, www.roxmark.com;
Renmark Financial Communications Inc.: Christine Stewart,
email@example.com; Barbara Komorowski,
firstname.lastname@example.org, (514) 939-3989, Fax: (514) 939-3717,