Roxmark/Premier expand Geraldton Project scope with acquired Lac Properties

    TORONTO, Oct. 23 /CNW Telbec/ - Roxmark Mines Limited (TSX-V: RMK) today
announced that several properties being acquired by PREMIER GOLD MINES LIMITED
(TSX:PG) from Lac Properties, a subsidiary of BARRICK GOLD CORPORATION (TSX,
NYSE:  ABX), will form part of the Geraldton Project, a joint venture between
Premier and Roxmark.
    In a news release yesterday, Premier announced that it had entered into a
definitive purchase agreement with Lac to acquire Lac's interest in all of the
mining claims commonly known as the Geraldton, Ozone Creek and Eva Summers
properties located in the Geraldton district in the Province of Ontario
(collectively the "G-L Property"), together with certain equipment and other
    Premier will transfer an interest in the G-L Property so that it will
form part of the existing Geraldton Project which is operated under a joint
venture between Premier (earning a 70% interest) and Roxmark which will have a
30% carried interest in the Project.

    The G-L Property is host to several past-producing mines which
    collectively produced more than 2.0 Million ounces of gold from the same
    deposits to relatively shallow depths of approximately 2,000 feet
    (600 metres) from 1938-1968. The mined zones remained wide open at depth
    at the time mining ceased.

    Immediately prior to the end of the mining on the G-L Property, new
development workings were built on a substantial extension of the "F-Zone" of
the G-L Property, approximately 700 metres of the down-plunge from the area
mined to a depth of 800 metres (2,621 foot level). Highlight results from
drilling into this area (approximately true widths) include:

    10.25g/t Au (0.30 oz/ton) over 17.1 m (56 feet)
    8.43g/t Au (0.25 oz/ton) over 17.1m (56 feet)
    6.03g/t Au (0.18 oz/ton) over 23.2m (76 feet)

    The mined zones remain open at depth highlighted by intersections of
13.75g/t Au over 6.4m down-dip beneath the mine workings in the "F-Zone" and
18.41g/t Au over 5.1m down-dip beneath the mine workings in the "North Zone"
of the G-L Property. In addition to the depth potential of the mined zones,
significant potential exists for developing resources in several areas,
including promising open pit-style mineralization at the site of the original
discovery. As well, several newer high-grade discoveries have been made
throughout the property package that have received little to no follow-up and
Premier intends to pursue resources within the existing mine workings.
    "We share Premier's optimism about future prospects for the acquired
properties and for the Geraldton district overall," said Monir Younan, Roxmark
President. "We are equally optimistic about the development potential for the
neighbouring Beardmore district in which Roxmark enjoys an undivided dominant
    Recent discoveries on the Geraldton Project include open pit-style
mineralization in the Kailey Zone and high-grade veins located proximal to the
historic Little Long Lac Gold Mine. As previously released by Premier, results
to date from drilling in the recently discovered Kailey Zone include 39.64g/t
Au (1.16 oz/ton) across 2.0 metres contained within a wider zone of
mineralization which returned 5.87g/t Au across 16.0 metres, and 2.01g/t Au
across 101.0 metres.
    The Geraldton Joint Venture Project is located in the heart of the
Beardmore-Geraldton greenstone belt, a highly prospective high-grade gold
district that has seen relatively little exploration over the past several
decades. The Project area covers approximately 15 kilometres of some of the
most prospective geology in the region and is host to several past-producing
mines and numerous exploration targets in a district that has seen historic
production of more than 4.1 Million ounces of gold.
    The closing of the Acquisition transaction is scheduled to take place on
the fifth business day after Premier and Lac have obtained the all of the
regulatory approvals required under the Purchase Agreement (including the
approval of the Toronto Stock Exchange and the Ontario Ministry of Northern
Development and Mines), which is expected to be in December 2008. In
consideration, Premier will issue to Lac certain common shares and make cash
payment as well as granting to Lac a 3% net smelter return on all Geraldton
Project properties, including the G-L Property, which previously carried a 5%

    Stephen McGibbon, P. Geo., is the Qualified Person for the information
contained in this press release and is a Qualified Person within the meaning
of National Instrument 43-101.

    Further information is available on the Company's website at and on SEDAR under the Company's profile at

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of the content of this news

    The statements made in this Press Release may contain forward-looking
    statements that may involve a number of risks and uncertainties. Actual
    events or results could differ materially from the Company's expectations
    and projections.

For further information:

For further information: Monir Younan, President, Roxmark Mines Limited,
(416) 860-1636, Fax: (416) 360-7355,,;
Renmark Financial Communications Inc.: Christine Stewart,; Barbara Komorowski,; Toronto: (416) 644-2020, Fax: (416)
644-2021; Montreal: (514) 939-3989, Fax: (514) 939-3717;

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