InvestorsHub Logo
Boards
News
Market Data
Markets
Discover
Discover
Subscribe Login/Register
S&P 500
5,221.42
(
-0.02%
)
US TECH 100
17,724.00
(
0.00%
)
Dow Jones
39,431.51
(
-0.21%
)
Brent Oil
83.14
(
-0.09%
)
Bitcoin
61,608.09
(
-2.06%
)
Post# of 936
Next 10
Reply Private New
Public Reply Private Reply New Post
Keep Last Read
Keep Next 10 Report Keyboard Shortcuts
Next 10 Prev Next

NYBob

Send PM Follow Ignore
Followers 1080
Posts 106501
Boards Moderated 55
Alias Born 11/22/2003

NYBob

Member Level

Re: NYBob post# 285

Tuesday, 11/20/2007 2:47:28 PM

Tuesday, November 20, 2007 2:47:28 PM

Post# of 936
Re-opening of Northern Empire Gold Mine -
(Newmont Mining's old Canadian gold mine)

2008 drilling also to test Nortoba-Tyson gold veins -
Roxmark plans winter drilling, re-opening of
Northern Empire Gold Mine -
Tuesday November 20, 10:28 am ET
TORONTO, Nov. 20 /CNW Telbec/ -

Roxmark Mines Limited
(TSXV - RMK) (CNQ - RMKL) today announced that it has scheduled
a Winter 2007-08 field drilling program to test the additional
known strike length of 1,200 metres still undrilled on the west
extension of the Contact Zone at its Northern Empire property.

The Company also announced that it is planning to reopen
the Northern Empire Mine in late 2008-utilizing existing
infrastructure above and below ground-on the strength of
expectations driven by results of historical and recent
drilling on the mine's east extension and by the conclusions
of a 2006 geological assessment.

The Northern Empire Mine was operated successfully by
Newmont Mines from 1934 to 1941.

The mine was serviced by a shaft to a depth of 2,640 feet
and produced 149,000 ounces of gold from 426,000 tons of ore
at a recovered grade of 0.35 oz/t Au.

The on-site 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,
respectively.

In 2006, SRK Consulting was commissioned to digitize
available drilling and other information on the mine and to
develop a 3D mineralization model which outlined 150,000 ounces
of potential gold resources in the mine area.

The SRK assessment is not NI 43-101 compliant.

This past summer, Roxmark carried out a limited 26-hole
program totaling 2,711 metres on a strike length of
just 200 metres located 700 metres east of
the Northern Empire Mine shaft.

This was in addition to the 30 holes (16,805 metres)
completed in 1986-1987.

Peter Bevan, consulting geologist and a qualified person
under NI 43-101, has calculated the resources above the
diabase sill to the second level (300 feet) only, as per
NI 43-101, although mineralization continues at depth and
along the strike.

Based on a cut-off grade of 3g/t and a minimum horizontal
width of 0.92 metres, indicated and inferred resources
for 200 metres of strike length of the Contact and
Power zones are as follows:

-------------------------------------------------------------------------
Grade Grade Ounces
Tonnes g/t. Au oz/t. Au of gold
-------------------------------------------------------------------------

-------------------------------------------------------------------------
Power (Indicated) 12,457 16.72 0.49 6,697
-------------------------------------------------------------------------
Contact (Indicated) 32,544 12.24 0.35 12,808
-------------------------------------------------------------------------

-------------------------------------------------------------------------
Power (Inferred) 4,347 19.79 0.58 2,766
-------------------------------------------------------------------------
Contact (Inferred) 6,829 14.13 0.41 3,102
-------------------------------------------------------------------------

-------------------------------------------------------------------------
Total Indicated 45,001 13.48 0.39 19,505
-------------------------------------------------------------------------
Total Inferred 11,176 16.33 0.48 5,868
-------------------------------------------------------------------------


Bevan's report states that, in the recent drilling program
from 7+00E to 9+00E, the Contact Zone contains three times
the tonnage of the Power Zone and twice the contained ounces
of gold for a combined total of 25,373 ounces.
Beyond the 6,000 metres of surface drilling,
Bevan's recommendations in the NI 43-101 report, which
will be made available shortly, are to dewater the mine,
drift in the two vein structures, conduct an underground
bulk sample, and carry out underground drilling to east
and west of the shaft.

Roxmark is currently choosing a drilling contractor
to conduct the winter program.
In addition, it is proceeding with all necessary steps,
including mine planning, permitting, and employee training,
to stay on the critical path toward reopening of
the Northern Empire Mine in late 2008.

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 -
including the Leitch Gold Mine -
(once Canada's richest gold mine) and
the Nortoba-Tyson -
(a new source of gold and molybdenum)
is a strong advantage.

Further field work is planned for both of theses properties
in 2008, including drilling of promising gold showings
at the Nortoba-Tyson property.

"We are very encouraged by results of the limited 2007
Northern Empire exploration program," said Monir Younan,
Roxmark President.

"Mineralization grades are higher than those which historically
supported a profitable mining operation when gold was
$35 an ounce and resource totals are impressive given
the small amount of drilling to date.

"We remain confident that results of the upcoming drilling
program will propel us past the threshold for commercial
development of the Northern Empire, the economics of which
are aided substantially by the onsite mill and existing
underground workings," he added.

"As a Company, our objectives are to bring
the Northern Empire Mine-selected over other Roxmark properties
for its low capital cost and logistical advantages- to
commercial production quickly, while continuing to further
delineate resources at other properties both on our own
and through joint ventures."

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.

Further information is available on the Company's website at
http://www.roxmark.com
and on SEDAR under the Company's profile at www.sedar.com.

Forward-Looking Statements

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.

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

For further information

Monir Younan, President,
Roxmark Mines Limited,
(416) 860-1636,
Fax: (416) 360-7355,
roxmark@on.aibn.com,
http://www.roxmark.com

Source: ROXMARK MINES LIMITED

Tia. imo.
God Bless







Public Reply Private Reply New Post
Keep Last Read
Keep Last Read Next 10 Report Keyboard Shortcuts
Next 10 Prev Next

Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.

Sign Up