Rimrock Gold Corp (RMRK)

[Dobie Lama]

From today's 10 q.

The Company believes the Property has good potential for both rare earths in pegmatites and for sulphide deposits in volcanics. In addition, the airborne survey has found magnetic anamalies for kimberlite targets. Several kimberlite targets were discovered in the immediate vicinity of the Property, from one to three kilometers to the north/west of the Property. On November 9, 2011, the Company entered into a letter of intent to secure the purchase of these 37 mining claims relevant to these kimberlite targets. As of February 29, 2012, the Asset Purchase Agreement has not been finalized and is expected to be completed in the next quarter.

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To fully explore the potential of the Property, a two-phase program is recommended. It is described in the proposed budget shown below:

Phase I (Compilation, geophysical and geological surveys and sampling with 2000 m of drilling)


Work Quantity Unit Unit Cost Total
Compilation of the EM Input (SDBJ) and Dighem (2007) anomalies (location of anomalies and interpretation) $ 10,000

Line cutting (cut every 100 m and picketed every 25 m) on the main coincident Mag and EM anomalies. Provision of 125 km 125 km $ 550 $ 68,750

Ground geophysics, EM (MaxMin) and Mag 125 km $ 350 $ 43,750

Geology and prospecting on the cut lines and on the north part of the property (including room and board, transportation, etc.) $ 100,000

Stripping, trenching and sampling, all inclusive $ 50,000

Drilling on the target to be defined ($225/m, all inclusive) 2,000 m $ 225 $ 460,000

Report update, NI 43-101 and for statutory
purposes $ 10,000

Contingency, estimated at 10%
TOTAL PHASE I $ 805,750

Phase II
Provision of 5,000 m of drilling to test the targets defined during Phase I 5,000 m $ 225 $ 1,125,000

Report update, NI 43-101 and for statutory
purposes $ 12,000

Contingency, estimated at 10% $ 113,700

TOTAL PHASE II $ 1,250,700


TOTAL PHASE I AND II $ 2,056,450